Question 1

The 0.9 percent ACA Medicare surtax applies to:

Accepted Answer

A) Earned income 
B) Tax exempt income 
C) Gain on the sale of a principal residence 
D) IRA distributions 
A) Earned income 
B) Tax exempt income 
C) Gain on the sale of a principal residence 
D) IRA distributions A

Question 2

If your spouse dies during the tax year and you do not remarry, you must file as single for the year of death.

Accepted Answer

A) True 
 B)False  False

Question 3

Amended individual returns are filed on:

Accepted Answer

A) Form 1040X 
B) Form 1120S 
C) Form 1041 
D) Form 1040Amend 
A) Form 1040X 
B) Form 1120S 
C) Form 1041 
D) Form 1040Amend A

Question 4

Eugene and Velma are married. For 2015, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns and are each entitled to claim one personal exemption. They have no deductions for adjusted gross income. Eugene's itemized deductions are $11,200 and Velma's are $4,000. Assuming Eugene and Velma do not live in a community property state, what is Velma's taxable income?

Accepted Answer

A) $19,700 
B) $20,400 
C) $22,000 
D) $26,000 
E) None of the above 
A) $19,700 
B) $20,400 
C) $22,000 
D) $26,000 
E) None of the above

Question 5

Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions, whichever is higher.

Accepted Answer

A) True 
 B)False

Question 6

Mary is age 33 and a single taxpayer with adjusted gross income for 2015 of $29,400. Mary maintains a home for three dependent children and has itemized deductions of $3,000. Calculate the following amounts for Mary's 2015 income tax return:
a.The number of exemptions claimed
b.Mary's standard or itemized deduction amount
c.Mary's taxable income

Accepted Answer

The answer of Mary is age 33 and a single...

Question 7

Match the letter of the filing status to the taxpayers below. Items may be used more than once.
-The taxpayer's husband died last year. Her 13 year-old dependent daughter lives with her.

Accepted Answer

A) Single 
B) Married, filing a joint return 
C) Married, filing separate returns 
D) Head of household 
E) Qualifying widow(er) 
A) Single 
B) Married, filing a joint return 
C) Married, filing separate returns 
D) Head of household 
E) Qualifying widow(er)

Question 8

Irma, widowed in 2014, pays all costs related to the home in which she and her unmarried son live. Her son does not qualify as her dependent. What is her filing status for 2015?

Accepted Answer

A) Single 
B) Married, filing separate 
C) Head of household 
D) Qualifying widow(er) 
E) None of the above 
A) Single 
B) Married, filing separate 
C) Head of household 
D) Qualifying widow(er) 
E) None of the above

Question 9

Your standard deduction will be $6,300 in 2015 if you are:

Accepted Answer

A) Single and 67 years old. 
B) Single and 45 years old. 
C) Single, 27 years old and blind. 
D) A nonresident alien. 
E) A married individual filing a separate return and your spouse itemizes his deductions. 
A) Single and 67 years old. 
B) Single and 45 years old. 
C) Single, 27 years old and blind. 
D) A nonresident alien. 
E) A married individual filing a separate return and your spouse itemizes his deductions.

Question 10

Taxpayers with self-employment income of $400 or more must file a tax return.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following is not a test that must be met for a child to be considered a dependent?

Accepted Answer

A) Age test 
B) Domicile test 
C) Citizenship test 
D) Relationship test 
E) Blood test 
A) Age test 
B) Domicile test 
C) Citizenship test 
D) Relationship test 
E) Blood test

Question 12

Mark each of the following as a taxable entity, a reporting entity, or both:
a.Individuals
b.Corporations
c.Partnerships

Accepted Answer

a. Taxable and repor

Question 13

Partnership income is reported on:

Accepted Answer

A) Form 1040PTR 
B) Form 1120S 
C) Form 1040X 
D) Form 1065 
A) Form 1040PTR 
B) Form 1120S 
C) Form 1040X 
D) Form 1065

Question 14

Partnership capital gains and losses are allocated separately to each of the partners.

Accepted Answer

A) True 
 B)False

Question 15

For 2015, personal and dependency exemptions are $3,950 each.

Accepted Answer

A) True 
 B)False

Question 16

Taxpayers can download tax forms from the IRS Internet site.

Accepted Answer

A) True 
 B)False

Question 17

The head of household tax rates are higher than the rates for a single taxpayer.

