Week 1 Taxation Quiz Essay

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Week 1 : Federal Tax Law and Process - Homework ES 1. (TCO 1) Which, if any, of the following taxes is progressive (rather than proportional)? (Points : 2) A city's excise tax on hotel occupancy 100% taken January 8, 2011 at 5PM-7 PM Medicare component of FICA and FUTA Federal gas guzzler tax Value added taxes None of the above 2. (TCO 1) Federal excise taxes that are no longer imposed include: (Points : 2) tax on the sale of jewelry and furs. tax on wagering. tax on telephone usage. tax on air travel. None of the above 3. (TCO 1) Federal tax legislation generally originates in what body? (Points : 2) Internal Revenue Service Senate Finance Committee House Ways and Means Committee Senate floor None of the above 4. (TCO 8) State income taxes generally can be characterized by: (Points : 2) a lack of withholding procedures. a different date for filing than the federal income tax. allowance of a deduction for federal income taxes paid. a deduction (or a credit) for personal and dependency exemptions. None of the above 5. (TCO 8) During 2009, Devon had the following transactions: Salary: $50,000 Interest income on General Motors Corporation bonds: $1,000 Gift from parents: $40,000 Contribution to traditional IRA: $2,000 Lottery winnings: $4,000 Devon's AGI is: (Points : 2) $55,000. $54,000. $53,000. $52,000. None of the above 6. (TCO 8) In 2009, Barney had the following transactions: Salary: $70,000 Capital loss from a stock investment: ($4,000) Moving expense to change jobs: ($10,000) Received repayment of an interest-free loan he made to his brother in 2003: $5,000 Property taxes on
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