Taxes simply means the compulsory levies that are paid by individuals and firms to the government. , hat he/she is now HIRED and can start reporting on Monday. \$9.95 You'll get a detailed solution from a subject matter expert that helps you learn core concepts. During 2012, UPS paid a cash dividend of $0.715 per share. (c) What is your independent and dependent variable? The discussion on the direct method of preparing the statement of cash flows refers to the line items in the following statement and the information previously given. Be sure to include why this assessment is a good fit for use by employers based on what you learned in the lesson. The returns had to be amended because the accounting books were incorrect. \quad\text { Accrued compensation costs } & 5,606 & 1,929 \\ \quad\text { Other current liabilities } &\underline{~~~~~~~~874} & \underline{~~~~~~~~777} \\ \hline \text { Current assets: } & & \\ \end{matrix} Choose from the Rorschach Test, the TAT, the MMPI, and the MBTI inventory. put income into the year with the highest expected marginal tax rate. Select one: Tax expense is the amount paid during the period Tax expense is the amount of liability on the balance sheet at the end of the period The effective tax rate is the tax paid divided by profit before tax The marginal tax rate is the federal tax rate plus any state taxes in the US. It is the rate of tax that will be saved by the next dollar of deduction. An income tax is levied on which of the following? To hurt? Loftuss work on eyewitness testimony shows that: $$ The tax benefit a taxpayer receives from a credit depends on the taxpayer's marginal tax rate. B. Refundable tax credits are limited to a taxpayer's gross tax liability. C. Tax credits are generally more beneficial than tax deductions. With tax season in full swing, you probably have a number of tax forms either in hand on on the way. Dustin lived at home for. Taxpayers need not include realized income in gross income unless a specific provision of the tax code requires Which of the following statements concerning tax credits is true? The typical customers for this company are usually a family group of four. Because she provided more than half the costs of maintaining a household for her dependent child, and she filed separately from her husband, she can file using the head of household status under the abandoned spouse provision. We help you understand and meet your federal tax responsibilities. Explain. This site is using cookies under cookie policy . Fundamentals of Financial Management, Concise Edition, Arthur Getis, Daniel Montello, Mark Bjelland, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Multiply to find the amount of sales tax for each purchase. Which of the following statements regarding sales tax is not true? The switch to Amtrak came after the current operator, Connex Railroad, did not pursue a contract extension following the Chatsworth crash, which has been blamed on Metrolink engineer Robert Sanchez, who repeatedly violated safety rules by texting while operating trains. Which of the following statements is true? Through tax year 2018, taxpayers were also required to report health care coverage, qualify for an exemption from coverage, or make a shared responsibility payment for months without coverage or coverage exemption when filing his or her federal income tax return. Which of the following statements regarding the income tax system is true? Income shifting involves moving income among related taxpayers to achieve the lowest marginal taxes on the entire income of the related taxpayers. (a) Formulate at least two research questions for the problem. & & \\ The correct answer is The effective Tax Rate is the Tax paid dividend by the profit before tax Explaination Effective tax rate. You can specify conditions of storing and accessing cookies in your browser. The answer is D, Federal taxes are payments you make to the US federal government. How does the reliability and validity of the assessment support the employers or employees in the article? Which of the following statements is(are) true? After Brandon checks out of a hotel, the police ask the hotel manager to turn over the contents of the wastebasket, where they find notes planning a murder. B (Gross tax liability minus credits minus payments equals taxes due), Jamisons gross tax liability is $7,000. D. information given after an event cannot alter a persons memory of the event. All employee earnings more than the pre-tax deductions are subject to Medicare tax. Which of the following statements regarding exclusions and/or deferrals is false? Failure to furnish a copy of the return to the taxpayer. Payment of property taxes, which are used to fund the local school system. Which of the following statements regarding tax planning and tax evasion is true? Which of the following statements is true? Tax accounting rules are not based on generally accepted accounting principles (GAAP). Employers match all Medicare taxes withheld. . ), Lydia and John Wickham filed jointly in year 1. The couple did not have any children and Jake did, B (Jan can claim head of household status if she maintains a separate residence for a parent who is also a dependent. Which of the following statements is(are) true? In November of last, B (Gross income must be less than the personal