Exam 1: The Individual Income Tax Return

Robert is a single taxpayer who has AGI of $145,000 in 2015; his taxable income is $122,000. What is his federal tax liability for 2015?

Curt and Linda were married on December 31, 2015. What are their options for filing status for their 2015 taxes?

If an unmarried taxpayer paid more than half the cost of keeping a home which is the principal place of residence of a nephew, who is not her dependent, she may use the head of household filing status.

Match the letter of the filing status to the taxpayers below. Items may be used more than once. -The taxpayer is married, but her husband disappeared with a girlfriend while on vacation in March of the current year. The taxpayer has no dependents.

The 3.8 percent ACA Medicare surtax does not apply to:

How should a taxpayer decide whether to take the standard deduction or claim itemized deductions?

An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as:

A taxpayer who is living alone and is legally separated from his or her spouse under a separate maintenance decree at year-end should file as single.

Determine from the tax table or the tax rate schedule, whichever is appropriate, the amount of the income tax for each of the following taxpayers for 2015.

An item is not included in gross income unless the tax law specifies that the item is subject to taxation.

An individual is a head of household. What is her standard deduction?

Martin, a 50 year-old single taxpayer, paid the full cost of maintaining his dependent mother in a home for the aged for the entire year. What is the amount of Martin's standard deduction for 2015?

Which of the following taxpayers does not have to file a tax return for 2015?

For each of the following situations, indicate whether the taxpayer(s) is(are) required to file a tax return for 2015. Explain your answer. a.​ Debra, age 68, and Jerry, age 70, are married and file a joint return.They received $24,000 in interest income from a savings account. b.Margie is a single taxpayer with wages in 2015 of $8,400 and interest income of $200. c.​ Janie, age 30, and Scott, age 28, are married and file a joint tax return.They had $17,000 in earnings from wages. d.​ Kim, age 20, is a single college student who is claimed as a dependent by her parents.She earned $2,000 from a part-time job and has $450 in interest income. e.​ Stefanie, a 25-year-old single taxpayer, has wages of $1,500, from which $80 of federal income tax was withheld.

Roger, age 39, and Lucy, age 37, are married taxpayers who file a joint income tax return for 2015. They have gross income of $26,100. Their deductions for adjusted gross income are $550 and they have itemized deductions of $5,400. If Roger and Lucy claim two personal exemptions and no dependency exemptions for 2015, calculate the following amounts: a.Their adjusted gross income b.The greater of the amount of their standard deduction or their itemized deductions c.Their taxable income

The US federal tax law's sole purpose is to raise revenue.​

List if a form is used for an individual, a corporation, or a partnership tax return. a.Form 1065 b.Schedule A, Itemized Deductions c.Form 1040 d.Form 1120 e.Schedule B, Interest and Dividends

Mr. and Mrs. Vonce, both age 62, file a joint return for 2015. They provided all the support for their daughter who is 19 years old, legally blind, and who earns no income. Their son, age 21 and a full-time student at a university, had $4,200 of income and provided 70 percent of his own support during 2015. How many exemptions may Mr. and Mrs. Vonce claim on their 2015 tax return?

Jeri is single and supports her 45 year-old son who has income of $350 from working in a pumpkin patch during October and lives in his own apartment. a.Can she claim him as a dependent? b.Can she claim head of household filing status? Why or why not?

During 2015, Anita was entirely supported by her three sons, Dudley, Carlton, and Isidore, who provided support for her in the following percentages: ​ Which of the children may be allowed to claim his mother as a dependent, assuming a multiple support agreement exists?