CHAPTER 1 PRACTICE QUIZZES

CHAPTER 1 PRACTICE QUIZZES - CHAPTER 1 PRACTICE QUIZZES 1.

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 1 PRACTICE QUIZZES 1. Which of the following is not a type  of tax rate structure? Your Answer: Marginal tax     The marginal rate indicates the rate on which the next dollar of income will be  taxed. A marginal rate does not define the properties of the rate itself.   2. Which of the tax burden  measurements reflects a tax rate on  the next dollar of income? Your Answer: Marginal tax rate    The marginal rate measures the rate of tax on the next dollar of income.   3. In which branch of government must  a tax bill originate? Your Answer: The House of  Representatives    Tax bills must generally originate in the House of Representatives.   4. Harold Thompson, a self-employed  individual, had income transactions  for 2006 (duly reported on his return  filed in April, 2007) as follows: 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
CHAPTER 1 PRACTICE QUIZZES In March 2010, Thompson discovers  that he had inadvertently omitted  some income on his 2006 return. He  retains Mann, CPA, to determine his  position under the statute of  limitations. Mann should advise  Thompson that the six-year statute  of limitations would apply to his  2006 return only if he omitted from  gross income an amount in excess  of : Your Answer: $29,000.     This amount represents 25% of the gross income reported. If the omission is  more than this amount, then the six-year statute of limitations is applicable.   5. Ronald Raff filed his 2010 individual  income tax return on January 15,  2011. There was no understatement  of income on the return, and the  return was properly signed and filed.  The statute of limitations for Raff's  2010 return expires on: Your Answer: April 15, 2014.     This date is three years from the later of the date the return was actually filed  (January 15, 2010) or the date the return is required to be filed (April 15,  2010).  
Background image of page 2
CHAPTER 1 PRACTICE QUIZZES 6. Which tax rate below is similar to a  "flat tax"? Your Answer:
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 11

CHAPTER 1 PRACTICE QUIZZES - CHAPTER 1 PRACTICE QUIZZES 1.

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online