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CPSS300 Phoenix Week 9 Communication In Corrections Exam

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Law

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University of Phoenix

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Final Exam Week 9 FP/101 Version 9 Week Nine Objectives 9.1 Summarize ways to save money on federal taxes 9.2 List steps to file a federal tax return 9.1 Concept: Saving money on federal taxes 1. When calculating federal income taxes, what increases "income"? a. b. c. d. Tax-exempt income Tax-deferred income Exclusions Alimony received 2. Athena wants to determine if she should itemize her deductions. She has identified several possible deductions. Which of the following is NOT a proper deduction? a. b. c. d. Contributions to charity organizations Medical and dental expenses that exceed 7.5% of AGI State interest rate Miscellaneous expenses less than 2% of AGI 3. Which of the following is NOT a tax credit? a. b. c. d. Adoption tax credit Domestic tax credit Foreign tax credit Retirement tax credit 4. Which of the following is NOT accurate? a. b. c. d. A tax credit is the amount subtracted from the tax amount owed. A tax deduction is the amount subtracted from your adjusted gross income. An exclusion is an amount included in your adjusted gross income. An exemption is a deduction from your adjusted gross income. 5. Fred has been completing his own tax return for many years. The IRS has recently contacted him with questions about some of his prior returns. How many years back is he responsible for providing documentation? a. b. c. d. Until he files his returns 3 years 6 years 10 years Final Exam Week 9 FP/101 Version 9 6. The form you file with your employer to de ...
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