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các câu hỏi trắc nghiệm môn kế hoách tài chính, financial planing, đầy đủ, điểm cao, ôn thi cho final và các bài thi học phần, đại học Hà Nội, FMT, On which of the following types of income would you normally have income tax withheld?, FIP
lOMoARcPSD|10289698 Chapter Preparing Your Taxes Principles of Finance (Trường Đại học Ngoại thương) Studocu is not sponsored or endorsed by any college or university Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes The federal personal income tax is a progressive tax a True b Fals e ANSWER: True POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering The federal personal income tax is a flat tax a True b Fals e ANSWER: False POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering Tax avoidance is legal, tax evasion is illegal a True b Fals e ANSWER: True POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-5 - LO: 3-5 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes One's marginal tax rate is typically lower than one's average tax rate a True b Fals e ANSWER: False POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing One's average tax rate is typically lower than one's marginal tax rate a True b Fals e ANSWER: True POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing If you have any earned income, you are required to file a tax return a True b Fals e ANSWER: False POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes KEYWORDS: Bloom's: Remembering The main objective of tax planning is to maximize the amount of money you keep by minimizing the amount of taxes you pay a True b Fals e ANSWER: True POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-6 - LO: 3-6 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Understanding If you are eligible to receive a tax refund, you will have to file a tax return to get the refund a True b Fals e ANSWER: True POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering Income tax refunds are automatically sent to those who qualify for refunds no later than April 15 a True b Fals e ANSWER: False POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes RDS: KEYWORDS: Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Remembering 10 As a single taxpayer with no dependents, one is generally eligible to file as "head of household." a True b Fals e ANSWER: False POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 11 Russ and Lois got married December 30 Although they were single for most of the year, they can legally file as married taxpayers in the year of the wedding a True b Fals e ANSWER: True POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 12 Dwayne and Gayle were divorced September 29, have not remarried, and have no dependents Their filing status for the year will each be "married" since they were married for more than half of the year a True b Fals e ANSWER: False POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 13 If you are married, you can legally file a single tax return a True b Fals e ANSWER: False POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 14 A spouse and spouse is the only couple combination that can file a joint return a True b Fals e ANSWER: True POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 15 The tax brackets (rates) and payments for married couples filing separately are now typically close to the same as for joint filers a True b Fals e ANSWER: True POINTS: DIFFICULTY: Easy Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: PFIN.BILL.17.3-1 - LO: 3-1 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Remembering 16 The Internal Revenue Service is responsible for making changes to the federal income tax codes a True b Fals e ANSWER: False POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 17 Congress considers tax law changes throughout the year a True b Fals e ANSWER: True POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 18 Social security taxes are deducted from all wages and salaries earned in a year a True b Fals e ANSWER: False POINTS: Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes DIFFICULTY: LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: Moderate PFIN.BILL.17.3-1 - LO: 3-1 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Remembering 19 Social security taxes are paid on earned income but not on investment income a True b Fals e ANSWER: True POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 20 There is no limit on the amount of social security tax withheld annually a True b Fals e ANSWER: False POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 21 The Medicare portion of the FICA tax is paid on 100% of earnings a True b Fals e ANSWER: True Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes POINTS: DIFFICULTY: LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: Moderate PFIN.BILL.17.3-1 - LO: 3-1 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Remembering 22 Your marital status will affect the amount of social security you must pay in a year a True b Fals e ANSWER: False POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 23 Child support received is included in gross income a True b Fals e ANSWER: False POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 24 Alimony received is included in gross income for the receiver and deducted from gross income for the payer a True b Fals e Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes ANSWER: POINTS: DIFFICULTY: LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: True Moderate PFIN.BILL.17.3-2 - LO: 3-2 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Remembering 25 Gifts received from family and friends are included in gross income a True b Fals e ANSWER: False POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 26 Gross income minus tax exempt income equals adjusted gross income a True b Fals e ANSWER: False POINTS: DIFFICULTY: Challenging LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 27 Dividends received from the stock you own will be taxable income a True b Fals Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes 138 The lowest marginal tax rate is currently [10% | 15%] ANSWER: a POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 139 The highest marginal tax rate is currently [39.6% | 28%] ANSWER: a POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 140 Your income tax filing status is determined primarily by your [economic | family] situation ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 141 Federal income taxation is [progressive | regressive] ANSWER: a POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 52 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 142 Christy lives with her dog, Tex, who is dependent on her for support She [can | cannot] use the Head of Household filing status ANSWER: b POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 143 Usually a married couple will pay less income tax if they file [jointly | separately] ANSWER: a POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 144 The common name for Federal Insurance Contribution Act payments is [income taxes | social security] ANSWER: b POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 145 [Both you and your employer | Only your employer] will make social security contributions based on your wages Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 53 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes ANSWER: POINTS: DIFFICULTY: LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: a Easy PFIN.BILL.17.3-1 - LO: 3-1 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Remembering 146 When matching social security contributions, employers pay [the same | a lesser] amount of social security taxes as/than the employee ANSWER: a POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 147 Your marital status [will | will not] have an effect on the amount of social security tax you pay ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 148 The IRS definition of [gross | adjusted] income is "all income that is subject to federal taxes." ANSWER: a POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 54 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 149 [Alimony | Child support] received would be reported as taxable income ANSWER: a POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 150 Dividends received from stocks are known as [passive | portfolio] income ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 151 Earnings from real estate investments are an example of [active | passive] income ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 152 Qualified dividends are taxed at the same rates as [earned income | long-term capital gains] ANSWER: b POINTS: Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 55 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes DIFFICULTY: LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: Challenging PFIN.BILL.17.3-2 - LO: 3-2 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Remembering 153 You will have to list and be able to prove [standard | itemized] deductions if audited ANSWER: b POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 154 [All | Some] of your medical expenses during the year could be taken as an itemized deduction ANSWER: b POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 155 Interest you paid on your [car | house] loan could be taken as an itemized deduction on your tax return ANSWER: b POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 56 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes KEYWORDS: Bloom's: Remembering 156 Your tax filing status [would | would not] be a factor in determining the amount of standard deduction you could take ANSWER: a POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing 157 My son, age 21, earned $5,000 last year He still lives at home, and I provide over 50% of his support I [can | cannot] claim him as a dependent on my tax return if he is a full-time college student ANSWER: a POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Applying 158 My son, age 26 and a full-time college student, earned $5,000 last year He still lives at home, and I provide over 50% of his support I [can | cannot] claim him as a dependent on my tax return ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Applying 159 If you are claimed as a dependent on your parents' tax return, you [may also | may not] claim yourself on your tax return ANSWER: b POINTS: Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 57 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes DIFFICULTY: LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: Moderate PFIN.BILL.17.3-1 - LO: 3-1 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Remembering 160 A tax credit would result from [an IRA contribution | child care expenses] ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-3 - LO: 3-3 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Applying 161 A tax credit could result from [owning a home | adopting a child] ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-3 - LO: 3-3 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Applying 162 A tax credit is subtracted from your [taxable income | tax liability] ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-3 - LO: 3-3 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 58 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes KEYWORDS: Bloom's: Remembering 163 You are age 30 and single with no dependents You take the standard deduction Based on this information, you [could | could not] use the 1040EZ ANSWER: a POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-3 - LO: 3-3 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Applying 164 You will itemize your deductions You [could | could not] use the 1040A ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-3 - LO: 3-3 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Applying 165 There is a [high | low] chance that one's tax return will be audited in a given year ANSWER: b POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-4 - LO: 3-4 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 166 The higher your income, the [greater | smaller] the probability you will be audited ANSWER: a POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-4 - LO: 3-4 Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 59 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 167 If you pay a professional to prepare your taxes, any errors on the return will be [your | the preparer's] responsibility ANSWER: a POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-5 - LO: 3-5 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 168 The terms "tax free" and "tax deferred" [do | not] mean the same thing ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-6 - LO: 3-6 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering 169 The date by which your tax liability must be paid in order to avoid late payment penalties and/or interest is [April 15 | August 15] ANSWER: a POINTS: DIFFICULTY: Easy LEARNING OB PFIN.BILL.17.3-4 - LO: 3-4 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Remembering Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 60 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes 170 When one gives a child an income-producing asset, one is [maximizing their deductions | income shifting] ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-6 - LO: 3-6 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing 171 Tax credits directly reduce a taxpayer's [taxes due | taxable income] ANSWER: a POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-3 - LO: 3-3 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing 172 The standard deduction directly reduces the taxpayer's [taxable income | taxes due] ANSWER: a POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing 173 Major software providers have online versions for preparing federal