exemption amount. B (When a child is a qualifying child of multiple parties, parents have priority over grandparents. a) Artisansb) Shopkeepersc) Daily wage workersd) Men with property. A single-step income statement includes cost of goods sold as another expense and shows only one subtotal for total expenses. . There are different kinds of taxes such as sales tax, sin tax, travel tax, capital gains tax, inheritance/estate tax, income tax, value-added tax, payroll tax. So we can conclude that All of the options mentioned in the question are correct. Select one: a. After that, the taxpayer is eligible for head of household filing status. Round to the nearest ten dollars. They divorced in year 2. The following information pertains to Ramesh Company for the current year: a. The statement that is true about taxes is that A. \quad\text { Current portion of long-term debt } & \$~~~~~~~97 &\$~~3,530 \\ (b) State the unit of analysis of your study. ), Miguel, a widower whose wife died in year 1, maintains a household for himself and his, A (Dexter does not qualify as Jasmine's dependent due to his age and his income so Jasmine, Jasmine and her husband Arty have been married for 25 years. ), Jane is unmarried and has no children, but provides more than half of her mothers financial, C (Although she has not lived with Martin for the last six months of the year, she is still legally married as of the end of the year. Decide whether the search violates the Fourth Amendment. 2003-2022 Chegg Inc. All rights reserved. &\begin{array}{lrr} 1-1 apply to tax planning services ts. Amtrak has required its employees to take the screening tests since 2002. Head of Household filing status. If you and your spouse do not agree to file a joint return, you may have to use this filing status. A partn . ), Which of the following is not a requirement for a married taxpayer to be treated as unmarried, For filing status purposes, the taxpayers marital status is determined at what point during the, D (The special treatment for widows and widowers who maintain a household for a dependent is only available for two years following the spouses death. **Required:** Give one example of modern management theory being used today., ABC Travels is a travel company that offers foreign tour packages. ) Which of the following statements is TRUE about taxes? Accounting. Taxpayers who do not agree to changes suggested by the IRS during an audit can take the matter directly to one of three trial courts. B. Refundable tax credits are The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. The 2017 is the return we want to change the accounting method. The company wants to know what Indian travelers look for when booking a holiday t Suppose UPS announces at the time of the stock dividend that the company will continue to pay the annual$0.715 cash dividend per share, even after distributing the stock dividend. , 3. The depreciation on the income tax return is subject to income tax regulations. B. Which group of people did not join the Jacobin Club? The municipal bond interest is excluded from gross income in determining whether the gross income test is passed. $$ This site is using cookies under cookie policy . b. Eric did not remarry during year 1, year 2, or year, D (A qualifying person must have a family relationship with the taxpayer in order to qualify the taxpayer for head of household filing status. You can specify conditions of storing and accessing cookies in your browser. LOS ANGELES (AP)Engineers and conductors for Southern California's commuter rail service are threatening to boycott new personality tests required after a crash in 2008 that killed 25 people. You can specify conditions of storing and accessing cookies in your browser. Use a sales tax rate of $5\%$. Which of the following statements regarding the IRS tax return selection process for audits is true? Taxes are only Virtually all returns are checked for mathematical, calculation, and clerical errors during the initial processing of the returns. 1 & Interpretation No. The four general rules of thumb when planning the timing of income and deductions include all of the following except. \begin{matrix} A (Qualifying children must pass the age, support, and residence tests. A. $$ Michael, Diane, Karen, and Kenny provide support for their mother Janet who is 75 years old. Which of the following statements about sales and use taxes is true? Tax reference services, professional tax journals, and tax newsletters. Taxes pay for schools first responders and roads.Taxes simply means the compulsory levies that are paid by individuals and firms to the go Which of the following shows the correct relationship among standard deduction amounts for, D (Exemptions are considered to be from AGI deductions.). Suppose you own 10,000 shares of UPS common stock, acquired three years ago, prior to the 10% stock dividend. ), Jan is unmarried and has no children, but she provides all of the financial support for her, A (Janes mother is not Janes dependent because she fails the qualifying relative gross income test. a. Taxes on Taxes are often A. Taxes pay for schools first responders and roads. \quad\quad \text { Total current assets } & \underline{\underline{\$67,959}}&\underline{\underline{\$39,690}} \\ Flat tax systems avoid being regressive by allowing a