Federal tax final exam Study guides, Class notes & Summaries

Federal Taxation FINAL Exam With Questions And 100% Correct Answers Which of the following characteristics would not be used to describe the generic nature of a "tax"? a. Normally, there is a direct relationship between the exaction of revenue and the benefits received by the taxpayer. b. A tax is levied on the basis of predetermined criteria. c. A tax is levied on the basis of recurring periods. d. A tax may be distinguished from a penalty because it is not specifically designed to contr...

FICEP Final Exam Questions with Correct Answers Select the statement that correctly describes a progressive tax. - Answer-A progressive tax requires people to pay more as they earn more. Pick the statement that best describes a regressive tax. - Answer-A regressive tax charges the same tax rate regardless of the taxpayer's income. Why are government fees and surcharges sometimes described as a form of tax? - Answer-Because they generate income for the government. Which taxing authori...

Econ 145L Final Exam Questions and Answers with complete solution The term ________ refers to the oral testimony given by a party or witness prior to trial. A) interrogatory B) deposition C) intervention D) class action Ans- B) deposition Which of the following statements is true of deposition? A) A witness' deposition is voluntary and not pursuant to a court order. B) A deposition has to be a written statement. C) Deposition is given post trial. D) A deponent is g...

H & R Block Final Exam Review (Latest 2024/ 2025 Update) Questions and Verified Answers| 100% Correct| Grade A Q: Devan and Amber adopted a child with special needs in a domestic adoption. They had $5,500 in qualified adoption expenses in 2023, and the adoption was finalized on December 18, 2023. Their modified adjusted gross income is $210,000. Assuming all requirements are met, what is the maximum adoption credit they can claim in 2023? a) $5,500 b) $14,300 c) $14,890 d) $20,390 ...

FPC Practice Exam 188 Questions with Verified Answers Cafeteria plan are authorized by what Internal Revenue Code Section? A. 125 B. 401k C. 403b D. 457b - CORRECT ANSWER a. 125 all of the following are tax implications of a cafeteria plan except: a. no income tax withholding b. no social security and medicare tax withholding c. must withhold income, social security, and medicare taxes d. no form W2 reporting - CORRECT ANSWER C. must withhold income, social security, and medicare t...

MHA 710/ MHA710 Exam 4: (Latest 2024/ 2025) Questions and Verified Answers| Grade A| 100% Correct Q: Which of the following provisions included in the Affordable Care Act (ACA) was responsible for the largest number of newly insured? Answer: Expansion of Medicaid Q: The most costly expansion of Medicaid since its inception is referred to as: Answer: The State Children's Health Insurance Program. Q: Answer: In 2008, the state of Oregon used a lottery to ex...

ACCT 505 FEDERAL TAX FINAL EXAM Federal Taxes and Decisions Final Exam – Professor Abner TRUE-FALSE QUESTIONS—CHAPTER 10 1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the basis of the land. TRUE 2. When property that is subject to an existing debt is purchased, the basis of the property is the amount of cash paid initially plus the unpaid deb...

FiCEP FINAL EXAM REVIEW 2023/2024 GRADED A+. 1. Select the statement that correctly describes a progressive tax.: A progressive tax requires people to pay more as they earn more. 2. Pick the statement that best describes a regressive tax.: A regressive tax charges the same tax rate regardless of the taxpayer's income. 3. Why are government fees and surcharges sometimes described as a form of tax?: Because they generate income for the government. 4. Which taxing authorities are worthy of t...

HR BLOCK FINAL TEST (ITC 2024) ACTUAL EXAM QUESTIONS WITH CORRECT ANSWERS AND RATIONALES UPDATED 2024/2025 | 100% Verified. A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - ANSWERa,$2,120 the deduction for state and local...

WRA FINAL EXAM QUESTIONS AND ANSWERS. 0-Bedroom Dwelling ANSWER : Any residential dwelling in which the living area is not separated from the sleeping area Abstract of Title ANSWER : A condensed history of a property's title showing, in chronological sequence, matters such as conveyances, liens, and encumbrances that have been recorded against the title in the office of the register of deeds or other public recording place Acceleration Clause ANSWER : A clause within a mortgage permitti...