McGraw Hill’s Essentials of Federal Taxation 2022 Edition 13th Edition by Brian Spilker test bank
1.
Award: 1.00 point
The following are a series of tables that may be referred to in several questions throughout your
test. Please refer to these tables as needed or as directed.
2021 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over: But not over: The tax is:
$ 0 $ 9,950 10% of taxable income
$ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950
$ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525
$ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375
$ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925
$ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425
$ 523,600 — $157,804.25 plus 37% of the excess over $523,600
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over: But not over: The tax is:
$ 0 $ 19,900 10% of taxable income
$ 19,900 $ 81,050 $1,990 plus 12% of the excess over $19,900
$ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050
$ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750
$ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850
$ 418,850 $ 628,300 $95,686 plus 35% of the excess over $418,850
$ 628,300 — $168,993.50 plus 37% of the excess over $628,300
Schedule Z-Head of Household
If taxable income is over: But not over: The tax is:
$ 0 $ 14,200 10% of taxable income
$ 14,200 $ 54,200 $1,420 plus 12% of the excess over $14,200
$ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200
$ 86,350 $ 164,900 $13,293 plus 24% of the excess over $86,350
$ 164,900 $ 209,400 $32,145 plus 32% of the excess over $164,900
$ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400
$ 523,600 — $156,355 plus 37% of the excess over $523,600
Schedule Y-2-Married Filing Separately
If taxable income is over: But not over: The tax is:
$ 0 $ 9,950 10% of taxable income
$ 9,950 $ 40,525 $995 plus 12% of the excess over $9,950
$ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525
$ 86,375 $ 164,925 $14,751 plus 24% of the excess over $86,375
$ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925
$ 209,425 $ 314,150 $47,843 plus 35% of the excess over $209,425
$ 314,150 — $84,496.75 plus 37% of the excess over $314,150
2.
Award: 1.00 point
3.
Award: 1.00 point
This question contains tables that students will need to reference in
certain questions in this chapter, and is intended for use with
TestBuilder/print-based tests only. If you are creating a Connect-
based test, you do not need to assign this question as the individual
questions on Connect will provide students with hyperlinks to the
corresponding tables.
Taxes influence many types of business decisions but generally do not influence personal decisions.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.
Taxes influence business decisions such as where a business should locate or how a business
should be structured.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.
4.
Award: 1.00 point
5.
Award: 1.00 point
Tax policy rarely plays an important part in presidential campaigns.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.
Margaret recently received a parking ticket. This is a common example of a local tax.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-02 Discuss what
constitutes a tax and the general
objectives of taxation.
6.
Award: 1.00 point
7.
Award: 1.00 point
George recently paid $50 to renew his driver's license. The $50 payment is considered a tax.
True
False
A tax is a payment required by a government that is unrelated to any specific benefit or service
received by the government.
References
True / False Difficulty: 1 Easy Learning Objective: 01-02 Discuss what
constitutes a tax and the general
objectives of taxation.
A 1 percent charge imposed by a local government on football tickets sold is not considered a tax if
all proceeds are earmarked to fund local schools.
True
False
References
True / False Difficulty: 2 Medium Learning Objective: 01-02 Discuss what