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Acc-553 Federal Taxation Midterm Exam ( Keller )

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ACC-553 Federal Taxation Midterm Exam ( Keller )
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ACC-553 Federal Taxation Midterm Exam ( Keller )

MULTIPLE CHOICE QUESTIONS Chapter 1

To be guilty of tax evasion, you must:
a. Try to maximize profits.
b. Try to minimize your tax liability.
c. Arrange your affairs so as to keep your taxes as low as possible.
d. Refuse to disclose a tax liability based on a completed transaction.

. The major source of federal tax revenue is:
a. Corporate income tax
b. Individual income tax
c. Excise tax
d. Estate tax

. Since 1980, the group of taxpayers whose tax burden has increased the most is:
a. Individuals
b. Corporations
c. Trusts and estates
d. None of the above

The most popular form of doing business in the United States is:
a. Corporate form
b. Partnership form
c. Single proprietorship
d. S corporation

32. The IRS levies penalties for which of the following:
a. Bouncing checks
b. Fraud
c. Late filing
d. All of the above




MULTIPLE CHOICE QUESTIONS—CHAPTER 3

32. Mr. and Mrs. Twig are both under 65 years of age and have no dependents. Their only income for the year was his salary of $15,500. During the year they made only a nominal amount of disbursements of the type that qualify as itemized deductions. What is their standard deduction on a 2011 joint return?
a. $3,700
b. $11,600
c. $5,800
d. $8,500
e. None of the above

33. Jerry Jenkins is over 65 years of age and has no dependents. His only income was his salary of $10,500. During the year, he made only a nominal amount of disbursements of the type that qualify as itemized deductions of $3,290. What is his standard deduction for 2011?
a. $5,800
b. $3,700
c. $7,250
d. $3,290
e. None of the above

34. What is Jerome Jackson’s standard deduction for 2011 if he has $20,000 in wages and fi les married filing separately? He also claims one of the two children.
a. $5,800
b....

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