Tax 1 Chapter 12 MC
from Test Bank
ACTUAL EXAM WITH
QUESTIONS AND
WELL VERIFIED
ANSWERS
[ALREADY GRADED
A+] ACTUAL EXAM
100%
Which of the following refers to the
date stock options are awarded to an
employee?
A) Grant date.
B) Exercise date.
C) Lapse date.
D) Vesting date. - ANSWER-A
Aharon exercises 10 stock options
awarded several years ago. The
following information pertains to the
options: (1) each option gives the
employee the right to buy 10 shares,
(2) the market price on the grant date
was $7, (3) the strike price is $10,
and (4) the market price on the
exercise date was $15. How much
will it cost Aharon to purchase the
options on the exercise date?
A) $90.
B) $500.
C) $700.
D) $1,000. - ANSWER-D
Which of the following forms is filled
out by an employee, who is a citizen,
at the beginning of an employment
relationship?
A) Form Q-2.
B) Form W-2.
C) Form W-4.
D) Form 1099. - ANSWER-C
Which of the following items is not
included on an employee's Form W2?
A) Taxable wages, tips, and
compensation.
B) Social Security withholding.
C) Value of stock options granted
during the year.
D) Federal and state income tax
withholding. - ANSWER-C
Which of the following statements
regarding compensation is false?
A) Wages are usually paid by the
hour.
B) Salary is usually a form of fixed
compensation.
C) Bonuses are a form of
compensation obtained if certain
criteria are met.
D) Bonuses paid within 2½ months of
year-end are included in employee's
compensation in the year they were
earned. - ANSWER-D
Which of the following statements
regarding income tax withholding is
incorrect?
A) The withholding tables are
designed so that employee
withholding approximates the tax
liability.
B) Large itemized deductions require
the need for additional withholding.
C) The withholding tables vary based
on filing status.
D) Extra allowances can be claimed
and reduce withholding. - ANSWERB
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