How can we help?

You can also find more resources in our Help Center.

Study sets matching "income tax chapter 7"

Study sets
Classes
Users

Study sets matching "income tax chapter 7"

16 terms
Chapter 7 - Federal Income Tax
adjusted gross income
alimony
audit
child support
Gross income minus allowed adjustments.
Money paid to support a former spouse.
A procedure whereby a tax return is questioned by the IRS.
Money paid to a former spouse to support dependent children.
adjusted gross income
Gross income minus allowed adjustments.
alimony
Money paid to support a former spouse.
11 terms
Income Tax Chapter 7
Medical Expenses (FROM)
Taxes (FROM)
Interest (FROM) Home Mortgage
Interest (FROM) Investment
Deduct themselves, spouse, dependents ... Unreimbursed payments…
State, local, and foreign income taxes; real estate taxes on…
Interest on acquisition of $1m, home equity debt of $100k
Limited to a taxpayer's net investment income; can be carried…
Medical Expenses (FROM)
Deduct themselves, spouse, dependents ... Unreimbursed payments…
Taxes (FROM)
State, local, and foreign income taxes; real estate taxes on…
25 terms
CH 7 Income Tax
dependent
regressive taxes
audit
proportional taxes
person living with you whom you financially support
taxes that take a smaller share of income as income grows
an examination of your tax return by the IRS
flat tax for which the tax rate remains the same regardless o…
dependent
person living with you whom you financially support
regressive taxes
taxes that take a smaller share of income as income grows
10 terms
Income Tax Chapter 7
Bad Debt Deductions
Business Bad Debt Deductions
Nonbusiness Bad Debts
Worthless Securities
Permitted only if income arising from creation of the receiva…
Charge off method must be used. Deduct as ordinary loss in ye…
Deduct as short-term capital loss in year amount of worthless…
Loss on worthless securities is deductible in the year they b…
Bad Debt Deductions
Permitted only if income arising from creation of the receiva…
Business Bad Debt Deductions
Charge off method must be used. Deduct as ordinary loss in ye…
17 terms
Chapter 7 - Federal Income Tax
Adjusted Gross Income
Audit
Dependent
Exemption
Gross income less adjustments.
An examination of your tax return and records by the IRS.
A person who lives with you and for whom you pay more than ha…
An amount you may subtract from your income for each person w…
Adjusted Gross Income
Gross income less adjustments.
Audit
An examination of your tax return and records by the IRS.
12 terms
CFP Income Tax Chapter 7
Section 1031
Qualifying property for 1031 exchange
Examples
Non-Qualifying property
Like Kind Exchange-No Gain or Loss recognized for investment…
Real estate, machinery, equipment, office furniture, computer…
Apartment Complex for shopping center... Computer for copy machine
Inventory of a business... Primary Residence... Livestock of differ…
Section 1031
Like Kind Exchange-No Gain or Loss recognized for investment…
Qualifying property for 1031 exchange
Real estate, machinery, equipment, office furniture, computer…
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
17 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
17 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
43 terms
ACCT 3321 Income Tax Chapter 7 Bank
51. Peggy is in the business of factor…
52. Jed is an electrician. Jed and his…
53. On June 2, 2013, Fred's TV Sales s…
54. Mary incurred a $20,000 nonbusines…
e
c
a
b
51. Peggy is in the business of factor…
e
52. Jed is an electrician. Jed and his…
c
17 terms
Chapter 7: Federal Income Tax
Adjusted Gross Income
Audit
Dependent
Exemption
Gross income less adjustments.
An examination of your tax return and records by the IRS.
A person who lives with you and for whom you pay more than ha…
An amount you may subtract from your income for each person w…
Adjusted Gross Income
Gross income less adjustments.
Audit
An examination of your tax return and records by the IRS.
