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ACC 307 WK 5 Midterm Exam Chapter 3

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CHAPTER 3 Student: ___________________________________________________________________________ 1. Under the Federal income tax formula for individuals, a choice must be made between claiming deductions for AGI and itemized deductions.  True    False   2. Under the Federal income tax formula for individuals, the determination of adjusted gross income (AGI) follows that of taxable income (TI).  True    False   3. Under the income tax formula, a taxpayer must choose between deductions from AGI and the standard deduction.  True    False   4. After Carolyn moves out of the apartment she had rented as her personal residence, she recovers her damage deposit of $500. The $500 is income to Carolyn.  True    False   5. An “above the line” deduction refers to a deduction for AGI.  True    False   6. Because they appear on page 1 of Form 1040, itemized deductions are also referred to as “page 1 deductions.”  True    False   7. An increase in a taxpayer’s AGI will increase the amount of medical expenses that can be deducted.  True    False   8. A decrease in a taxpayer’s AGI could decrease the amount of charitable contribution that can be claimed.  True    False   9. The filing status of a taxpayer (e.g., single, head of household) must be identified before taxable income is determined.  True    False   10. Lee, a citizen of Korea, is a resident of the U.S. Any rent income Lee receives from land he owns in Kore ...
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