taxes that are [free to all tax filers | free to qualified tax filers] ANSWER: b POINTS: DIFFICULTY: Easy LEARNING OBJECT PFIN.BILL.17.3-5 - LO: 3-5 IVES: Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 61 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes NATIONAL STANDA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills RDS: STATE STANDARDS United States - KS - DISC: Financial Analysis and Cas - DISC: Financial : Analysis and Cash Flows KEYWORDS: Bloom's: Remembering 174 If your gross earnings are less than $15,000, you likely pay more in [federal income tax | social security taxes] ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OBJECT PFIN.BILL.17.3-1 - LO: 3-1 IVES: NATIONAL STANDA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills RDS: STATE STANDARDS United States - KS - DISC: Financial Analysis and Cas - DISC: Financial : Analysis and Cash Flows KEYWORDS: Bloom's: Analyzing 175 The tax year corresponds to the [April 15 filing deadline | calendar year] ANSWER: b POINTS: DIFFICULTY: Moderate LEARNING OBJECT PFIN.BILL.17.3-4 - LO: 3-4 IVES: NATIONAL STANDA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills RDS: STATE STANDARDS United States - KS - DISC: Financial Analysis and Cas - DISC: Financial : Analysis and Cash Flows KEYWORDS: Bloom's: Remembering 176 Marci has taxable income of $50,000 She is single and her tax rates are 10% on the first $9,075 of taxable income, 15% of the amount over $9,075 up to $36,900 of taxable income, and 25% on the remainder What is Marci's tax liability, her marginal tax rate, and her average tax rate? (Show all work.) ANSWER: Tax liability = (0.10 × $9,075) + [0.15 × ($36,900 − $9,075)] + [0.25 × ($50,000 − $36,900)] = $907.50 + $4,173.75 + $3,275 = $7,915 Marginal tax rate = 25% Average tax rate = $8,356/$50,000 = 1671 or 16.71% POINTS: DIFFICULTY: Challenging LEARNING OB PFIN.BILL.17.3-3 - LO: 3-3 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 62 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes RDS: KEYWORDS: Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Analyzing 177 Charlie earned $70,000 If the total social security tax rate is 15.3%, then how much was his total social security tax? Of this, how much did his employer pay in social security taxes for Charlie? (Show all work.) ANSWER: Charlie's total social security tax was $10,710 (0.153 × $70,000), of which his employer paid half, or $5,355 POINTS: DIFFICULTY: Moderate LEARNING OB PFIN.BILL.17.3-1 - LO: 3-1 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing 178 From the information given below, determine Rosie's gross income for tax purposes: Salary $40,000 Interest (checking account) 50 Cash received as birthday gift 900 Dividends (mutual funds) 500 Inheritance received on father's death 22,000 Cash received from insurance for accident claim settlement 3,200 Cash dividend from stock 750 ANSWER: $40,000 + 50 + 500 + 750 = $41,300 POINTS: DIFFICULTY: Challenging LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing 179 From the information given below, determine Steve's gross income for tax purposes: Salary Interest (checking account) Cash received as birthday gift Dividends (mutual funds) Child support payments received from ex-wife Life insurance benefits received from aunt's death ANSWER: $32,000 + 25 + 5,500 = $37,525 $32,000 25 1,000 5,500 24,000 50,000 Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 63 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes POINTS: DIFFICULTY: LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: Challenging PFIN.BILL.17.3-2 - LO: 3-2 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Analyzing 180 Lori and Ajay are married taxpayers in the 33% marginal tax bracket In 2014, they sold common stock shares for a long-term capital gain of $3,800 They also sold some technology stock for a long-term capital loss of $9,000 In addition, they sold the home they had lived in for the past 10 years and experienced a $75,000 gain on the house How much will their net capital gains (or losses) be for 2014? ANSWER: $6,800 capital loss (loss of $3,800 offsets the capital gain plus $3,000 additional loss against other income) The gain on the sale of the principal residence is excluded POINTS: DIFFICULTY: Challenging LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing 181 Hector is a single taxpayer in the 28% marginal tax bracket In 2014, he sold stock shares for a long-term capital gain of $8,500 He also sold some financial services stock for a long-term capital loss of $2,000 In addition, he sold the home that he had lived in for the past years and experienced a $15,000 gain on the house How much will his net capital gains (or losses) be for 2014? How much will he pay (or save) in taxes as a result of these transactions? ANSWER: $6,500 long-term capital gain this year The capital gain on the house is tax-free $6,500 × 0.15 = $975 tax liability in 2014 as a result of the gain POINTS: DIFFICULTY: Challenging LEARNING OB PFIN.BILL.17.3-2 - LO: 3-2 JECTIVES: NATIONAL STA United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills NDARDS: STATE STANDA United States - KS - DISC: Financial Analysis and Cas - DISC: Financial RDS: Analysis and Cash Flows United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 64 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes 182 Jose has the following expenses that he wants to include as itemized deductions for the year His adjusted gross income is $60,000 What is the total itemized deduction he can take? (Show all work.) Medical expenses Home mortgage interest Credit card interest Charitable contributions State property taxes Job-related expenses ANSWER: Medical expenses $4,500 − (0.10 × $ 60,000)] Home mortgag e interest Credit card interest (not allowed) Charitab le contribut ions State property tax Jobrelated expenses [$1,900 − (0.02 × $60,00 0)] $4,500 8,000 450 1,500 2,400 1,900 $ 8,000 1,500 2,400 700 $12,600 POINTS: DIFFICULTY Challenging : LEARNING O PFIN.BILL.17.3-2 - LO: 3-2 BJECTIVES: NATIONAL S United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills TANDARDS: STATE STAN United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows DARDS: United States - AK - DISC: Taxes KEYWORDS: Bloom's: Analyzing 183 Larry is single and his standard deduction for the year is $6,200 He has itemized deductions of $13,000 If he is in the 25% marginal tax bracket, how much tax would he save by using his itemized deductions? ANSWER: ($13,000 − 6,200) × 0.25 = $1,700 Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 65 lOMoARcPSD|10289698 Chapter 3—Preparing Your Taxes POINTS: DIFFICULTY: LEARNING OB JECTIVES: NATIONAL STA NDARDS: STATE STANDA RDS: KEYWORDS: Challenging PFIN.BILL.17.3-2 - LO: 3-2 United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - AK - DISC: Taxes Bloom's: Analyzing Cengage Learning Testing, Powered by Cognero Downloaded by Thanh H?ng (thanhhang.hn131099@gmail.com) Page 66