10 terms
IncomeTax Chapter 7
IN THE YEAR OF TOTAL WORTHLESSNESS... SHO…
NO BAD... GAIN... 12,000
NOT AN ISSUE... YES, AN ISSUE... YES, AN ISS…
NO ... IRS... NONSUDDEN EVENTS DO NOT
When can a bad debt deduction be taken for a nonbusiness debt…
Bob owns a collection agency. He purchases uncollected accoun…
Many years ago, Jack purchased 400 shares of Canary stock. Du…
Jim discovers that his residence has extensive termite damage…
IN THE YEAR OF TOTAL WORTHLESSNESS... SHO…
When can a bad debt deduction be taken for a nonbusiness debt…
NO BAD... GAIN... 12,000
Bob owns a collection agency. He purchases uncollected accoun…
10 terms
Chapter 7 Federal Income Tax and SAT words
context
argument
claim
counterargument
Words, events, or circumstances that help determine meaning.
A statement put forth and supported by evidence
An assertion, usually supported by evidence
an argument or set of reasons put forward to oppose an idea o…
context
Words, events, or circumstances that help determine meaning.
argument
A statement put forth and supported by evidence
17 terms
Chapter 7 - Federal Income Tax
Revenue
Progressive Taxes
Regressive Taxes
Proportional Taxes
Money.
Taxes that take a larger share of income as the amount of inc…
Taxes that take a smaller share of income as the amount of in…
Flat taxes, which the rate stays the same, regardless of inco…
Revenue
Money.
Progressive Taxes
Taxes that take a larger share of income as the amount of inc…
44 terms
Chapter 7 - Income & Taxes
income
taxes
earned income
wages
spending money
give government money to spend
income from employment
payment for work & is usually computed on an hourly rate
income
spending money
taxes
give government money to spend
17 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
17 terms
Chapter 7: Federal Income Tax
revenue
progressive taxes
regressive taxes
proportional taxes
Incoming funds to the government collected from citizens and…
Taxes that take a larger share of income as the amount of inc…
Taxes that take a smaller share of income as the amount of in…
Taxes for which the rate stays the same, or is flat, regardle…
revenue
Incoming funds to the government collected from citizens and…
progressive taxes
Taxes that take a larger share of income as the amount of inc…
14 terms
Chapter 7:Federal income tax
Revenue
Progressive
Taxable
Standard deduction
Money collected by the government from various sources is kno…
Tax that increases in proportion to increases in income is a…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
Revenue
Money collected by the government from various sources is kno…
Progressive
Tax that increases in proportion to increases in income is a…
16 terms
Chapter 7 federal income tax
Revenue
Progressive taxes
Taxable
Standard deduction
Money collected by the government from various sources is kno…
Tax that increases in proportion to increase in income is a t…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
Revenue
Money collected by the government from various sources is kno…
Progressive taxes
Tax that increases in proportion to increase in income is a t…
17 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
20 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
22 terms
chapter 7 FEDERAL INCOME TAX
REVENUE
ABILITY- TO- PAY PRINCIPLE
PROGRESSIVE TAXES
REGRESSIVE TAXES
Income funds to the government .... the government collects m…
a commonly accepted principle of tax fairness is that individ…
depending on your income you pay taxes. federal income taxes…
sales taxes are regressive. people with lower incomes pay a l…
REVENUE
Income funds to the government .... the government collects m…
ABILITY- TO- PAY PRINCIPLE
a commonly accepted principle of tax fairness is that individ…
27 terms
Chapter 7 Federal Income Tax
revenue
progressive tax
taxable income
standard deduction
money collected by the government from various sources
tax that increases in proportion to increases in income
money earned by individuals that is subject to taxation
a flat amount allowed taxpayers depending on filing status an…
revenue
money collected by the government from various sources
progressive tax
tax that increases in proportion to increases in income
35 terms
Federal Tax Income - Chapter 7
money is collected by the government f…
money in this country is collected fro…
money earned by individuals that is su…
in order to avoid itemizing deductions…
revenue
congress
taxable
proportional tax
money is collected by the government f…
revenue
money in this country is collected fro…
congress
17 terms
Chapter 7-Federal Income Tax
Revenue
Progressive taxes
Regressive taxes
Proportional taxes
The money that the government collects from citizens and busi…
Taxes that take a larger share of the income as the amount of…
Taxes that take a smaller share of income as the amount of in…
Taxes for which the rate stays the same, regardless of income
Revenue
The money that the government collects from citizens and busi…
Progressive taxes
Taxes that take a larger share of the income as the amount of…
17 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
23 terms
Chapter 7 Federal Income Tax
revenue
progressive taxes
regressive taxes
proportional taxes
money from citizens in the form of taxes
taxes that take a longer share of income the amount of income…
