Test Bank SWFT Comprehensive 2010 ch 03

Test Bank SWFT Comprehensive 2010 ch 03 - CHAPTER 3...

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CHAPTER 3 COMPUTING THE TAX Instructor: The test items in both the print Test Bank and ExamView test-creation software are numbered by question type within each chapter. Thus, users of ExamView can more easily preview their selections using the printed Test Bank in the same numbering system. Learning Objective, Level of Difficulty, Estimated Time to Completion, and the AACSB’s and AICPA’s Core Competencie s for each test item are located within the item itself. Status: Q/P Question/ Present in Prior Problem Topic Edition Edition TRUE OR FALSE 1 Level of current income tax rates Unchanged 1 2 Definition of “gross income” Unchanged 2 3 Income tax formula: distinction between deductions New for and from AGI 4 Above the line deductions: meaning of New 5 Page 1 deductions: meaning of New 6 Exclusions: Form 1040 treatment New 7 Income tax formula: placement of taxable income New 8 Income tax formula: relevance of filing status New 9 Income taxation and example of global approach Unchanged 3 10 Effect of AGI on the medical deduction Unchanged 4 11 Filing status: surviving spouse versus married filing Unchanged 5 separate 12 Additional standard deductions: single and married Unchanged 6 amounts 13 Standard deduction and adjustment for inflation Unchanged 7 14 Standard deduction: property taxes New 15 Standard deduction: different types New 16 Additional standard deduction of a dependent Unchanged 8 17 Itemized deductions versus standard deduction New 18 Basic and additional standard deductions New 19 Itemized deductions or standard deduction Unchanged 11 20 Itemized deductions or standard deduction New 21 Itemized deductions or standard deduction New 22 Standard deduction requirements when married Unchanged 15 persons file separately 23 Standard deduction: year of death Unchanged 16
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24 Dependent’s standard deduction Unchanged 17 Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 25 Dependent’s standard deduction Unchanged 18 26 Dependent’s standard deduction Unchanged 19 27 Dependent’s personal exemption not allowed Unchanged 20 28 Claiming a spouse on a separate return Unchanged 21 29 Determination of marital status Unchanged 22 30 Determination of marital status Unchanged 23 31 Gross income test and scholarships New 32 Support test and capital expenditures Unchanged 25 33 Support test and unexpended funds of dependent Unchanged 26 34 Multiple support agreement: amount of support Unchanged 27 rendered by dependent 35 Divorce decree silent: custodial parent wins Unchanged 28 36 Relationship test for former in-laws and ex-wife Unchanged 29 37 Relationship test: ex-sister-in-law Unchanged 30 38 Qualifying child: age test and full-time student Unchanged 31 status 39 Qualifying child: abode test Unchanged 32 40 Married child and joint return test Unchanged 33 41 Citizenship/residency test for dependents Unchanged 34 42 Citizenship/residency test for dependents Unchanged 35 43 Stealth taxes: nature of Unchanged 36 44 Tax Relief Reconciliation Act of 2001 and
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This note was uploaded on 11/17/2011 for the course ACCY 312 taught by Professor Vare during the Fall '11 term at University of Illinois at Urbana–Champaign.

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Test Bank SWFT Comprehensive 2010 ch 03 - CHAPTER 3...

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