CCH Federal Taxation Comprehensive Topics 2021
1st Edition Smith Solutions Manual / TEST BANK
Who is the chairperson of the House of Ways and Means Committee? - ANSWER:Dave Camp
Who is the chairperson of the Senate and Finance Committee? - ANSWER:Ron Wyden
Who is the President's Secretary of the Treasury? - ANSWER:Jacob Lew
Who is the commissioner of the Internal Revenue Service (IRS) ? - ANSWER:John Koskinen
How much is the personal exemption amount in 2014? - ANSWER:$3950
Exception to the personal exemption : - ANSWER: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 - ANSWER:$6,200
Standard Deduction amount for filing : MARRIED FILING JOINTLY - ANSWER:$12,400
Standard Deduction amount for filing : MARRIED FILING SEPARATELY - ANSWER:$6,200
, Standard Deduction amount for filing : HEAD OF HOUSEHOLD - ANSWER:$9,100
Standard Deduction amount for filing : SURVIVING SPOUSE - ANSWER:$12,400
How can someone get an additional standard deduction off of their AGI? - ANSWER:Blind and/or Age 65
and over
Additional Standard Deduction for M/J and S/S - ANSWER:$1,200
Additional Standard Deduction for Single and HoH - ANSWER:$1,550
When is filing status determined? - ANSWER:On the last day of the calendar year.
Which filing status would an Abandoned Spouse file under? - ANSWER:Head of Household
Formula for Taxable Income - ANSWER: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 - ANSWER:tax prepayments every paycheck
Estimated Taxes are - ANSWER:tax prepayments every quarter (4 times a year)
1st Edition Smith Solutions Manual / TEST BANK
Who is the chairperson of the House of Ways and Means Committee? - ANSWER:Dave Camp
Who is the chairperson of the Senate and Finance Committee? - ANSWER:Ron Wyden
Who is the President's Secretary of the Treasury? - ANSWER:Jacob Lew
Who is the commissioner of the Internal Revenue Service (IRS) ? - ANSWER:John Koskinen
How much is the personal exemption amount in 2014? - ANSWER:$3950
Exception to the personal exemption : - ANSWER: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 - ANSWER:$6,200
Standard Deduction amount for filing : MARRIED FILING JOINTLY - ANSWER:$12,400
Standard Deduction amount for filing : MARRIED FILING SEPARATELY - ANSWER:$6,200
, Standard Deduction amount for filing : HEAD OF HOUSEHOLD - ANSWER:$9,100
Standard Deduction amount for filing : SURVIVING SPOUSE - ANSWER:$12,400
How can someone get an additional standard deduction off of their AGI? - ANSWER:Blind and/or Age 65
and over
Additional Standard Deduction for M/J and S/S - ANSWER:$1,200
Additional Standard Deduction for Single and HoH - ANSWER:$1,550
When is filing status determined? - ANSWER:On the last day of the calendar year.
Which filing status would an Abandoned Spouse file under? - ANSWER:Head of Household
Formula for Taxable Income - ANSWER: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 - ANSWER:tax prepayments every paycheck
Estimated Taxes are - ANSWER:tax prepayments every quarter (4 times a year)