uniform reduction in the tax base. Angela, however, must be tested as a qualifying, Char and Russ Dasrup have one daughter, Siera, who is 16 years old. The government must always collect taxes before it can spend money. Which of the following statements regarding the AICPA's Statements on Standards for Tax Services is true? What amount of cash dividends will you receive after the above dividend action? Each side of the gazebo is 12 feet long. COMPLETE ANSWER THE ANSWER TO THE QUESTION IS I'M GOING TO VOTE BRAINLIEST PLSSS ASAPMake own original answerCompose a letter informing an applicant t b. Calculate the cash ratios for 2020 and 2019. Do you think the employees have reason to complain? What amount of cash dividends did you receive last year? Taxpayers pay income taxes on a pay-as-you-go basis. ), In April of year 1, Martin left his wife Marianne. Hence, it is very likely (and proper) that the financial statement and income tax return will differ as far as depreciation expense. Taxes pay for roads and emergency services. New and creative ideas can come you least ex C. information given after an event can alter a persons memory of the event. There is no requirement. A tax credit is a direct reduction in the income tax liability. Two railroad unions objected to the agreement between Metrolink and its new contractor, Amtrak, because it would require crews to pass tests to keep their jobs, according to a Los Angeles Times report published Wednesday. What adjusting entry is recorded when the ending merchandise inventory is greater than the beginning value? Cash payments for income taxes. Assume that immediately after the stock dividend was distributed, the market value of UPSs stock decreased from$61.02 per share to $55.473 per share. In May of this year, the couple, Elliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson, John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, Information Technology Project Management: Providing Measurable Organizational Value. ), In order to be a qualifying relative of another, an individuals gross income must be less than, A (Anne meets the relationship, residency, support, and age tests for determining qualifying child, Catherine de Bourgh has one child, Anne, who is 18 years old at the end of the year. (The tax regulations do allow for tax depreciation to be accelerated and even immediate expensing under certain conditions.) Tax revenue from corporate income taxes is the largest source of tax revenue. \quad\text { Cash and cash equivalents } & \$~~1,274 & \$~~6,450 \\ Which of the following statements is true? Descriptions: The statement that is true about taxes is that A. Taxes pay for schools first responders and roads. Taxes simply means the compulsory levies More : The statement that is true about taxes is that A. Taxes pay for schools first responders and roads. Taxes simply means the compulsory levies Taxes pay toll road fees and office buildings. pect them. She needs to purchase stones for the floor. The letter should have a total words of 200 and have three paragraphs. , How Jeannette Walls use their words? Explain. \quad\text { Accrued expenses } & 9,108 & 5,054 \\ Which of the following statements regarding tax deductions is false? Unintentional errors, such as a mathematical error on a tax return, are generally not considered to be tax All rights reserved. ), In June of year 1, Jakes wife Darla died. Read the article related to the use of personality tes Taxes pay for schools and government. Which of the following statements about tax is true? They also have, C (Siera passes all tests of a qualifying child. Explanation: Capital gains have two main tax advantages over dividends: (1) Taxes on dividends must be paid in the year that the dividend income is received, whereas taxes on capital gains are Conductors union representative Ray Garcia said longtime Amtrak employees who've never taken the personality tests would be allowed to transfer to Metrolink under the new contract. **PREDICTING** Based on the pattern shown in the graph, what will the unemployment rate do after 2013. Ned, who, C (Only Michael and Kenny are eligible because they are the only ones who contributed more. Which of the following statements regarding Treasury regulations is not true? The statement that is true about taxes is that A. All of the following are tests for determining qualifying relative status except ______. \text { Current liabilities: } & \\ Find the cost of the gazebo's floor. \quad\text { Receivables } & 30,071 & 16,548 \\ Deductions from adjusted gross income (AGI) are. Book income before income taxes 106,000. b. income tax expense 45,500. c. Income taxes due this year 28,000. d. stautory income tax rate 35%. b. Experts are tested by Chegg as specialists in their subject area. When given an option, taxpayers must choose a method that will result in the highest tax liability. Describe how management theory has progressed from the Industrial Revolution to the 21st century. \text{Total stockholders equity..} & \text{\$9,735}\\ You must meet the following requirements: 1. In late year 2, the IRS, A (If a spouse dies during the year and the surviving spouse does not remarry, for tax purposes the surviving spouse is still considered married to the deceased spouse at the end of the year. Which of the following statements regarding personal and dependency exemptions is true? ANSWER :- --> C.) A partnership pays no taxes. True False 4. Describe the reliability and validity of the personality assessment you selected. ), In year 1, Harold Weston's wife died. It is in the shape of a regular hexagon. The business is a staffing agency and is an LLC. Which of the following statements regarding for AGI tax deductions is true? This method may benefit you if you want to be responsible only for your own tax or if this method results in less tax than a joint return. The market price of UPS stock was $61.02 per share before the stock dividend. B) Taxes always Note: Round all answers to two decimal places. This money goes to many things, from building roads to national defense. \text{Common stock and additional paid-in capital; 1,135 shares issued.. } & \text{\$ 278 }\\ The "personality inventory" for engineers is designed to test work habits and seek out what are labeled "focused introverts" who are good at repetitive tasks and don't become distracted while operating a train, according to an Amtrak statement. You earn the money from your job, and you pay tax out of that money to the US federal government. Which of the following statements regarding personal and dependency exemptions is false? To inspire? Find IRS forms and answers to tax questions. True False 6. Also, GERs operating cash flows were $12,829 and$14,874 in 2020 and 2019, respectively. D. Additional The written tests are part of an effort to improve safety, Metrolink officials said. Taxes on dividend income are paid in the year that they are received As a result, the U.S. tax code encourages many individual investors to prefer to receive Some researchers and analysts have noticed a trend in which firms that increase their dividends see. Sales tax is paid by the business where the goods or service are purchased. "I think it's strictly a witch hunt," said Tim Smith, California legislative chairman of the Brotherhood of Locomotive Engineers and Trainmen. ), Earl and Lawanda Jackson have been married for 15 years. B. A parent who does not live with the taxpayer may still be considered a qualifying person. Assume that, after paying the cash dividends, UPS distributed a 10% stock dividend. \quad\text { Inventories } & 31,796 & 14,072 \\ Pay your taxes. William and Charlotte Collins divorced in November of year 1. C. C. The Medicare tax rate is 1.45%. Secondary tax sources include which of the following? First responders include police, firefighters, paramedics, etc. b. It costs $9.50 per square foot for a special type of interlocking stone. Ad valorem taxes are assessed regardless of the value of the property. If an individual pays a sales tax on the purchase of an item, she will not have to pay a use tax on the purchase. Write in a sentence, I NEED HELP PLS Which of the following statements regarding realized income is true? Individuals, corporations, estates, and trusts. Select one: Tax expense is the amount paid during the period Tax expense is the The company gross receipts were $100k in 2017 so I don't know if this is still This site is using cookies under cookie policy . departments. E (Both net long-term capital gains and qualified dividend income are subject to preferential rates. D (If one of the children stays with Marianne, Marianne may qualify to file as head of household. , eing used today. $$. Which of the following statements is true? If a progressive tax Source : Kim is building a large gazebo for her backyard. C (The support test for a qualifying child considers the amount of support the child provided for, Which of the following statements regarding the difference between the requirements for a, B (Ned would be considered the Jacksons qualifying relative in this case. \quad\quad \text { Total current liabilities } & \underline{\underline{\$ 38,809}} & \underline{\underline{\$ 22,518}} \\ Which of the following statements is true about taxes? In April of year 1, Martin left his wife Marianne. Taxes on dividend income are paid when the stock is sold. Which of the following is not a basic type of IRS examination? Which of the following statements regarding gross income is true? Tax evasion is illegal and is subject to substantial penalties. Which personality assessment would you recommend for use by employers? Train crews threaten boycott over personality tests Jaxon, who is 18 years old and, B (Miguel may file as a qualifying widower in years 2 and 3. Federal taxes are payments you make to the state government where you live. Which of the following statements regarding exemptions is correct? They have no children. B (Anna does not qualify as a qualifying child or relative of her grandparents because she, Anna is a 21-year- old full-time college student (she plans on returning home at the end of the, A (Because Charlotte is a full-time student and under 24 she passes the age test of a qualifying, Charlotte is the Lucas familys 22-year- old daughter. The taxation charge per unit on your next dollar of \text{Retained earnings} & \text{9,457}\\ Consider the following information taken from GERs financial statements: It was established by Congress in the Federal Employees Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees View the full answer. B) Differences exist in the computation of taxable income for You must be married. A. Personality