ACC 307 WK 5 Midterm Exam Chapter 3

Apr 28th, 2015
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ACC 307 WK 5 Midterm Exam Chapter 3

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CHAPTER 3Student: ___________________________________________________________________________1.Under the Federal income tax formula for individuals, a choice must be made between claiming deductions for AGI and itemized deductions.TrueFalse2.Under the Federal income tax formula for individuals, the determination of adjusted gross income (AGI) follows that of taxable income (TI).TrueFalse3.Under the income tax formula, a taxpayer must choose between deductions from AGI and the standard deduction.TrueFalse4.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.TrueFalse5.An above the line deduction refers to a deduction for AGI.TrueFalse6.Because they appear on page 1 of Form 1040, itemized deductions are also referred to as page 1 deductions.TrueFalse7.An increase in a taxpayers AGI will increase the amount of medical expenses that can be deducted.TrueFalse8.A decrease in a taxpayers AGI could decrease the amount of charitable contribution that can be claimed.TrueFalse9.The filing status of a taxpayer (e.g., single, head of household) must be identified before taxable income is determined.TrueFalse10.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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