Which One of the Following Statements Is True of Returns

question 14

Multiple Choice

Which one of the following statements is true of returns filed by married persons filing jointly?

• A)Each spouse is liable for one-half the tax due if there are any deficiencies.
• B)Each spouse is liable for his or her proportional share due, based on percentage of total income, if there are any deficiencies.
• C)Once a married couple files a joint return for a year, they may not switch to separate returns after the due date for that return.
• D)The joint return is available more for convenience than for tax savings.

Identify and account for contingent liabilities.

Analyze and calculate payroll and its related taxes for both employee and employer.

Understand the treatment of different types of liabilities and assets in financial accounting.

Comprehend the principles of internal controls in relation to payroll.

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Definitions:

Photosynthesis

The process by which green plants and some other organisms use sunlight to synthesize foods from carbon dioxide and water.

Glucose

A simple sugar that is an important energy source in living organisms and is a component of many carbohydrates.

Carbon Dioxide

A colorless gas with a density about 60% higher than that of dry air, contributing to the greenhouse effect and global warming.

Herbivore

An animal that feeds primarily on plants.