CCH Federal Taxation Chapters 1-3 Exam
Questions With Answers
Who is the chairperson of the House of Ways and Means Committee?
Dave Camp
Who is the chairperson of the Senate and Finance Committee?
Ron Wyden
Who is the President's Secretary of the Treasury?
Jacob Lew
Who is the commissioner of the Internal Revenue Service (IRS) ?
John Koskinen
How much is the personal exemption amount in 2014?
$3950
Exception to the personal exemption :
Anyone who CAN BE claimed as a dependent on another person's tax return is not entitled to a
person exemption when they file their return.
Standard Deduction amount for filing : SINGLE
$6,200
Standard Deduction amount for filing : MARRIED FILING JOINTLY
$12,400
Standard Deduction amount for filing : MARRIED FILING SEPARATELY
$6,200
Standard Deduction amount for filing : HEAD OF HOUSEHOLD
$9,100
Standard Deduction amount for filing : SURVIVING SPOUSE
$12,400
How can someone get an additional standard deduction off of their AGI?
Blind and/or Age 65 and over
Additional Standard Deduction for M/J and S/S
$1,200
Additional Standard Deduction for Single and HoH
, $1,550
When is filing status determined?
On the last day of the calendar year.
Which filing status would an Abandoned Spouse file under?
Head of Household
Formula for Taxable Income
Gross Income
- Deductions from Gross Income
= Adjusted Gross Income (AGI)
- Standard / Itemized Deduction (Whichever is higher)
- Personal and Dependency Deductions
= TAXABLE INCOME
Pay as you go taxes are
tax prepayments every paycheck
Estimated Taxes are
tax prepayments every quarter (4 times a year)
If your net tax is GREATER THAN your tax prepayments...
additional taxes are due
If your net tax is LESS THAN your tax prepayments...
tax refund
At least 90% of tax owed is due by the end of each quarter in equal installments
If all taxes paid at the end of the year but not 90% at each quarter, a penalty is given
Safe Harbor
If the taxpayer pays 100% of the previous year's tax - there is no penalty.
Safe Harbor Exception
If the taxpayer's AGI exceeds $150,000, they must pay 110% of the previous year's tax.
For filing requirements _____________ is not included in Gross Income.
Social Security
________ automatically apply for Head of Household filing status
Abandoned Spouses
Where is all federal law begun?
Questions With Answers
Who is the chairperson of the House of Ways and Means Committee?
Dave Camp
Who is the chairperson of the Senate and Finance Committee?
Ron Wyden
Who is the President's Secretary of the Treasury?
Jacob Lew
Who is the commissioner of the Internal Revenue Service (IRS) ?
John Koskinen
How much is the personal exemption amount in 2014?
$3950
Exception to the personal exemption :
Anyone who CAN BE claimed as a dependent on another person's tax return is not entitled to a
person exemption when they file their return.
Standard Deduction amount for filing : SINGLE
$6,200
Standard Deduction amount for filing : MARRIED FILING JOINTLY
$12,400
Standard Deduction amount for filing : MARRIED FILING SEPARATELY
$6,200
Standard Deduction amount for filing : HEAD OF HOUSEHOLD
$9,100
Standard Deduction amount for filing : SURVIVING SPOUSE
$12,400
How can someone get an additional standard deduction off of their AGI?
Blind and/or Age 65 and over
Additional Standard Deduction for M/J and S/S
$1,200
Additional Standard Deduction for Single and HoH
, $1,550
When is filing status determined?
On the last day of the calendar year.
Which filing status would an Abandoned Spouse file under?
Head of Household
Formula for Taxable Income
Gross Income
- Deductions from Gross Income
= Adjusted Gross Income (AGI)
- Standard / Itemized Deduction (Whichever is higher)
- Personal and Dependency Deductions
= TAXABLE INCOME
Pay as you go taxes are
tax prepayments every paycheck
Estimated Taxes are
tax prepayments every quarter (4 times a year)
If your net tax is GREATER THAN your tax prepayments...
additional taxes are due
If your net tax is LESS THAN your tax prepayments...
tax refund
At least 90% of tax owed is due by the end of each quarter in equal installments
If all taxes paid at the end of the year but not 90% at each quarter, a penalty is given
Safe Harbor
If the taxpayer pays 100% of the previous year's tax - there is no penalty.
Safe Harbor Exception
If the taxpayer's AGI exceeds $150,000, they must pay 110% of the previous year's tax.
For filing requirements _____________ is not included in Gross Income.
Social Security
________ automatically apply for Head of Household filing status
Abandoned Spouses
Where is all federal law begun?
