Question 1

Which of the following is considered a tax?

Accepted Answer

A)  Tolls 
B)  Parking meter fees 
C)  Annual licensing fees 
D)  A local surcharge paid on retail sales to fund public schools 
E)  Entrance fees paid at national parks 
A)  Tolls 
B)  Parking meter fees 
C)  Annual licensing fees 
D)  A local surcharge paid on retail sales to fund public schools 
E)  Entrance fees paid at national parks

Question 2

Which of the following is true regarding use taxes?

Accepted Answer

A)  A use tax is relatively easy to enforce compared to a sales tax. 
B)  Use taxes attempt to eliminate any tax advantage of purchasing goods out of state. 
C)  Use taxes encourage taxpayers to buy goods out of state to avoid paying sales tax in their home state. 
D)  A use tax is generally a progressive tax. 
E)  None of these is true. 
A)  A use tax is relatively easy to enforce compared to a sales tax. 
B)  Use taxes attempt to eliminate any tax advantage of purchasing goods out of state. 
C)  Use taxes encourage taxpayers to buy goods out of state to avoid paying sales tax in their home state. 
D)  A use tax is generally a progressive tax. 
E)  None of these is true.

Question 3

Which of the following taxes represents the largest portion of U.S. Federal Tax revenues?

Accepted Answer

A)  Employment taxes 
B)  Corporate income taxes 
C)  Individual income taxes 
D)  Estate and gift taxes 
E)  None of these 
A)  Employment taxes 
B)  Corporate income taxes 
C)  Individual income taxes 
D)  Estate and gift taxes 
E)  None of these

Question 4

In terms of effective tax rates, the sales tax can be viewed as a regressive tax.

Accepted Answer

A) True 
 B)False

Question 5

What is Leonardo and Theresa's effective tax rate for year 2014 (rounded)?

Accepted Answer

A)  15.00% 
B)  18.63% 
C)  21.28% 
D)  28.00% 
E)  None of these 
A)  15.00% 
B)  18.63% 
C)  21.28% 
D)  28.00% 
E)  None of these

Question 6

The effective tax rate, in general, provides a better depiction of a taxpayer's tax burden than the average tax rate.

Accepted Answer

A) True 
 B)False

Question 7

While sales taxes are quite common, currently the U.S. federal government does not impose a sales tax.

Accepted Answer

A) True 
 B)False

Question 8

If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2014?

Accepted Answer

A)  $243.752.90 
B)  $252,500.00 
C)  $254,045.75 
D)  $270,376.45 
E)  None of these 
A)  $243.752.90 
B)  $252,500.00 
C)  $254,045.75 
D)  $270,376.45 
E)  None of these

Question 9

The ultimate economic burden of a tax is best captured by:

Accepted Answer

A)  The marginal tax rate 
B)  The effective tax rate 
C)  The average tax rate 
D)  The proportional tax rate 
E)  None of these is correct 
A)  The marginal tax rate 
B)  The effective tax rate 
C)  The average tax rate 
D)  The proportional tax rate 
E)  None of these is correct

Question 10

Self employment taxes are charged on self employment income in addition to any federal income tax.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is true?

Accepted Answer

A)  A regressive tax rate structure imposes an increasing marginal tax rate as the tax base increases 
B)  Regressive tax structures are the most common tax rate structure 
C)  An example of a regressive tax is an excise tax 
D)  In terms of effective tax rates, a sales tax can be viewed as a regressive tax 
E)  None of these 
A)  A regressive tax rate structure imposes an increasing marginal tax rate as the tax base increases 
B)  Regressive tax structures are the most common tax rate structure 
C)  An example of a regressive tax is an excise tax 
D)  In terms of effective tax rates, a sales tax can be viewed as a regressive tax 
E)  None of these

Which of the following is considered a tax?

Which of the following is true regarding use taxes?

Which of the following taxes represents the largest portion of U.S. Federal Tax revenues?

In terms of effective tax rates, the sales tax can be viewed as a regressive tax.

What is Leonardo and Theresa's effective tax rate for year 2014 (rounded)?

The effective tax rate, in general, provides a better depiction of a taxpayer's tax burden than the average tax rate.

While sales taxes are quite common, currently the U.S. federal government does not impose a sales tax.

If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2014?

The ultimate economic burden of a tax is best captured by:

Self employment taxes are charged on self employment income in addition to any federal income tax.

Which of the following is true?

Tax Compliance, the Irs, and Tax Authorities

Tax Planning Strategies and Related Limitations

Individual Income Tax Overview, Exemptions, and Filing Status

Gross Income and Exclusions

Individual Deductions

Individual Income Tax Computation and Tax Credits

Business Income, Deductions, and Accounting Methods

Property Acquisition and Cost Recovery

Property Dispositions

Investments

Compensation

Retirement Savings and Deferred Compensation

Tax Consequences of Home Ownership

Filters

Exam 1: An Introduction to Tax

Which of the following is considered a tax?

Which of the following is true regarding use taxes?

Which of the following taxes represents the largest portion of U.S. Federal Tax revenues?

In terms of effective tax rates, the sales tax can be viewed as a regressive tax.

What is Leonardo and Theresa's effective tax rate for year 2014 (rounded)?

The effective tax rate, in general, provides a better depiction of a taxpayer's tax burden than the average tax rate.

While sales taxes are quite common, currently the U.S. federal government does not impose a sales tax.

If Susie earns $750,000 in taxable income, how much tax will she pay as a single taxpayer for year 2014?

The ultimate economic burden of a tax is best captured by:

Self employment taxes are charged on self employment income in addition to any federal income tax.

Which of the following is true?

Tax Compliance, the Irs, and Tax Authorities

Tax Planning Strategies and Related Limitations

Individual Income Tax Overview, Exemptions, and Filing Status

Gross Income and Exclusions

Individual Deductions

Individual Income Tax Computation and Tax Credits

Business Income, Deductions, and Accounting Methods

Property Acquisition and Cost Recovery

Property Dispositions

Investments

Compensation

Retirement Savings and Deferred Compensation

Tax Consequences of Home Ownership

Filters