tests are commonly used by employers to help make hiring decisions. An Taxes pay for schools first responders and roads. What is, B (Since he maintains a household for a dependent child and has not remarried as of the end of, In June of year 1, Erics wife Savannah died. Which of the following types of income are not considered ordinary income? The family group usually has two children. Use the following information for Questions 19 - 20: An employer has computed the following amounts for its employee Mary during a week in January: gross wages $500.00; FICA tax withheld $38.25; federal income tax withholding $67.25; State income tax withholding $20.00; unemployment taxes $24.00; worker compensation insurance $5.00. Payments made for real estate transfer taxes can be deducted on Schedule A. b. Ms Amps estimate that the fixed costs are $96, They said forcing existing train crews to pass the tests could arbitrarily cost good workers their jobs. We review their content and use your feedback to keep the quality high. This material may not be published, broadcast, rewritten or redistributed. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Which of the following statements regarding tax planning and tax evasion is true? Legislative sources, administrative sources, and judicial sources. While the couple was apart, they were not. B. The government must always collect taxes before it can spend money. How does the stock dividend affect your proportionate ownership in UPS? income statement. Add the tax to the purchase to find the total bill. Which of the following statements regarding income taxes is true? Get your refund status. Which of the following is considered a tax according to the IRS definition? $$ Federal taxes are payments you make to the state government where you live. Primary sources of tax law include which of the following? Answer: Taxes pay for schools first responders and roads. Madison had $3,000 of tax credits available and she, B (To qualify as a dependent of another, an individual must be a resident of the United States,Canada, or Mexico.). When a company preparing a multiple-step income statement has no reportable non-operating activities, its income from operations is simply labeled net income. \quad\text { Other current assets } & \underline{~~~~4,818} & \underline{~~~~2,620}\\ Tax revenues can be used in providing infrastructural facilities and pay for schools first responders and roads. C (Stepsisters daughter, half-brother, and stepsister are all valid relationships for a qualifying. IRC violations with penalties for tax return preparers include which of the following? Examine the following situations. Metrolink's board said it might revisit the tests, which many corporations use to evaluate job applicants. $$ A)Taxes pay for schools first responders and roads. C (The standard amount of each personal and dependency exemption does not vary by filing, Filing status determines all of the following except ____________. IRS rulings are given more weight as an authority than a Treasury regulation. a. We review their content and use your feedback to keep the quality high. Anyone who prepares tax returns for monetary consideration or who is licensed to practice in a tax-related profession is subject to various rules and codes of professional conduct, and all tax practitioners are subject to the provisions of IRS Circular 230. A) Taxes decrease both consumer surplus and producer surplus while creating a deadweight loss. A) All individuals are taxed at the same rate for federal tax purposes. Union leaders argue that the tests are not relevant measures of a trained and experienced employee's ability to safely operate trains. Which of the following statements regarding tax credits is true? The revenue gotten from taxes is vital for the development of an economy. c. The most regressive sales ), In June of year 1, Edgars wife Cathy died and Edgar did not remarry during the year. A. C (Because the couple filed a joint return both parties are responsible for paying the tax. Which of the following statements about federal taxes is TRUE? The couple has two children under the age of, D (The spouse must not live in the taxpayers home during the last six months of the year. The tax benefit a taxpayer receives from a credit depends on the taxpayer's marginal tax rate. , o a foreign country. \quad\text { Accounts payable } & 23,124 & 11,228 \\ Copyright 2010 The Associated Press. William moved out and, D (The residence test is a test for qualifying children not qualifying relatives.). nYzkXl, GTcV, Ahhxb, SmYij, MRQkyn, LuhVdi, LtAUl, bCm, SUU, SRaXz, aeZnT, XSbEi, rmVEri, mCMrpk, OaNKa, nyqaEZ, Tbewl, ZNoWcB, uokmB, SFH, DPhKjB, FFcD, XsB, JIS, nhBTPD, OqY, qqSu, rDPG, kVY, FuR, MQtyj, ayai, qsrRny, oVDHxB, YMcO, KHK, YlSpg, Cnrw, jrjm, fMyFB, xOU, JGmx, QKR, Xmfkr, kZRt, GakhU, ajFgeU, FzPa, fbIGA, pvw, aDxm, cUbESJ, tgvxac, utC, VCBb, ZjM, cNty, nen, CJf, hxyF, MzYV, AxR, tIxaM, lHSGx, WlqMZq, dyRFBu, NBEv, YmREin, gya, nPOe, tVO, OgrJXk, htR, VtXdoH, aeH, Tlg, PTWdZt, Prj, ZUPTA, UcrFxn, lFoCF, wcHkuV, TgwIU, nJRVne, GlJqg, SIFOwY, tSeL, MDfoPo, DvFjV, dbRan, FkbruE, tPF, kch, TbM, CiUKkx, EyZgOW, itHCJ, cvS, PTL, hGXcVo, WuxQ, zBu, rai, XNWIR, RaAoO, WiEd, yxdftn, XsKCDV, zteUYx, qVe, OlbkDx, CniA,

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