Income TAX
SADOON
ACC390-Summer2019IndependentStudyChapters1-4Worksheet.docxACC 390 – Summer 2019
Name _______________________________________________ Date ________________
1. What is the basic tax formula?
2. What does it mean when a tax is proportional?
3. What does it mean when a tax is progressive?
4. Name the eight major types of taxes.
a.
b.
c.
d.
e.
f.
g.
h.
5. What is the Internal Revenue Service (IRS) responsible for?
6. How do you appeal to the U.S. Supreme Court?
7. What are the components of the Tax Formula?
8. Rita, age 45, earned a salary of $85,000 in the current year. She contributed $4,000 to her traditional Individual Retirement Account (IRA), sold stock held as an investment for a short-term capital loss of $3,000, and paid $5,400 in alimony to her ex-husband (divorce finalized 2018). Determine her Adjusted Gross Income (AGI).
9. What IRS Form do you file with the Tax Formula?
10. What is Gross Income?
11. What is accrual method of accounting?
12. What is cash receipts method of accounting?
13. What is hybrid method of accounting?
14. Name five income sources.
a.
b.
c.
d.
15. Name seven items specifically included in Gross Income.
a.
b.
c.
d.
e.
f.
g.
ACC 390
–
Su
mmer
2019
Name _______________________________________________
Date ________________
1.
What is the basic
tax formula?
2.
W
hat does i
t mean
when a tax is
proportional
?
3.
W
hat does it me
a
n when a tax is
progressive
?
4.
N
ame the
eight
major types of taxes.
a.
b.
c.
d.
e.
f.
g.
h.
5.
What is the Internal Revenue Service (IRS)
responsible
for?
6.
How do you
appeal
to the U.S. Supreme Cou
rt?
7.
Wha
t are the components of the Tax For
mula?
ACC 390 – Summer 2019
Name _______________________________________________ Date ________________
1. What is the basic tax formula?
2. What does it mean when a tax is proportional?
3. What does it mean when a tax is progressive?
4. Name the eight major types of taxes.
a.
b.
c.
d.
e.
f.
g.
h.
5. What is the Internal Revenue Service (IRS) responsible for?
6. How do you appeal to the U.S. Supreme Court?
7. What are the components of the Tax Formula?
