ACC 307 WK 5 Midterm Exam Chapter 3

May 1st, 2015
Studypool Tutor
Price: $10 USD

Tutor description

ACC 307 WK 5 Midterm Exam Chapter 3

Word Count: 14873
Showing Page: 1/70
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

Review from student

Studypool Student
" Totally impressed with results!! :-) "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1819 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors