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Test Bank for Income Tax Fundamentals 2022, 40th Edition by Whittenburg $29.99   Add to cart
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Test Bank for Income Tax Fundamentals 2022, 40th Edition by Whittenburg
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Test Bank for Income Tax Fundamentals 2022 40e 40th Edition by Gerald E. Whittenburg; Martha Altus-Buller; Steven Gill. ISBN-13: 6386 Full Chapters test bank included Chapter 1: The Individual Income Tax Return 1-1 History and Objectives of the Tax System 1-2 Reporting and Taxable Entities...

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  • November 2, 2022
  • 334
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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Name: Class: Date:

Chap 01_2022

Indicate whether the statement is true or false.
1. If the economic impact payment received by a taxpayer is more than the recovery rebate credit, the taxpayer
will be required to repay the excess.
a. True
b. False

2. All taxpayers may use the tax rate schedule to determine their tax liability.
a. True
b. False

3. If your spouse dies during the tax year and you do not remarry, you must file as single for the year of death.
a. True
b. False

4. A taxpayer who is living alone, is legally separated from his or her spouse under a separate maintenance decree
at year-end, and has no dependents should file as single.
a. True
b. False

5. An individual taxpayer with a net capital loss may deduct up to $3,000 per year against ordinary income.
a. True
b. False

6. An 18-year-old full-time student who is claimed on the parents' tax return as a dependent is eligible for the child
tax credit.
a. True
b. False

7. The head of household tax rates are higher than the rates for a single taxpayer.
a. True
b. False

8. Taxpayers with self-employment income of $400 or more must file a tax return.
a. True
b. False

9. For 2021, the deduction for personal and dependency exemptions are $4,300 each.
a. True
b. False

10. The 2021 economic impact payment and the recovery refund credit are always equal and offsetting.
a. True
b. False




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