CHAPTER 2 QUIZ GRADED

CHAPTER 2 QUIZ GRADED - CHAPTER 2 QUIZ GRADED 1....

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CHAPTER 2 QUIZ GRADED 1. phft24i 1.2-31   Taxable income for an individual is defined as:    Student  Response Value Correct Answer Feedback A.  total income  reduced by  the standard  deduction. 0%      B.  AGI reduced  by deductions  from AGI and  personal and  dependency  exemptions. 100%      C.  AGI reduced  by personal  and  dependency  exemptions. 0%      D.  AGI reduced  by itemized  deductions. 0%      Score: 1/1  Comments:   2. phft24i 1.2-32   All of the following items are generally excluded from income    Student  Response Value Correct Answer Feedback A. interest on  corporate  bonds. 100%      B. life insurance  proceeds paid  0%     
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CHAPTER 2 QUIZ GRADED   Student  Response Value Correct Answer Feedback by reason of  death. C.  interest on  state and  local  government  bonds. 0%      D.  child support  payments. 0%      Score: 1/1  Comments:   3. phft24i 1.2-33   All of the following items are included in gross income except   Student  Response Value Correct Answer Feedback A.  interest  earned on a  bank  account. 0%      B.  alimony  received. 0%      C.  child support  payments  received. 100%      D.  rent income. 0%      Score: 1/1  Comments:   4. phft24i 1.2-34
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CHAPTER 2 QUIZ GRADED   All of the following items are deductions for adjusted gross income    Student  Response Value Correct Answer Feedback A. state and  local income  taxes. 100%      B. alimony  paid. 0%      C.  rent and  royalty  expenses. 0%      D.  trade or  business  expenses. 0%      Score: 1/1  Comments:   5. phft24i 1.2-35   All of the following items are deductions for  (not from) adjusted gross inco   Student  Response Value Correct Answer Feedback A.  one-half of self- employment  taxes paid. 0%      B.  qualifying  contributions to  individual  retirement  accounts. 0%      C.  unreimbursed  employee  business  expenses. 100%     
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CHAPTER 2 QUIZ GRADED   Student  Response Value Correct Answer Feedback D.  moving  expenses. 0%      Score: 1/1  Comments:   6. phft24i 1.2-36   Which of the following credits is considered a refundable credit?    Student  Response Value Correct Answer Feedback A.  adoption  expense  credit 0%      B.  Lifetime  learning  credit 0%      C.  child and  dependent  care credit 0%      D.  earned  income  credit 100%      Score: 1/1  Comments:   7. phft24i 1.2-37   A single taxpayer provided the following information for 2010: Salary $80,000 Interest on local government bonds 4,000 (qualifies as a tax exclusion) Allowable itemized deductions 13,000
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CHAPTER 2 QUIZ GRADED What is taxable income?    Student  Response Value Correct Answer Feedback A. $63,350 100%    ($63,350 = $80,000 - $1 $3,650 personal exempt B. $61,300
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CHAPTER 2 QUIZ GRADED - CHAPTER 2 QUIZ GRADED 1....

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