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WGU C237 Tax 1 Exam Questions and Answers (Latest Update 2023) Verified Answers.pdf
WGU C237 Tax 1 Exam Questions and Answers (Latest Update 2023) Verified A
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WGU C237 TAX 1 EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023) VERIFIED ANSWERSWGU C237 TAX 1 EXAM QUESTIONS AND ANSWERS
(LATEST UPDATE 2023) VERIFIED ANSWERS
Two components of the tax calculation - correct answers ✅tax base
multiplied by the tax rate
Characteristics of a "Tax" - correct answers ✅>Payment required - NOT
VOLUNTARY
>Payment imposed by government agency (federal, state, local)
>Payment not tied directly to benefit received by the taxpayer
16th Amendment - correct answers ✅removed all doubt that a federal
income tax was allowed under the U.S. Constitution
Horizontal equity - correct answers ✅taxpayers in similar situations pay the
same tax
vertical equity - correct answers ✅taxpayers in different situations pay the
same tax
WGU C237 Tax 1 Exam Questions and Answers (Latest Update 2023) Verified Answers
, WGU C237 TAX 1 EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023) VERIFIED ANSWERS
Which rate (average, marginal, effective) is best to use in tax planning? -
correct answers ✅Marginal tax rate
use tax - correct answers ✅levied on goods owned, possessed, or
consumed within a state that were not purchased within the state
U.S. Federal Income Tax is what kind of tax system? - correct answers
✅Progressive
What represents the largest percentage of average state tax revenue? -
correct answers ✅Sales Tax
What represents the largest portion of U.S. Federal Tax revenues? - correct
answers ✅Individual Income Taxes
total tax/taxable income - correct answers ✅average tax rate formula
total tax/total income - correct answers ✅effective tax rate formula
WGU C237 Tax 1 Exam Questions and Answers (Latest Update 2023) Verified Answers
, WGU C237 TAX 1 EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023) VERIFIED ANSWERS
Standard Deduction - Single - correct answers ✅$12000
Standard Deduction - Single, 65+ - correct answers ✅$12000 + $1600
Standard Deduction - Married, Filing Jointly - correct answers ✅$24000
Standard Deduction - Married, Filing Jointly, 1 spouse 65+ - correct answers
✅$24000 + $1300
Standard Deduction - Married, Filing Jointly, both spouses 65+ - correct
answers ✅$24000 + $2600
Standard Deduction - Head of Household - correct answers ✅$18000
Standard Deduction - Head of Household, 65+ - correct answers ✅$18000
+ $1600
Standard Deduction - Surviving Spouse with Dependent Child - correct
answers ✅$24000
WGU C237 Tax 1 Exam Questions and Answers (Latest Update 2023) Verified Answers
, WGU C237 TAX 1 EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023) VERIFIED ANSWERS
Tax Return Due Date - Individuals - correct answers ✅15th day of 4th
month of end of tax year - April 15th
Tax Return Due Date - C Corps - correct answers ✅15th day of 4th month
of end of tax year
Tax Extensions - correct answers ✅Automatic 6 months - does not extend
due date for tax payment
Statute of Limitations on Regular Tax Returns - correct answers ✅3 years
from the later of
>(1) the date the tax return was actually filed or
>(2) the tax return's original due date
Extended Statute of Limitations - correct answers ✅>SIX YEAR STATUTE OF
LIMITATION - if taxpayer omits items of gross income that exceeds 25% of
gross income
WGU C237 Tax 1 Exam Questions and Answers (Latest Update 2023) Verified Answers
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