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WGU C237 Taxation I exam questions and answers
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WGU C237 Taxation I exam questions and answers
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WGU C237 Taxation I exam questionsand answers
Describe the history of taxation in the US - answer unconstitutional
1895
Sources of Tax Law-Legislative Branch - answer - Internal Revenue
Code (Top)
- Congressional Committee Reports
Describe the criteria of an equitable tax structure Equity - answer
Is it Fair
Simplicity - answer understandability
Economy - answer minimal compliance and administrative costs
-
Convenience - answer no burden of records and compliance
Certainty - answer Stability and certainty of amount of taxes
Regressive - answer decreases as tax base increases
Proportional - answer flat tax
Progressive - answer tax increases as tax base increases
, Gross Income - answer Total income - Exclusions
Taxable income - answer Gross income-Deductions-Exemptions
Income before tax credits - answer Taxable income x tax rate
Total tax liability - answer Income before tax credits-tax credits
balance due or refund - answer total tax liability - Prepayments
Distinguish between various types of taxes - answer State Tax
Local Income
Franchise Tax
Wealth transfer tax
Gift tax
Federal Estate tax
Property tax
Federal excise tax - customs
Sales Tax
Identify different types of entities that are subject to taxation in the
US - answer -Tax paying entities
Individuals
C Corps
-Flow through Entities
sole proprietorship
Partnerships
S Corps
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