Which of the Following Statements Regarding Exclusions And/or Deferrals Is

question 30

Multiple Choice

Which of the following statements regarding exclusions and/or deferrals is false?

• A)Exclusions are favorable because taxpayers never pay tax on income that is excluded.
• B)Interest income from municipal bonds is excluded from gross income.
• C)Deferrals are income items taxpayers realize in one year but include in gross income in a subsequent year.
• D)An income item need not be realized in order to qualify as an exclusion item.

Understand the reasons families need more support in contemporary society.

Identify community resources available to support families and how they are used.

Recognize challenges families face including isolation, stigma, and discrimination.

Analyze the reasons behind families' reluctance to seek help.

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Definitions:

PST

Depending on the context, this could stand for Pacific Standard Time, which is the time zone observed on the west coast of the United States, or Provincial Sales Tax, a tax imposed by some Canadian provinces.

GST

Goods and Services Tax; a value-added tax levied on most goods and services sold for domestic consumption.

Mill Rate

A property tax rate expressed in tenths of a cent, applying to the assessed value of property.

Property Taxes

Taxes paid by property owners, typically annually, based on the assessed value of their property and the tax rate of the local government.