Bundle for C237,WGU, Taxation I Review tests compilation | everything you need

Two components of the tax calculation - tax base multiplied by the tax rate Characteristics of a "Tax" - >Payment required - NOT VOLUNTARY >Payment imposed by government agency (federal, state, local) >Payment not tied directly to benefit received by the taxpayer 16th Amendment - remo...

The two components of tax calculation are the tax rate and the taxpayers status - FALSE What is the components of the tax calculation - Tax rate & tax base The 9th Amendment to the U.S. Constitution removed all doubt that a federal income tax was allowed under the U.S. Constitution. - FALSE Hori...

According to the Constitution, where are tax bills supposed to originate? - House of Representatives Are casualty losses on personal-use assets generally deductible? - No. Are charitable donations a for AGI deduction or from AGI deduction? - From AGI deduction Are dividends paid in stock consider...

Describe the history of taxation in the US - 1861 - to finance civil war 1894 - Income tax reinstated but ruled unconstitutional 1895 1913 - 16th amendment 1940 - WWII mass tax 1943 - pay as you go withholding 1986 - Internal Revenue Code Identify the sources of tax law - Legislative Branch -...

Define each component of the individual income tax formula - income from whatever source derived exclusions=any item of income that the tax laws says is not taxable gross income=all income received in cash, property, and services from whatever source derived and from which the taxpayer derives a ...

The largest source of revenues for the federal government comes from - individual income taxes. Arthur pays tax of $5,000 on taxable income of $50,000 while taxpayer Barbara pays tax of $12,000 on $120,000. The tax is a - proportional tax. Which of the following taxes is regressive? - Federal Ins...