ACC 124 Final Exam Review

ACC 124 Final Exam Review For 2019, the maximum base for the Social Security portion of the FICA tax is: a. $128,700 b. $132,900 c. $127,200 d. $128,400 e. None of these choices are correct. correct answer- b. $132,900 Which one of the following provisions was passed by Congress to meet a social goal of the tax law? a. The moving expense deduction for adjusted gross income. b. The deduction for soil and water conservation costs available to farmers. c. The charitable deduction. d. The deduction for job hunting expenses. e. None of these choices are correct. correct answer- c. The charitable deduction. Which of the following is not considered one of the five basic taxable or reporting entities? a. Corporation b. Partnership c. Individual d. Portfolio e. Trust correct answer- d. Portfolio Oscar and Mary have no dependents and file a joint income tax return for 2019. They have adjusted gross income (all wages) of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2019 income tax return? a. $110,000 b. $116,000 c. $140,000 d. $93,600 e. $102,000 correct answer- a. $110,000