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Home Anatomy & Physiology Income Tax Fundamentals 2016 34th Edition
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Income Tax Fundamentals 2016 34th Edition

Suggested Price: $25.00

Edition: 34th Edition

Format: Downloadable ZIP File

Resource Type: Test bank

Duration: Unlimited downloads

Delivery: Instant Download

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Income Tax Fundamentals 2016 34th Edition

1. If an employee does not complete a Form W-4, the employer must withhold tax as if the employee were single with no exemptions.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

2. If a husband and wife both work, they must divide their withholding allowances equally on their W-4 Forms.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   Employees with two or more jobs or with a spouse who also is employed must complete the “Two-Earners/Multiple Jobs Worksheet” on Page 2 of Form W-4 to determine the number of withholding allowances.
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

3. Reimbursements of moving expenses are always subject to withholding.

  a. True
  b. False

 

ANSWER:   False
RATIONALE:   Qualified moving expenses reimbursed by an employer are not reported as part of the employee’s gross income and are therefore not subject to withholding.
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

4. The two most common methods of determining federal income tax withholding are the percentage method and the wage bracket method.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

5. If taxpayers fail to provide their bank with an identification number, they are subject to backup withholding on interest payments.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

6. Taxpayers with large amounts of deductions may claim extra withholding allowances on their Form W-4s.

  a. True
  b. False

 

ANSWER:   True
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   True / False
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

7. What percentage of gross food and beverage sales is used in determining the amount of tips that an employer must report as allocated to employees?

  a. 8 percent
  b. 10 percent
  c. 12 percent
  d. 15 percent
  e. None of the above

 

ANSWER:   a
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

8. Gordon is 60 years old and Mary is 55 years old. They are married with three dependent children over age 17, and Gordon has one job. Assuming that Mary is unemployed, how many allowances should Gordon claim on his Form W-4, assuming no extra allowances for deductions or adjustments?

  a. Five
  b. Six
  c. Seven
  d. Eight
  e. Nine

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

9. Which of the following amounts paid by an employer to an employee is not subject to withholding?

  a. Commissions
  b. Travel expense reimbursements from an accountable plan
  c. Salary
  d. Bonus
  e. All of the above are subject to withholding

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

10. Mark the incorrect answer. In completing W-4s, employees may claim extra allowances:

  a. If they are paying alimony.
  b. If they have tax credits.
  c. If they expect to have large amounts of itemized deductions.
  d. If they have high levels of interest and dividend income.

 

ANSWER:   d
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

11. Payors are not required to use backup withholding if:

  a. The taxpayer did not give the payor his or her taxpayer identification number.
  b. The taxpayer certifies that he or she is not subject to backup withholding.
  c. The IRS informs the payor that the taxpayer gave an incorrect identification number.
  d. The IRS informs the payor to start withholding because the taxpayer has not reported the income on his or her tax return.

 

ANSWER:   b
POINTS:   1
DIFFICULTY:   Easy
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

12. Steve is a single man who lives by himself. He has one job as a computer technician. How many withholding allowances can he claim?

  a. 2
  b. 3
  c. 5
  d. 10
  e. He can claim any number of withholding allowances that he believes will leave him with proper withholding.

 

ANSWER:   e
POINTS:   1
DIFFICULTY:   Moderate
QUESTION TYPE:   Multiple Choice
HAS VARIABLES:   False
LEARNING OBJECTIVES:   ITF.WABG.16.LO:9-01 – LO:9-01
NATIONAL STANDARDS:   United States – BUSPROG: Analytic
STATE STANDARDS:   United States – AK – AICPA: FN-Reporting
KEYWORDS:   Bloom’s: Knowledge

 

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