Misc Chapter 1
Chapter 1 continued
Filing Status & Exemptions
Misc. Chapter 2
Chapter 2 continued
100
A tax rate structure is a tax where the tax rate remains at the same rate regardless of the tax base.
What is a proportional structure
100
Statutory sources Administrative sources Judicial sources
What are the three types of primary tax authority.
100
The filing status you use if you are unmarried at the end of the tax year, not a qualifying widower and maintain a principal place of abode of a qualifying person for more than 1/2 of the year.
What is Head of Household
100
Your tax owed was $10,000 and you withheld $11,000. The $1,000 difference would be on line 75 of the tax return as a ___________.
What is a refund?
100
Gross income minus permitted deductions. The amount is used to determine certain deductions and credits.
What is Adjusted Gross Income (AGI)
200
State and local taxes levied on either property or sales is an example of what kind of tax?
What is a proportional tax rate structure
200
The ultimate statutory tax authority
What is the 16th amendment
200
Single Married Filing Jointly Married Filing Separately Head of Household Qualifying Widow(er) with Dependent Child
What are filing statuses?
200
Period payments that are 90% of the tax shown on the return, or 100% of the tax shown on the return the preceding return (110% if if prior year AGI over $150,000.)
What is the required annual tax payment to avoid underpayment penalties and interest?
200
This filing status requires that you must pay for more the 1/2 the cost of keeping up a home for the year
What are Head of Household and Qualifying Widower with Dependent child.
300
The tax rate applied to the next dollar earned
What is the marginal tax rate?
300
is considered to be tax authority only to the taxpayer to whom it is issued.
What is a Private letter ruling?
300
Dependent Taxpayer Test Joint Return Test Citizen or Resident Test
What are the three tests must be met to claim a dependency exemption if the person is a qualifying child or qualifying relative.
300
The penalty the IRS can charge for fraud.
What is 75%
300
The person must be a member of the taxpayer's household for the entire year OR must be related to the taxpayer as Child or descendant of a child Step Child Brother, sister, half brother/sister or descendant of them Stepbrother or sister Father or Mother Brother or sister of parents Son in law, daughter in law, father in law, mother in law, brother/sister in law.
What is Relationship or member of household test for a qualifying relative?
400
The affordable care act requires all individuals to have health care coverage or qualify for an exemption. Without this the taxpayer is subject o this.
What is the Health Care tax?
400
The following trial courts hear tax cases.
What are US Court of Federal Claims US Tax Court US District Court
400
The child is under 19 or 19 to 24 and a full time student and younger than the person claiming the exemption.
What is Qualifying Child Age Test
400
Examples are educator expenses, Student Loan interest deduction, deductible part of self employment tax.
What are adjustments for AGI?
400
This filing status uses the same tax tables as head of household but has a higher standard deduction.
What is Qualifying Widower?
500
Social security is an example of this kind of tax structure
What is a regressive tax structure
500
A statutory source of tax authority
What is the Internal Revenue Code (IRC)
500
The child must not provide more than half of his or her support
What is the Qualifying Child Support Test
500
Meets all four of the following tests: Not a qualifying child test Gross income test Support Test
What are the four tests that must be met to be a qualifying relative
500
The standard deduction allowed in 2016 for a single person.
What is $6300?
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