31 the tax law encompasses administrative and judicial interpretations such as treas 4314667

31 the tax law encompasses administrative and judicial interpretations such as treas 4314667

31) The tax law encompasses administrative and judicial interpretations, such as Treasury regulations, revenue rulings, revenue procedures, and court decisions, as well as statutes.

32) Generally, tax legislation is introduced first in the Senate and referred to the Senate Finance Committee.

33) The Internal Revenue Service is the branch of the Treasury Department responsible for administering the federal tax law.

34) Generally, the statute of limitations is three years from the later of the date the tax return is filed or the due date.

35) Arthur pays tax of $5,000 on taxable income of $50,000 while taxpayer Barbara pays tax of $12,000 on $120,000. The tax is a

A) progressive tax.

B) proportional tax.

C) regressive tax.

D) None of the above.

36) Which of the following taxes is progressive?

A) sales tax

B) excise tax

C) property tax

D) income tax

37) Which of the following taxes is proportional?

A) gift tax

B) income tax

C) sales tax

D) Federal Insurance Contributions Act (FICA)

38) Which of the following taxes is regressive?

A) Federal Insurance Contributions Act (FICA)

B) excise tax

C) property tax

D) gift tax

39) Sarah contributes $25,000 to a church. Sarah's marginal tax rate is 35% while her average tax rate is 25%. After considering her tax savings, Sarah's contribution costs

A) $6,250.

B) $8,750.

C) $16,250.

D) $18,750.

40) Helen, who is single, is considering purchasing a residence that will provide a $28,000 tax deduction for property taxes and mortgage interest. If her marginal tax rate is 25% and her effective tax rate is 20%, what is the amount of Helen's tax savings from purchasing the residence?

A) $5,600

B) $7,000

C) $21,000

D) $22,400

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