ACC 307 WK 5 Midterm Exam Chapter 1

May 8th, 2015
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ACC 307 WK 5 Midterm Exam Chapter 1

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CHAPTER 1Student: ___________________________________________________________________________1.The ratification of the Sixteenth Amendment to the U.S. Constitution was necessary to validate the Federal income tax on corporations.TrueFalse2.Before the Sixteenth Amendment to the Constitution was ratified, there was no valid Federal income tax on individuals.TrueFalse3.The first income tax on individuals (after the ratification of the Sixteenth Amendment to the Constitution) levied tax rates from a low of 2% to a high of 6%.TrueFalse4.The Federal income tax on individuals generates more revenue than the Federal income tax on corporations.TrueFalse5.The pay-as-you-go feature of the Federal income tax on individuals conforms to Adam Smiths canon of certainty.TrueFalse6.Because the law is complicated, most individual taxpayers are not able to complete their Federal income tax returns without outside assistance.TrueFalse7.The FICA tax (Medicare component) on wages is progressive since the tax due increases as wages increase.TrueFalse8.The Federal estate and gift taxes are examples of progressive taxes.TrueFalse9.The Federal excise tax on cigarettes is an example of a proportional tax.TrueFalse10.Currently, the Federal income tax is more progressive than it ever has been in the past.TrueFalse11.Mona inherit

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