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Unformatted text preview: Textbook: Chapter 1 required: Problems 4 & 6; Chapter 2 required: Problem 46; CHAPTER 1 Problem 4 Problem 6 Proportional or progressive? a. Federal estate tax Proportional b. State and City excise tax on cigarrettes Progressive c. Medicare proportion of FICA Proportional d. Federal individual income tax Progressive CHAPTER 2 Problem 46 a. N e. N T b. T f. C D c. A g. T T d. U h. N i. T CHAPTER 3 Problem 3 The inclusions in gross income would be: a, embezzeled funds c, interest received X d, tips/gratuity e, autographs (professional fees) g, jury duty fees Problem 4 The exclusions from gross income would be: a, life insurance b, damages for personal injury c, interest from bonds d, scholarship F Problem 19 GOOD The pay-as-you-go procedure for wage earners means that income taxes are withheld as the inc procuring income from sources other than wages it may mean a large payment may need to be m...
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