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Personal Taxation Question I The IRS levies penalties for A) avoiding the tax B) non-payment of the tax C) under-payment of the tax D) All the choices Question 2 The term "income" includes A) cash gifts received from the relative B) cash gifts received from a friend C) cash gifts received as a prize money D) cash gifts received from the employer Question 3 How many brackets are there for marginal tax rate? A) 4 brackets B) 6 brackets 9 7 brackets D) 9 brackets E) Question 4 Larry's income in the year 2017 was $50,000. Larry was the head of the houschold. How much tax would Larry pay? The applicable tax rates are: 10n to S13.600 12S13.601 to SS1.NO0 A)SIJ60 B) S5,728 C) 55.720 D) 54.368 Question s The term "Minimum Tax Gap" denotes the A) gap between the amount of tax payable and the paid B) gap between the gross income and the net income C) the gap that exists between the social security tax and the amount of income tax D) the gap between the gross income and the social security tax Question 6 The state that does not levy income tax is A) Alabama B) Georgia C) Washington D) Louisiana Question 7 Clarissa is employed as Technical Analyst in an organization. Her gross income per year is $60,000. What is tax amount she must pay in the subsequent year? The applicable tax rates are: Oto $9.525 $2.526 tos38,700 12% 22 A) $8,010 B) $8.201 C) $8,187 D) $8,157 Question 8 The deduction that would reduce tax liability is , A) standard deduction B) itemized deduction C) social security deduction D) All the choices

Personal Taxation Question I The IRS levies penalties for A) avoiding the tax B) non-payment of the tax C) under-payment of the tax D) All the choices Question 2 The term "income" includes A) cash gifts received from the relative B) cash gifts received from a friend C) cash gifts received as a prize money D) cash gifts received from the employer Question 3 How many brackets are there for marginal tax rate? A) 4 brackets B) 6 brackets 9 7 brackets D) 9 brackets E) Question 4 Larry's income in the year 2017 was $50,000. Larry was the head of the houschold. How much tax would Larry pay? The applicable tax rates are: 10n to S13.600 12S13.601 to SS1.NO0 A)SIJ60 B) S5,728 C) 55.720 D) 54.368 Question s The term "Minimum Tax Gap" denotes the A) gap between the amount of tax payable and the paid B) gap between the gross income and the net income C) the gap that exists between the social security tax and the amount of income tax D) the gap between the gross income and the social security tax Question 6 The state that does not levy income tax is A) Alabama B) Georgia C) Washington D) Louisiana Question 7 Clarissa is employed as Technical Analyst in an organization. Her gross income per year is $60,000. What is tax amount she must pay in the subsequent year? The applicable tax rates are: Oto $9.525 $2.526 tos38,700 12% 22 A) $8,010 B) $8.201 C) $8,187 D) $8,157 Question 8 The deduction that would reduce tax liability is , A) standard deduction B) itemized deduction C) social security deduction D) All the choices

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Personal Taxation Question I The IRS levies penalties for A) avoiding the tax B) non-payment of the tax C) under-payment of the ta D) All the choices Question 2 The term "income" includes A) cash gifts received from the relative B) cash gifts received from a friend C) cash gifts received as a prize money D) cash gifts received from the employer Question 3 How many brackets are there for marginal tax rate? A) 4 brackets B) 6 brackets ) 7 brackets D) 9 brackets E) Question 4 Larry's income in the year 2017 was $50,000. Lary was the head of the household. How much tax would Larry pay? The applicable tax rates are: 10Ue to S13.600 12S13,601 to 551.800 A) SI,360 B) S5,728 C) S5,720 D) 54,368 Question 5 The term "Minimum Tax Gap" denotes the A) gap between the amount of tax payable and the paid B) gap between the gross income and the net income C) the gap that exists between the social security tax and the amount of income tax D) the gap between the gross income and the social security tax Question 6 The state that does not levy income tax is A) Alabama B) Georgia C) Washington D) Louisiana Question 7 Clarissa is employed as Technical Analyst in an organization. Her gross income per year is $60,000. What is tax amount she must pay in the subsequent year? The applicable tax rates are: 10% o to 59525 s9,526 tos30,700 12% A) $8,010 B) $8.201 C) $8,187 D) $8,157 Question 8 The deduction that would reduce tax liability is A) standard deduction B) itemized deduction C) social security deduction D) All the choices
Transcribed Image Text:Personal Taxation Question I The IRS levies penalties for A) avoiding the tax B) non-payment of the tax C) under-payment of the ta D) All the choices Question 2 The term "income" includes A) cash gifts received from the relative B) cash gifts received from a friend C) cash gifts received as a prize money D) cash gifts received from the employer Question 3 How many brackets are there for marginal tax rate? A) 4 brackets B) 6 brackets ) 7 brackets D) 9 brackets E) Question 4 Larry's income in the year 2017 was $50,000. Lary was the head of the household. How much tax would Larry pay? The applicable tax rates are: 10Ue to S13.600 12S13,601 to 551.800 A) SI,360 B) S5,728 C) S5,720 D) 54,368 Question 5 The term "Minimum Tax Gap" denotes the A) gap between the amount of tax payable and the paid B) gap between the gross income and the net income C) the gap that exists between the social security tax and the amount of income tax D) the gap between the gross income and the social security tax Question 6 The state that does not levy income tax is A) Alabama B) Georgia C) Washington D) Louisiana Question 7 Clarissa is employed as Technical Analyst in an organization. Her gross income per year is $60,000. What is tax amount she must pay in the subsequent year? The applicable tax rates are: 10% o to 59525 s9,526 tos30,700 12% A) $8,010 B) $8.201 C) $8,187 D) $8,157 Question 8 The deduction that would reduce tax liability is A) standard deduction B) itemized deduction C) social security deduction D) All the choices
Question 9 Progressive Regressive Proportionate ? What does the green round indicate? A) Tax structure В) Таx types C) Tax principles D) Tax systems Question 10 Federal Income Тах ? State Local Tax Income Тax What does the question mark in the above image stand for? A) The IRS B) The US tax system C) The US audit system D) None of the choices II
Transcribed Image Text:Question 9 Progressive Regressive Proportionate ? What does the green round indicate? A) Tax structure В) Таx types C) Tax principles D) Tax systems Question 10 Federal Income Тах ? State Local Tax Income Тax What does the question mark in the above image stand for? A) The IRS B) The US tax system C) The US audit system D) None of the choices II
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