UMUC ACCT 323 ACCT323 Week 4 Quiz 1 Answers

 UMUC ACCT 323 ACCT323 Week 4 Quiz 1 Answers

 

 

 

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ACCT 323 Federal Income Tax I Week 4 Quiz 1 (2021)

1. What is Internal Revenue Code Section 61?

2. What is the difference between a Standard Deduction and an Itemized deduction? When do you use one versus the other?

3. What is a Personal Exemption? A dependency Exemption? (Explain even is no longer valid exemptions).

4. What is a Form 1040? Describe in detail how it is set up (sections).

5. Describe each of the following Tax Schedules and how they are tied to the 1040 (which line on the 1040 do they correspond to?):

6. What is the difference between Deductions For AGI and Deductions From AGI? What is AGI?

7. Give some examples of Deductions For AGI or above the line deductions.

8. Give some examples of Deduction From AGI (Hint: Schedule A, itemized deductions).

What are the criteria for claiming someone as a dependent to receive a dependency exemption?

10. What is the difference between an Ordinary Gain and a Capital Gain?