Are taxpayers required to include all realized income in gross income? Explain.

How are realized income, gross income, and taxable income similar, and how are they different?
2. (LO1)Are taxpayers required to include all realized income in gross income? Explain.
3. (LO1)All else equal, should taxpayers prefer to exclude income or to defer it? Why?
4. (LO1)Compare and contrastforandfromAGI deductions. Why areforAGI deductions likely more valuable to taxpayers thanfromAGI deductions?
5. (LO1)What is the difference between gross income and adjusted gross income, and what is the difference between adjusted gross income and taxable income?
6. (LO1)How do taxpayers determine whether they should deduct their itemized deductions or utilize the standard deduction?
7. (LO1)Why are some deductions called “above the line” deductions and others are called “below the line” deductions? What is the “line”?
8. (LO1)What is the difference between a tax deduction and a tax credit? Is one more beneficial than the other?
9. (LO1)What types of income are taxed at rates different than the rates provided in tax rate schedules and tax tables?
10. (LO1)What types of federal income-based taxes, other than the regular income tax, might taxpayers be required to pay? In general terms, what is the tax base for each of these other taxes on income?
11. (LO1)Identify three ways taxpayers can pay their income taxes to the government.
12. (LO2)Emily and Tony are recently married college students. Can Emily qualify as her parents’ dependent? Explain.
13. (LO2)In general terms, what are the differences in the rules for determining who is a qualifying child and who qualifies as a dependent as a qualifying relative? Is it possible for someone to be a qualifying child and a qualifying relative of the same taxpayer? Why or why not?
14. (LO2)How do two taxpayers determine who has priority to claim the dependency exemption for a qualifying child of both taxpayers when neither taxpayer is a parent of the child (assume the child does not qualify as a qualifying child of either parent)? How do parents determine who gets to deduct the dependency exemption for a qualifying child of both parents when the parents are divorced or file separate returns?
15. (LO3)What requirements do the abandoned spouse and qualifying widow or widower have in common?
16. (LO3)For tax purposes, why is the married filing jointly tax status generally preferable to the married filing separately filing status? Why might a married taxpayer prefernotto file a joint return with the taxpayer’s spouse?
17. (LO3)What does it mean to say that a married couple filing a joint tax return has joint and several liability for the taxes associated with the return?
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