QUESTION: 81

The dues paid for membership in our society; the cost of living in this country may be referred as:

Income deficit
Expenses
Taxes
Filing surplus

Answer(s): C

Reveal Solution Next Question

QUESTION: 82

Taxable income is:

The amount of income subject to taxes; it is calculated by subtracting expenses, the larger of itemized or standard deductions, and exemptions from gross income
The amount of income subject to taxes; it is calculated by subtracting adjustments, the larger of itemized or standard depreciations, and exemptions from gross income
The amount of income subject to taxes; it is calculated by subtracting adjustments, the larger of itemized or standard deductions, and exemptions from gross income
The amount of income subject to taxes; it is calculated by subtracting adjustments, the larger of itemized or standard deductions, and exemptions from earned income

Answer(s): C

Reveal Solution Next Question

QUESTION: 83

Gross income essentially includes any and all income subject to federal taxes. Here are some common forms of gross income Except:

Wages and salaries
Bonuses, commissions, and tips
Interest and dividends received
Alimony paid

Answer(s): D

Reveal Solution Next Question

An adoption tax credit of up to $11650 is available for the qualifying costs of adopting child under age 18. Only taxpayers with AGI under $17, 730 are eligible for the adoption tax credit. Here are some other common tax credits. Which of the following is/are Not out of those?

Credit for the elderly or the disabled
National tax credit
Credit for prior year minimum tax
Credit for qualified electric vehicle

Answer(s): B

Reveal Solution Next Question

Free CTFA Exam Braindumps (page: 21)

QUESTION: 81

QUESTION: 82

QUESTION: 83

QUESTION: 84