Historic Hookups
In 1861, this conflict led to the U.S. government's first-ever implementation of a federal income tax.
What is the Civil War?
What does the acronym VITA stand for?
Volunteer Income Tax Assistance
All income received from any source that is not specifically exempt from tax, including wages, salaries, bonuses, interest, dividends, and self-employment earnings.
what is Gross Income
Tax Credits provide which of the following?
This type of difference between book and tax income will never reverse in future periods and affects the effective tax rate.
What is a permanent difference?
This course is offered Wednesday afternoons in the spring, meets the ethics requirement for the BSA degree, covers material that is on the Auditing section of the CPA exam, but is not covered elsewhere in the curriculum, counts for CPA exam/CPA licensure hours. (Business ethics does not because it has a PHIL prefix.) and counts for three hours of Humanities Explore Gen Ed credit.
What is Acctng 2430 (Accounting Ethics)
What was the VITA tax preparation accuracy rate for TY 2024?
Over 95%
(Accuracy rate for paid preparers published by the Government Accountability Office in 2014 was 60%)
Adjusted Gross Income (AGI)
For medical expenses to be deductible as an itemized deduction in the current year, the total amount of unreimbursed expenses must exceed what percentage of the taxpayer's Adjusted Gross Income (AGI)?
A) 5.0%
B) 7.5%
C) 10.0%
D) 2% of AGI
B) 7.5% (This threshold can change with legislation)
An expense recorded for GAAP purposes, such as a government fine or penalty, that is explicitly prohibited as a deduction for tax purposes.
What are non-deductible fines and penalties?
This constitutional amendment, ratified in 1913, gave Congress the power to lay and collect taxes on incomes from whatever source derived.
What is the 16th Amendment?
Chosen in 1965 this ____ was the original UMSL mascot.
The current mascot __________was revealed in 2010.
The Rivermen was the nickname selected by UMSL students in 1965.
The current mascot, Louie the Triton, was revealed in 2010 and is named after the hellbender salamander
What year was the VITA program established?
1969
What is Filing Status?
Which of the following is true regarding the impact on a taxpayer's final tax liability?
A) A $1,000 tax deduction always reduces tax liability by exactly $1,000.
B) A $1,000 tax credit provides a greater tax benefit than a $1,000 tax deduction for a taxpayer in the 22% tax bracket.
C) Tax deductions are subtracted directly from the calculated tax liability.
D) Tax credits reduce Adjusted Gross Income (AGI).
B) A $1,000 tax credit provides a greater tax benefit than a $1,000 tax deduction for a taxpayer in the 22% tax bracket. (A deduction's value depends on the marginal tax rate, while a credit directly reduces the tax owed dollar-for-dollar.)
This type of difference between book and tax income arises from differences in the timing of revenue or expense recognition and creates deferred tax assets or liabilities.
What is a temporary difference?
In the TV show Jeopardy!, contestants who win over $5,000 automatically have a part of their winnings withheld by the IRS at this rate.
What is 24%?
Originally founded in 1965, what was the first product Amazon sold, and what is now its most popular service?"
Amazon initially sold books, and its most popular current service is AWS (Amazon Web Services)
Why was the VITA program started?
To decrease the financial burden on low to moderate income taxpayers, increase taxpayer education, and improve filing rates
What is Taxable Income?
Which of the following best describes the difference between tax avoidance and tax evasion?
A) Tax avoidance is illegal, while tax evasion is legal.
B) Tax evasion involves utilizing legal strategies to minimize tax liability, while tax avoidance is the deliberate, illegal underreporting of income.
C) Tax avoidance involves utilizing legal strategies to minimize tax liability, while tax evasion is the illegal act of deliberately avoiding taxes owed.
D) Both tax avoidance and tax evasion are considered illegal and result in penalties.
C) Tax avoidance involves utilizing legal strategies to minimize tax liability, while tax evasion is the illegal act of deliberately avoiding taxes owed.
This account is created on the balance sheet to reflect the future tax consequences of temporary differences.
What are deferred tax assets/liabilities?
This ancient civilization viewed the tax professional as the most noble person in society.
What is Ancient Greece?
How many VITA sites are there across the country?
How many VITA sites are there across the country?
More than 11,000
However, only 270 VITA sites received grants from the IRS?
This phrase, which comes from a song by Philadelphia rapper Skrilla, may not have one specific meaning
What is 6-7
Which of the following would be included in an individual's gross income for federal income tax purposes?
A) Municipal bond interest
B) A $5,000 gift from a family member
C) Wages received for services performed
D) Life insurance proceeds received upon the death of the insured
C) Wages received for services performed (The others are generally specifically excluded by the IRS)
This authoritative body sets the rules for financial reporting for public companies, which often differ from tax rules set by the IRS.
What is the FASB (Financial Accounting Standards Board) or SEC?