We've found 28 Federal Income Tax tests

Federal Income Tax Finance
Series 7 – Flashcards 519 terms
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Patrick Thompson
519 terms
Accounting Federal Income Tax
Tax Ch.8 – Flashcards 16 terms
Sean Mitchell avatar
Sean Mitchell
16 terms
Accounting Federal Income Tax Tangible Personal Property
Tax Chapter 10B – Flashcards 23 terms
Owen Clarke avatar
Owen Clarke
23 terms
Accounting Articles Of Incorporation Business Law Federal Income Tax Limited Liability Company Self Employment Tax
Tax Chapter 15 – Flashcards 44 terms
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Marlon Riddle
44 terms
Accounting Civil Law Federal Income Tax The Beach
TAX CH 11 – T/F; MC – Flashcards 131 terms
Millie Miller avatar
Millie Miller
131 terms
Accounting Federal Income Tax Finance
Tax chapt 9 – Flashcards 36 terms
Malcolm Bright avatar
Malcolm Bright
36 terms
WHICH, IF ANY, OF THE FOLLOWING STATEMENTS BEST DESCRIBES THE HISTORY OF THE FEDERAL INCOME TAX?
IT EXISTED DURING THE CIVIL WAR
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US federal income tax is progressive by law, but which best explains why is it sometimes regressive in practice?
High-income earners use tax laws to their advantage to reduce their tax rates.
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An amount of an employee’s gross pay which is exempt from federal income tax withholding is a(n)
withholding allowance.
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Which of the following is not a true statement regarding municipal bonds? A municipal bond is a debt obligation issued by state or local governments. A municipal bond is a debt obligation issued by the Federal Government. The interest income from a municipal bond is exempt from federal income taxation. The interest income from a municipal bond is exempt from state and local taxation in the issuing state.
A municipal bond is a debt obligation issued by the Federal Government.
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Identify three institutions that are exempt from the federal income tax?
Churches,unions,non profit organizations
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The two accounts used to record the adjustment for federal income tax are
Federal Income Tax Payable and Federal Income Tax Expense
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The United States’ federal income tax is a progressive tax plan. So the more money you make, the more you share with Uncle Sam.
Which federal income tax system do you think is used in the United States?
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Which form do employers use to calculate the amount of federal income tax to be withheld from your paycheck?
W-4
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What does not describe the history of the Federal income tax?
-It did not exist during the Civil War. -Both the Federal income tax on individuals and on corporations was held by the U.S. Supreme Court to be contrary to the U.S. Constitution. -The Federal income tax on individuals was held by the U.S. Supreme Court to be allowable under the U.S. Constitution.
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Relaxant Inc. operates as a partnership. Now the partners have decided to convert the business into a corporation. Which of the following statements is CORRECT? a. Relaxant’s shareholders (the ex-partners) will now be exposed to less liability. b. The company will probably be subject to fewer regulations and required disclosures. c. Assuming the firm is profitable, none of its income will be subject to federal income taxes. d. The firm’s investors will be exposed to less liability, but they will find it more difficult to transfer their ownership. e. The firm will find it more difficult to raise additional capital to support its growth.
a. Relaxant’s shareholders (the ex-partners) will now be exposed to less liability.
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