ACCT 224 DeVry Week 3 Quiz Latest

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ACCT 224 DeVry Week 3 Quiz Latest

ACCT224

ACCT 224 DeVry Week 3 Quiz Latest

(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?

  • 49,000
  • 3,500
  • 49,000
  • 51,000

(General Feedback: Chapter 15 Contribution is limited to lesser of compensation or $51,000, page 465)

 

Question 3. Question : (TCO 5) Which of the following statements is NOT true?

  • The interest earned on state and local debt instruments is excluded from income for federal tax purposes.
  • Treasury notes have maturity periods from one to ten years.
  • Treasury bonds have maturity periods from 10 to 30 years.
  • The interest on U.S. debt obligations is subject to federal income tax.

(General Feedback: Chapter 16, pages 494) Comments:

 

Question 4. Question : (TCO 5) Which of the following is false about the tax policy reasons offered to justify a preferential tax rate for capital gains?

  • Capital gain accrues over time but is taxed only in the year of sale. Therefore, it is taxed at a higher marginal rate than would have been likely if gain had been recognized as it accrued.
  • A preferential rate is not necessary to counteract the effects of inflation.
  • A preferential rate encourages the mobility of capital.
  • All of these are not reasons offered to justify a preferential tax rate for capital gains.

(General Feedback: Chapter 16, pages 505-506) Comments:

 

Question 5. Question : (TCO 5) Julia owns an apartment complex. She is active with respect to this rental activity. This year, the complex generated a loss of $75,000. Assuming that her AGI before this item is $120,000 and there are no other passive activities, she may deduct:

  • None, and carry over $75,000 of the loss.
  • $25,000, and carry over the rest of the loss.
  • $15,000, and carry over the rest of the loss.
  • $10,000, and carry over the rest of the loss.

(General Feedback: Chapter 16, pages 508-510. ($120,000-$100,000) * 50%=$10,000, then $25,000 – $10,000)