Accepted Answer

A) True 
 B)False

Question 18

Fran bought stock in the FCM Corporation 4 years ago at a price of $18,000. She sold it this year for $22,225 and paid her broker $225 from the proceeds of the sale.
a.What is Fran's amount realized?
b.What is Fran's adjusted basis?
c.What is Fran's realized gain or loss?
d.What is Fran's recognized gain or loss?
e.How much of the gain or loss should be included in her tax return?

Accepted Answer

a. Amount realized: $22,000 = $22,225 -

Question 19

Depending on the amounts of income and other tax information, some individuals may report their income on:

Accepted Answer

A) Form 1040A 
B) Form 1065 
C) Form 1120 
D) Form 1041 
A) Form 1040A 
B) Form 1065 
C) Form 1120 
D) Form 1041

Question 20

During 2015, Howard maintained his home in which he and his 16 year-old son resided. The son qualifies as his dependent. Howard's wife died in 2014. What is his filing status for 2015?

Accepted Answer

A) Single 
B) Head of household 
C) Married, filing separately 
D) Qualifying widow(er) 
E) None of the above. 
A) Single 
B) Head of household 
C) Married, filing separately 
D) Qualifying widow(er) 
E) None of the above.

The 0.9 percent ACA Medicare surtax applies to:

If your spouse dies during the tax year and you do not remarry, you must file as single for the year of death.

Amended individual returns are filed on:

Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions, whichever is higher.

Match the letter of the filing status to the taxpayers below. Items may be used more than once. -The taxpayer's husband died last year. Her 13 year-old dependent daughter lives with her.

Irma, widowed in 2014, pays all costs related to the home in which she and her unmarried son live. Her son does not qualify as her dependent. What is her filing status for 2015?

Your standard deduction will be $6,300 in 2015 if you are:

Taxpayers with self-employment income of $400 or more must file a tax return.

Which of the following is not a test that must be met for a child to be considered a dependent?

Mark each of the following as a taxable entity, a reporting entity, or both: a.Individuals b.Corporations c.Partnerships

Partnership income is reported on:

Partnership capital gains and losses are allocated separately to each of the partners.

For 2015, personal and dependency exemptions are $3,950 each.

Taxpayers can download tax forms from the IRS Internet site.

The head of household tax rates are higher than the rates for a single taxpayer.

Depending on the amounts of income and other tax information, some individuals may report their income on:

During 2015, Howard maintained his home in which he and his 16 year-old son resided. The son qualifies as his dependent. Howard's wife died in 2014. What is his filing status for 2015?

Gross Income and Exclusions

Business Income and Expenses, Part I

Business Income and Expenses, Part II

Itemized Deductions and Other Incentives

Credits and Special Taxes

Accounting Periods and Methods and Depreciation

Capital Gains and Losses

Withholding, Estimated Payments, and Payroll Taxes

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

Filters

Exam 1: The Individual Income Tax Return

The 0.9 percent ACA Medicare surtax applies to:

If your spouse dies during the tax year and you do not remarry, you must file as single for the year of death.

Amended individual returns are filed on:

Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions, whichever is higher.

Match the letter of the filing status to the taxpayers below. Items may be used more than once. -The taxpayer's husband died last year. Her 13 year-old dependent daughter lives with her.

Irma, widowed in 2014, pays all costs related to the home in which she and her unmarried son live. Her son does not qualify as her dependent. What is her filing status for 2015?

Your standard deduction will be $6,300 in 2015 if you are:

Taxpayers with self-employment income of $400 or more must file a tax return.

Which of the following is not a test that must be met for a child to be considered a dependent?

Mark each of the following as a taxable entity, a reporting entity, or both: a.Individuals b.Corporations c.Partnerships

Partnership income is reported on:

Partnership capital gains and losses are allocated separately to each of the partners.

For 2015, personal and dependency exemptions are $3,950 each.

Taxpayers can download tax forms from the IRS Internet site.

The head of household tax rates are higher than the rates for a single taxpayer.

Depending on the amounts of income and other tax information, some individuals may report their income on:

During 2015, Howard maintained his home in which he and his 16 year-old son resided. The son qualifies as his dependent. Howard's wife died in 2014. What is his filing status for 2015?

Gross Income and Exclusions

Business Income and Expenses, Part I

Business Income and Expenses, Part II

Itemized Deductions and Other Incentives

Credits and Special Taxes

Accounting Periods and Methods and Depreciation

Capital Gains and Losses

Withholding, Estimated Payments, and Payroll Taxes

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

Filters