quiz 1 - 1) Arthur pays tax of $3,000 on taxable income of...

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1) Arthur pays tax of $3,000 on taxable income of $30,000 while taxpayer Barbara pays tax of $6,000 on $60,000. The tax is a a. Progressive tax. b. Proportional tax. c. Regressive tax. d. None of the above. 2) Which of the following steps, related to a tax bill, occurs first? a. signature or veto by the President of the United States b. consideration by the Senate Finance Committee c. consideration by the House Ways and Means Committee d. consideration by the Joint Conference Committee 3) Which of the following individuals is most likely to be audited? a. Lola has AGI of $35,000 from wages and uses the standard deduction. b. Marvella has a $145,000 net loss from her unincorporated business (a horse farm). She also received $150,000 salary as a CEO of a corporation. c. Melvin fails to report $150 of dividends from a stock investment. His taxable income is $42,000 and he has no other unusually large itemized deductions or business expenses. A Form 1099 is reported to the IRS. d.
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quiz 1 - 1) Arthur pays tax of $3,000 on taxable income of...

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