Leach, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Key West bonds. Using the U.S. tax rate schedule for year 2020, what is his current marginal tax rate?

Which of the following is not a common method that the IRS uses to select returns for audit?

Jamie is a plumber who uses the cash method of accounting. This year Jamie requested that his clients make their checks payable to his son, Wade. This year Wade received checks in the amount of $62,000 for Jamie’s plumbing services. Which of the following is a true statement?

Which of the following types of income are not considered ordinary income?

Which is not a basic tax planning strategy?

Which of the following taxes represents the largest portion of U.S. federal tax revenues?

To calculate a tax, you need to know:I. the tax baseII. the taxing agencyIII. the tax rateIV. the purpose of the tax

Mike filed his 2019 tax return on March 15th, 2020. The statute of limitations for IRS assessment on Mike’s 2019 tax return should end:

Identify the rule that determines whether a taxpayer must include in income a refund of an amount deducted in a previous year:

Which of the following statements regarding tax credits is true?