Exam 1 Key - ACC200-001 Introduction to Managerial...

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ACC200-001 Introduction to Managerial Accounting Spring 2011 2010 Individual Income Tax Rate Schedules (Selected) 2010 Personal Exemptions $ 3,650 per person and dependent (same as for 2009) 2010 Standard Deductions - (same as for 2009) Single: $5,700 (+ $1,400 if over 64 and/or blind) Married Filing Jointly: $11,400 (+ $1,100 each if over 64 and/or blind) Married Filing Separately: $5,700 (+ $1,100 if over 64 and/or blind) Head of Household: $8,400 (+ $1,400 if over 64 and/or blind) Single Filing Status (Tax Rate Schedule X) 10% on income between $0 and $8,375 15% on the income between $8,376 and $34,000; plus $837.50 25% on the income between $34,001 and $82,400; plus $4,681.25 28% on the income between $82,401 and $171,850; plus $16,781.25 33% on the income between $171,851 and $373,650; plus $41,827.25 35% on the income over $373,650; plus $108,421.25 Married Filing Jointly or Qualifying Widow(er) Filing Status (Tax Rate Schedule Y-1) 10% on the income between $0 and $16,750 15% on the income between $16,751 and $68,000; plus $1,675 25% on the income between $68,001 and $137,300; plus $9,362.50 28% on the income between $137,301 and $209,250; plus $26,687.50 33% on the income between $209,251 and $373,650; plus $46,833.50 35% on the income over $373,650; plus $101,085.50 Married Filing Separately Filing Status (Tax Rate Schedule Y-2) 10% on the income between $0 and $8,375 15% on the income between $8,376 and $34,000; plus $837.50 25% on the income between $34,001 and $68,650; plus $4,681.25 28% on the income between $68,651 and $104,625; plus $13,343.75 33% on the income between $104,626 and $186,825; plus $23,416.75 35% on the income over $186,825; plus $50,642.75 Head of Household Filing Status (Tax Rate Schedule Z) 10% on the income between $0 and $11,950 15% on the income between $11,951 and $45,550; plus $1,195 25% on the income between $45,551 and $117,650; plus $6,235 28% on the income between $117,651 and $190,550; plus $24,260 33% on the income between $190,551 and $373,650; plus $44,672 35% on the income over $373,650; plus $105,095
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ACC200-001 Introduction to Managerial Accounting Spring 2011 1. Which of the following is TRUE regarding the C-Corporation? a. C-Corps must have 100 or fewer shareholders b. C-Corps provide limited liability for their owners*** c. C-Corps may have general or limited members d. C-Corps income is taxed at the shareholder level
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