Quiz 1 SP 11 - Total Points Less Points Missed Score ACCT...

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Total Points 27 Less Points Missed ___ Score ___ ACCT 403 QUIZ 1 Spring 2011 NAME ______________________________ Directions — There are three questions worth a total of 27 points. The value of each question is indicated at the end of each question. For question 1, you must show your work to receive credit . 1. Compute the net tax liability or refund for the taxpayer given the following information assuming that the taxable year is 2010. Use the attached 2010 Tax Rate Schedules. There are no deduction phaseouts [5 points]. Filing Status MFJ Gross Income (Including $6,000 $150,000 of long-term capital gain income) Ages 67/65 Deductions For AGI 5,100 # of Exemptions 2 Nonrefundable Tax Credits 3,763 Total Itemized Deductions $13,000 Tax Payments to IRS 20,000
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2. Indicate True or False for the last sentence of each of the following statements based on a 2010 taxable year: (2 points each/12 points) _______a. Revenue Rulings are issued by Congress to provide guidelines on the interpretation of the Internal Revenue Code. _______b.
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Quiz 1 SP 11 - Total Points Less Points Missed Score ACCT...

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