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DEVRY ACCT 224 WEEK 1 QUIZ LATEST

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TCO 1) A payment for the ownership of a tangible good is referred to as a(n):
Student Answer: excise tax
use tax
penalty
charge (General Feedback:
Chapter 1, pages 4 – 10)
Comments:
Question 2. Question : (TCO 1) Larimer County assesses a 4.5% tax on every sale of gasoline in the county. This is an example of:
Student Answer: use tax
activity-based tax
user’s fee
excise tax (General Feedback:

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DEVRY ACCT 224 WEEK 2 QUIZ LATEST

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(TCO 3) During 2013, Judy, a single taxpayer, 23 years old, had $48,000 of gross income. Her itemized deductions totaled $6,000. Her 10-year-old brother lived with and was fully supported by her. What is Judy’s taxable income for 2013?
Student Answer: 31,250
34,750
32,250
48,050
Comments:
Question 2. Question : (TCO 3) Mr. and Mrs. Airs had taxable income of $114,000 for 2013. He was 27; she was 35.What is their tax liability if they elect to file married filing jointly?
Student Answer: 20,357.50
21,400
22,650
26,500

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DEVRY ACCT 224 WEEK 3 QUIZ LATEST

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(TCO 4) Which of the following statements is NOT true?
In theory, the IRS should collect the same amount of tax on a worker’s compensation, whether the worker is an employee or an independent contractor.
The IRS believes that contractors pay more taxes than employees.
An employer has a financial incentive to treat workers as independent contractors rather than employees.
If the IRS reclassifies a worker from independent contractor to employee, the employer can become liable for the employee’s share of the unpaid interest and penalties. (General Feedback:
Chapter 15, page 444)
Comments:
Question 2. Question : (TCO 4) Tom’s annual compensation is $145,000. What is the maximum amount that Tom’s employer may contribute to a defined contribution plan on his behalf in 2013?

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3380
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DEVRY ACCT 224 WEEK 5 QUIZ LATEST

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(TCO 8) Which of the following statements is false?
A taxpayer can be charged a penalty for the late payment of taxes even if an extension to file was granted.
The interest charged on the late payment of taxes is not deductible on the federal tax return.
The penalty for late filing and late payment of taxes is 10% of the balance of tax due with the return for each month it is delinquent. (General Feedback:
Chapter 18, pages 574–577)
A taxpayer who can establish a reasonable cause for the late filing of his or her tax return will not be charged a late filing penalty.
Comments:
Question 2. Question : (TCO 8) Thomas did not extend or file his 2013 federal tax return until December 3, 2014. His total tax liability was $5,000; the return showed a net refund due of $75. He filed late because he was in Vegas with his old fraternity buddies. What amount of late-filing penalty will he owe for the 2013 tax year?

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3382
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DEVRY ACCT 224 WEEK 6 QUIZ LATEST

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(TCO 9) Which of the following is NOT a realization event for tax purposes?
Chad found $500 in the street.
Justin traded a baseball card worth $100 for stock certificates.
John sold his a bond worth $10,000.
Jacob sold 100 shares of Google stock. (General Feedback:
Chapter 6, page 129. Realization occurs when the earnings process for goods and services is complete, regardless of when payment is received.)
Comments:
Question 2. Question : (TCO 9) In which of these cases is the realization principle applied differently for tax purposes if the taxpayer is cash basis rather than accrual basis?
The taxpayer receives January salary income in December.
The taxpayer pays January’s water bill in December.

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Education (3520 Cards)