25 May Question 1. Theprincipalobjective oftheFUTA taxisto providesomemeasure ofretirement security.
Question
1. Theprincipalobjective oftheFUTA taxisto providesomemeasure ofretirement security.
a. True
b. False
2. Currently, thetax basefor theSocialSecurity componentofthe FICAis notlimitedto a dollaramount.
a. True
b. False
.
3. Aparentemploys histwindaughters,age17,inhissoleproprietorship.ThedaughtersarenotsubjecttoFICAcoverage.
a. True
b. False
4. Unlike FICA,FUTArequiresthatemployers complywithstateaswell asFederalrules.
a. True
b. False
5. Amajoradvantageofaflattaxtypeofincometaxisitssimplicity.
a. True
b. False
6. Thevalue addedtax (VAT)has nothadwideacceptancein theinternationalcommunity.
a. True
b. False
7. Ifmore IRSaudits areproducingagreaternumberofnochangeresults, thisindicatesincreasedcomplianceonthepartoftaxpayers.
a. True
b. False
8. The amountofataxpayer’sitemizeddeductionswillincreasethechanceofbeingauditedbytheIRS.
a. True
b. False
9. In anoffice audit,the auditbythe IRStakes placeat theofficeof thetaxpayer.
a. True
b. False
10.TheIRS agentauditing thereturn willissueanRAR evenifthetaxpayerowesnoadditionaltaxes.
a. True
b. False
11.If a“specialagent”becomesinvolvedintheauditofareturn,thisindicates thattheIRSsuspectsthatfraudis involved.
a. True
b. False
12.If ataxpayerfilesearly(i.e.,beforetheduedateofthereturn),thestatuteoflimitationsonassessmentsbeginsonthedatethereturnisfiled.
a. True
b. False
13.Foromissionsfrom grossincome inexcess of25%of thatreported, thereis nostatuteof limitationson additionalincometaxassessments bythe IRS.
a. True
b. False
14.Ifan incometax returnis notfiledbyataxpayer,thereisnostatuteoflimitationsonassessmentsoftaxbytheIRS.
a. True
b. False
15.Iffraud isinvolved, thereis notime limiton theassessment ofadeficiencybytheIRS.
a. True
b. False
16.TheIRS isrequired toredetermine theinterest rateonunderpayments andoverpayments onceayear.
a. True
b. False
17.Acalendaryeartaxpayerfileshis2013FederalincometaxreturnonMarch5,2014.Thereturnreflectsanoverpaymentof$6,000,andthetaxpayerrequestsarefundofthisamount. TherefundispaidonMay16,2014.Therefundneednotincludeinterest.
a. True
b. False
18.Forindividualtaxpayers, theinterest ratefor incometaxrefunds (overpayments)isthe sameas thatapplicabletoassessments(underpayments).
a. True
b. False
19.Duringanymonthin whichboththe failuretofilepenalty andthefailure topaypenaltyapply, thefailureto filepenaltyisincreasedbytheamountofthefailuretopaypenalty.
a. True
b. False
20.Wheninterestischargedon adeficiency,anypartofamonthcountsasafullmonth.
a. True
b. False
.
21.For thenegligencepenalty toapply,the underpaymentmustbecaused byintentionaldisregard ofrulesandregulationswithout intenttodefraud.
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