|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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