taxes that take a smaller share of income as the amount of in…
taxes for which the rate stays the same (flat)
revenue
money from citizens in the form of taxes
progressive taxes
taxes that take a longer share of income the amount of income…
10 terms
Chapter 7 our tax income
Revenue
Income Taxes
Progressive Taxes
Regressive Taxes
The money that the government takes in
The largest source of monies for the government
When the taxes take a larger share of income as your income g…
People with lower incomes share a larger burden of the taxes…
Revenue
The money that the government takes in
Income Taxes
The largest source of monies for the government
17 terms
Chapter 7 Federal Income Tax
Revenue
Audit
Deductions
Progressive taxes
Money collected by the government from citizens and businesse…
The examination of your tax returns by the Internal Revenue S…
1. Amounts subtracted from gross pay... 2. Amounts subtracted fr…
Taxes that take a larger share of income as the amount of inc…
Revenue
Money collected by the government from citizens and businesse…
Audit
The examination of your tax returns by the Internal Revenue S…
17 terms
Chapter 7 Federal Income Tax
Revenue
Progressive taxes
Regressive taxes
Proportional taxes
Money collected by the government from citizens and businesse…
Taxes that take a larger share of income as the amount of inc…
Taxes that take a smaller share of income as the amount of in…
Taxes for which the rate stays the same, regardless of income
Revenue
Money collected by the government from citizens and businesse…
Progressive taxes
Taxes that take a larger share of income as the amount of inc…
13 terms
Chapter 7 Federal Income Tax
Progressive Tax
Proportional Tax
Standard Deduction
Itemizing Deductions
A tax that increases as income increases. (ex: federal income…
"Flat tax", rate stays the same. (ex: property tax)
A flat amount taxpayers can subtract from adjusted gross inco…
Listing individual deductions, found on form 1040 only.
Progressive Tax
A tax that increases as income increases. (ex: federal income…
Proportional Tax
"Flat tax", rate stays the same. (ex: property tax)
19 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable income
standard deduction
Money collected by the government from various sources is kno…
tax that increases in proportion to increase in income is kno…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
tax that increases in proportion to increase in income is kno…
20 terms
Chapter 7 - Federal Income Tax
adjusted gross income
alimony
audit
child support
Gross income minus allowed adjustments.
Money paid to support a former spouse.
A procedure whereby a tax return is questioned by the IRS.
Money paid to a former spouse to support dependent children.
adjusted gross income
Gross income minus allowed adjustments.
alimony
Money paid to support a former spouse.
43 terms
ACCT 3321 Income Tax Chapter 7 Bank
51. Peggy is in the business of factor…
52. Jed is an electrician. Jed and his…
53. On June 2, 2013, Fred's TV Sales s…
54. Mary incurred a $20,000 nonbusines…
e
c
a
b
51. Peggy is in the business of factor…
e
52. Jed is an electrician. Jed and his…
c
17 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
17 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
19 terms
Chapter 7 Federal Income Tax
Money collected by the government from…
Taxes that take a larger share of inco…
income ranges to which different tax r…
stated amount taxpayers may subtract f…
revenue
progressive taxes
tax brackets
standard deductions
Money collected by the government from…
revenue
Taxes that take a larger share of inco…
progressive taxes
17 terms
chapter7:fedeal income tax
revenue
progressive tax
regressive tax
proportional taxes
incoming funds to the government collected from citizens and…
taxes that make a larger of income as the amount of income gr…
taxes that take a smaller share of income as the amount of in…
taxes for which the rate stays in the same or it is flat rega…
revenue
incoming funds to the government collected from citizens and…
progressive tax
taxes that make a larger of income as the amount of income gr…
16 terms
Chapter 7: Federal Income Tax
Proportional Tax
Regressive Tax
Progressive Tax
voluntary compliance
remain at a constant rate (flat taxes) rate stays the same re…
take a smaller share of income as income level decreases
take a larger share of income as income level increases
It is solely the individuals responsibility to prepare, file,…
Proportional Tax
remain at a constant rate (flat taxes) rate stays the same re…
Regressive Tax
take a smaller share of income as income level decreases
24 terms
Chapter 7: Federal Income Tax
Revenue
Progressive taxes
Regressive taxes
ability-to-pay principle
money collected from citizens and businesses in the form of t…
taxes that take a larger share of income as the amount of inc…
taxes that take a smaller share of income as the amount of in…
theory that says individuals with high incomes should pay mor…
Revenue
money collected from citizens and businesses in the form of t…
Progressive taxes
taxes that take a larger share of income as the amount of inc…
17 terms
Chapter 7: Federal Income Tax
Adjusted Gross Income
Audit
Dependent
Exemption
Gross income less adjustments.
