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1. Use Publication 17, (in index), find Income. Then go to the page that it indicates and you see a paragraph headed 'Gross Income'. Read here to answer the following question.
Gross income includes all income you receive in the form of money, goods, property, and services that is not exempt from tax.
2. Use Publication 17, (in index), find Filing requirements, scroll down to find individuals then go to that page. Then go to that page and look for the 'Do I Have To File a Return? section and read the first paragraph to answer the following.
You must file a federal income tax return if you are a citizen or resident or the United States (unless the exception for not filing apply).
3. Use Publication 17,(in index), find Standard Deduction. Then go to that page and read the first two columns about standard deduction to answer the following question:
What is 'Standard Deduction'?
- [ ] C. A variable amount that eliminates the need for taxpayers to file.
- [ ] D. All of the above
- [ ] B. An amount that depends on your filing status, and whether you are 65 or older or blind.
- [ ] A. Dollar amount that reduces the amount of tax directly.
4. Use Publication 17,(in index), find Filing requirements, scroll down to "When to file", then go to that page to answer the following question:
For tax year 2008, when is the last day most taxpayers have to file their tax return?
- [ ] C. April 15, 2009.
- [ ] D. October 15, 2009.
- [ ] B. April 17, 2009.
- [ ] A. June 16, 2009.
5. Use Publication 17,(in index), find Penalties. Then go to that page and read the the "frivolous tax submission" section to answer the following question:
A frivolous tax return is one that does not include enough information to figure the correct tax or that contains information clearly showing that the tax you reported is substantially incorrect. You may have to pay a penalty if you file a frivolous return in the amount of
- [ ] D. $ 1,000.
- [ ] B. $ 3,000.
- [ ] C. $ 2,000.
- [ ] A. $ 5,000.
6. Use Publication 17,(in index), find Penalties. Then go to that page and just read the the "Paying tax late" section to answer the following question:
What is the penalty for failure to pay for each month or part of each month, after the due date that the return is not paid?
- [ ] B. 1/2 of 3% of your unpaid taxes.
- [ ] D. 1/2 of 1% of your unpaid taxes.
- [ ] A. 1/4 of 1% of your unpaid taxes.
- [ ] C. 1/2 of 2% of your unpaid taxes.
7. Use Publication 17,(in index), find Penalties. Then go to that page and read the the "filing late" section to answer the following question:
What is the penalty if you do not file your return by the due date?
- [ ] A. 1% for each month or part of a month that return is late, but not more than 10%.
- [ ] D. 1/2 of 1% for each month or part of a month that return is late, but not more than 25%.
- [ ] B. 3% for each month or part of a month that return is late, but not more than 20%.
- [ ] C. 5% for each month or part of a month that return is late, but not more than 25%.
8. From the link on History of U.S. Taxes. Answer the following as accurate as possible.
In 1862, Congress enacted the nation's first income tax law
- [ ] D. In order to support the Civil War effort.
- [ ] B. In order for the government to have more spending money for leisure activities.
- [ ] C. In order to support the campaigns of political parties.
- [ ] A. In order for the government to give bonuses to its employees.
9. From the link on History of U.S. Taxes. Answer the following as accurate as possible.
The Act of 1862 established the office of Commissioner of Internal Revenue. The Commissioner was given the power to
- [ ] C. Levy and collect taxes.
- [ ] D. All of the above.
- [ ] A. Assess taxes.
- [ ] B. To enforce the tax laws through seizure of property and income and through prosecution.
10. From the link on History of U.S. Taxes. Answer the following as accurate as possible.
The powers and authority of the office of Commissioner of Internal Revenue remain very much the same today.
11. From the link on History of U.S. Taxes. Answer the following as accurate as possible.
In 1913, the 16th Amendment to the Constitution made the income tax a permanent fixture in the U.S. tax system. The amendment gave Congress legal authority to tax income and resulted in a revenue law that taxed incomes of both individuals and corporations.
12. From the link on History of U.S. Taxes. Answer the following as accurate as possible.
On Oct. 22, 1986, President Reagan signed into law the Tax Reform Act of 1986. The act called for and increase in individual taxation over a five-year period.
13. From the link on History of U.S. Taxes. Answer the following as accurate as possible.
The Revenue Reconciliation Act of 1990 was signed into law on Nov. 5, 1990. The emphasis of the 1990 act was increased taxes on the wealthy.
14. From the link on History of U.S. Taxes. Answer the following as accurate as possible.
On Aug. 10, 1993, President Clinton signed the Revenue Reconciliation Act of 1993 into law. The act's main purpose was to
- [ ] C. Reduce taxes of individuals.
- [ ] A. Decrease taxation on corporations.
- [ ] D. Reduce the federal deficit.
- [ ] B. Increase taxation of small business.
15. Use IRS Publication 17 for the following.
Public assistance benefits from a public welfare fund is based upon need, such as payments due to blindness. You must include in your income any
- [ ] A. Welfare payments.
- [ ] C. Welfare payments that are compensation for services or that are obtained fraudulently.
- [ ] D. All of the above.
- [ ] B. Payments from a welfare state fund for the victims of crime.
16. Generally, property you receive as a gift, bequest, or inheritance is not included in income. If property you receive this way later produces income such as interest, dividends, or rents,
- [ ] C. That income is taxable to you.
- [ ] D. None of the above.
- [ ] A. That income is not taxable to you.
- [ ] B. That gift is taxable to you.
17. If a federal government agency, financial institution, or a credit union cancels or forgives a debt you owe of ________, you will receive a Form 1099-C, Cancellation of debt.
- [ ] B. $5,000 or more.
- [ ] A. $1,000 or more.
- [ ] D. $600 or more.
- [ ] C. $400 or more.
18. For tax year 2008, generally you must file a federal income tax return by April 15, 2009. If you are a U.S. citizen or resident, whether you must file a return depends on
- [ ] A. your gross income.
- [ ] B. your age.
- [ ] D. All of the above.
- [ ] C. your filing status.
19. In regards to penalties, this includes a failure to make a reasonable attempt to comply with the tax law or to exercise ordinary and reasonable care in preparing a return.
- [ ] C. Mal-intended.
- [ ] D. Careless-ness.
- [ ] B. Sloppy-ness.
- [ ] A. Negligence or disregard.
20. In 2008, if you use e-file (electronically filed), your return is considered filed on time if
- [ ] C. The authorized electronic return transmitter postmarks the transmission by April 16, 2009.
- [ ] B. Your authorized electronic return transmitter sends all his transmissions by April 17, 2009.
- [ ] D. You mail the copies that the electronic return transmitter gives you by April 15 2009.
- [ ] A. Your authorized electronic return transmitter sends all his transmissions by April 30, 2009.