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WGU C237 TAXATION EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023).pdf
WGU C237 TAXATION EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023).pdf
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WGU C237 TAXATION EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023)WGU C237 TAXATION EXAM QUESTIONS AND ANSWERS
(LATEST UPDATE 2023)
Describe the history of taxation in the US - correct answers
✅unconstitutional 1895
Sources of Tax Law-Legislative Branch - correct answers ✅- Internal
Revenue Code (Top)
- Congressional Committee Reports
Describe the criteria of an equitable tax structure Equity - correct answers
✅Is it Fair
Simplicity - correct answers ✅understandability
Economy - correct answers ✅minimal compliance and administrative costs
-
Convenience - correct answers ✅no burden of records and compliance
, WGU C237 TAXATION EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023)
Certainty - correct answers ✅Stability and certainty of amount of taxes
Regressive - correct answers ✅decreases as tax base increases
Proportional - correct answers ✅flat tax
Progressive - correct answers ✅tax increases as tax base increases
Gross Income - correct answers ✅Total income - Exclusions
Taxable income - correct answers ✅Gross income-Deductions-Exemptions
Income before tax credits - correct answers ✅Taxable income x tax rate
Total tax liability - correct answers ✅Income before tax credits-tax credits
balance due or refund - correct answers ✅total tax liability - Prepayments
, WGU C237 TAXATION EXAM QUESTIONS AND ANSWERS (LATEST UPDATE 2023)
Distinguish between various types of taxes - correct answers ✅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 -
correct answers ✅-Tax paying entities
Individuals
C Corps
-Flow through Entities
sole proprietorship
Partnerships
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