An examination of your tax return and records by the IRS.
A person who lives with you and for whom you pay more than ha…
An amount you may subtract from your income for each person w…
Adjusted Gross Income
Gross income less adjustments.
Audit
An examination of your tax return and records by the IRS.
16 terms
Chapter 7 - Federal Income Tax
adjusted gross income
alimony
audit
child support
Gross income minus allowed adjustments.
Money paid to support a former spouse.
A procedure whereby a tax return is questioned by the IRS.
Money paid to a former spouse to support dependent children.
adjusted gross income
Gross income minus allowed adjustments.
alimony
Money paid to support a former spouse.
27 terms
Chapter 7 Federal Income Tax
Money in this country is collected fro…
Money collected by the government from…
Tax that increases in proportion to in…
Money earned by individuals that is su…
Congress
Revenue
Progressive
Taxable
Money in this country is collected fro…
Congress
Money collected by the government from…
Revenue
30 terms
Chapter 7: Federal Income Tax
Revenue
Progressive
Taxable
Alimony
Money collected by the government from various sources is kno…
A tax that increases in proportion to increases in income is…
Money earned by individuals that is subject to taxation is ca…
Money paid to a former spouse (which is not taxable income) f…
Revenue
Money collected by the government from various sources is kno…
Progressive
A tax that increases in proportion to increases in income is…
20 terms
Chapter 7 Income Tax Review #2
The income tax is an example of a prog…
Unemployment compensation benefits rec…
A dependent is a person who lives with…
You may not use short Form 1040EZ for…
True
True.
True
False. You may use a 1040EZ as long as your income is under $…
The income tax is an example of a prog…
True
Unemployment compensation benefits rec…
True.
35 terms
Chapter 7: Federal Income Tax
revenue
progressive
taxable
standard deduction
Money collected by the government from various sources is kno…
A tax that increases in proportion to increase in income is k…
Money earned by individuals that is subject to taxation is ca…
In order to avoid itemizing deductions, a person may elect to…
revenue
Money collected by the government from various sources is kno…
progressive
A tax that increases in proportion to increase in income is k…
5 terms
Federal Income Tax - Chapter 7
Who can split taxes?
Joint Tax Return
Who is taxed: Services vs property
Is the right to income property?
1. individuals... 2. corporations... 3. fiduciaries
allows all married couples to file jointly; to provide for eq…
Services = taxed to the one who rendered the service... Property…
the right to income is NOT property. Have to transfer the par…
Who can split taxes?
1. individuals... 2. corporations... 3. fiduciaries
Joint Tax Return
allows all married couples to file jointly; to provide for eq…
Chapter 7 - Federal Income Tax
adjusted gross income
alimony
audit
child support
Gross income minus allowed adjustments.
Money paid to support a former spouse.
A procedure whereby a tax return is questioned by the IRS.
Money paid to a former spouse to support dependent children.
adjusted gross income
Gross income minus allowed adjustments.
alimony
Money paid to support a former spouse.
17 terms
Income Tax Chapter 7 Group 1
E Corporation is a subchapter S corpor…
Income and loss from which of the foll…
Which of the following is an acceptabl…
Which of the following entities is req…
Correct Response... d
Correct Response... c
Correct Response... f
Correct Response... b
E Corporation is a subchapter S corpor…
Correct Response... d
Income and loss from which of the foll…
Correct Response... c
24 terms
Tax Personal Income MC Chapter 7
The amount realized from a sale or tra…
If land were an investment held in a t…
When a Section 1231 asset is sold, the…
The 25% bracket is a special rate that…
B) False
A) True
A) True
A) True
The amount realized from a sale or tra…
B) False
If land were an investment held in a t…
A) True
1 of 10