2022 Federal/State Tax Practice Questions: 1. T/F. Wealth includes all incomes that flow to a taxpayer. 2. T/F. Gross Income is all incomes that the government taxes. 3. T/F. Interest Income from general obligation bonds of states, DC, and US territories are exempt from taxes and therefore might not be reported on their tax form 1040. 4. T/F. Workers who receive worker's compensation may exclude it from their gross income. 5. T/F. Fringe Benefits that employees receive from employers are regarded as wealth flowing to employees from employers and therefore are taxed. 6. T/F. A deduction of $450 is no longer available for education expenses for Elementary through high school teachers for their out-of-pocket expenses. 7. T/F. Every Taxpayer faces two types of deductions: itemized or Standard deductions..

1. 2022 Federal/State Tax Practice Questions: 1. T/F. Wealth includes all incomes that flow to a
taxpayer. 2. T/F. Gross Income is all incomes that the government taxes. 3. T/F. Interest Income
from general obligation bonds of states, DC, and US territories are exempt from taxes and
therefore might not be reported on their tax form 1040. 4. T/F. Workers who receive worker's
compensation may exclude it from their gross income. 5. T/F. Fringe Benefits that employees
receive from employers are regarded as wealth flowing to employees from employers and
therefore are taxed. 6. T/F. A deduction of $450 is no longer available for education expenses for
Elementary through high school teachers for their out-of-pocket expenses. 7. T/F. Every
Taxpayer faces two types of deductions: itemized or Standard deductions.