5.0
TAX EXAM CHAPTERS 1-7 & 9
QUESTIONS LATEST 2024-2025 AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
Individual income taxes comprise what percentage of Federal Budget Receipts in
2013?
ANS:
✓ 47%
Corporation income taxes comprise what percentage of Federal Budget Receipts in
2013?
ANS:
✓ 12%
Examstudy - Stuvia US | Wednesday, 18 December 2024
,| OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
Social insurance taxes and contributions comprise what percentage of Federal
Budget Receipts in 2013?
ANS:
✓ 33%
Excise taxes comprise what percentage of Federal Budget Receipts in 2013?
ANS:
✓ 3%
Other categories comprise what percentage of Federal Budget Receipts in 2013?
ANS:
✓ 5%
When was the New Federal individual income tax enacted?
ANS:
✓ 1894
When was the First Federal corporate income tax enacted?
ANS:
Examstudy - Stuvia US | Wednesday, 18 December 2024
,| OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
✓ 1909
When was the 16th Amendment ratified? And what did it change?
ANS:
✓ 1913- Ratification sanctioned both Federal individual and corporate
income taxes
Name the 4 Canons of Taxation identified by Adam Smith
ANS:
✓ Equality, Convenience, Certainty, and Economy
The AICPA suggests that the tax system should consist of 6 criterions. What are
they?
ANS:
✓ Simple, neutral in terms of its effect on business, clear and readily
understandable, structured to minimize noncompliance, should enable
the IRS to predict the amount and timing of revenue, and should not
reduce economic growth and efficiency
Tax base
ANS:
Examstudy - Stuvia US | Wednesday, 18 December 2024
, | OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
✓ Amount to which tax rate is applied
Tax rates
ANS:
✓ Applied to the tax base to determine tax liability- may be proportional
or progressive
Incidence of tax
ANS:
✓ Degree to which the tax burden is shared by taxpayers
Major types of taxes
ANS:
✓ Property taxes, transaction taxes, death taxes, gift taxes, income taxes,
employment taxes, and other US taxes
Property taxes
ANS:
Examstudy - Stuvia US | Wednesday, 18 December 2024