Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 1, Problem 16MCQ
To determine

Introduction: Income tax law enables individuals to pay taxes to the government for the social and economic benefits of the public and it allows the government to collect and spend revenues in creating value for the society at large. Income tax law applies not only to individuals but also to corporations, firms, trusts, etc.

To choose: The benefit available to taxpayers who are 65 or older.

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Taxable income is  a) gross income less deductions  b) total income excluding exempt less deductions and exemptions  c) gross income less state taxes, mortgage interest, and charitable contributions  d) the sum of everything a person makes
Mark each statement below as either "True" or "False" regarding the standard deduction and itemized deductions. a. The standard deduction is an amount that varies with filing status.   b. A taxpayer should claim the smaller of the standard deduction or the total allowed itemized deductions.   c. Total itemized deductions depend on the amount and type of items, with some items having limitations based on AGI.   d. Taxpayers who are 65 years of age or older or blind are entitled to an additional itemized deduction amount.
Which of the following is an “above-the-line” deduction? (A) State and local taxes (B) Mortgage interest (C) Charitable contributions if a taxpayer takes the standard deduction. (D) Gambling losses

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Income Tax Fundamentals 2020

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