Under the concept of revenue neutrality, one taxpayer's increased tax liability can be another's tax savings. True or False
True,
the liability depends upon the circumstances involved, one taxpayer's increased tax liability could be another's tax saving.
Under the concept of revenue neutrality, one taxpayer's increased tax liability can be another's tax savings....
QUESTION 11 To protect against the negligence penalty for substantial understatement of the tax liability (without disclosure), the taxpayer's position must have substantial authority. True False QUESTION 12 Adjusted gross income is total income after subtracting all deductions, True False
1. Samantha is self-employed. She had a tax liability in 2014 of $17,000. For 2015, her business has grown and Samantha projects a 2015 tax liability of $31,000. If Samantha makes timely quarterly installments of estimated taxes of $1,500 or she will NOT be subject to underpayment penalties. True or False? 2. If a taxpayer's AGI is over $150,000 in 2015, he must make estimated tax payments for 2016 that are based on 110% of his 2015 tax liability in...
8. Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $49660, no salary reductions for employer provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is married filing jointly or surviving spouse, the taxpayer's standard deduction for the 2017 tax year is $_______ Round to the nearest dollar! Thanks!
Taxpayers eligible to claim the earned income credit can use it to reduce their tax liability and, in some cases, to create a tax refund, True or False
Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $45,860, no salary reductions for employer-provided benefits, and no itemized deductions. Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ Standard Deduction Amounts Filing Status 2017 Single $6,350 Married Filing Jointly or Surviving Spouse $12,700 Head of Household $9,350 Married Filing Separately $6,350 Personal Exemptions...
True/False 1)Two notable trends in tax revenue sources is that social security taxes have decreased gradually while corporate income taxes have increased gradually over the last fifty years. 2. If a progressive tax rate system is used, as a taxpayer's taxable income decreases, a progressively higher rate of tax is applied. 3. The marginal tax rate measures the tax rate applicable to the next dollar of income or deduction for a taxpayer. 4. Using retroactive dates for changes in the...
If revenue from a cigarette tax is used to provide medical care to individuals that develop health problems due to smoking, the cigarette tax may be justified on the basis of the benefits principle of taxation. Select one: True False Question text Benjamin earned more than $50,000 and Franklin earned less than $40,000. If the government imposes a $2,000 lump-sum tax, then the average tax rate for Benjamin is less than 4.0% and for Franklin it is more than 5.0%....
TRUE OR FALSE 1. A company’s tax savings from its Writing Down Allowance (WDA) can be higher than the taxes paid on its profits in a given year, resulting in post-tax cash flows exceeding pre-tax cash flows.
The government lowers the marginal income tax rates so that after‐tax wages are increased. This most likely will shift the labor supply curve to the right. Select one: True False
For the purpose of tort liability, intent can be tranferred when an individual to harm one individual but unintentionally harms another. a) true b) false