A) Are not taxable entities. B) Are taxed in the same manner as individuals. C) File tax returns on Form 1120. D) File tax returns on Form 1041. A) Are not taxable entities. B) Are taxed in the same manner as individuals. C) File tax returns on Form 1120. D) File tax returns on Form 1041.

Exam 1: The Individual Income Tax Return

Jessica, a 17-year-old guitarist in a successful band, earns $100,000 a year and is completely self-supporting although she lives with her parents. Can her parents claim her as a dependent? Why or why not?

(Essay)

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Question 81

If a taxpayer's adjusted gross income exceeds certain threshold amounts, he or she may be required to reduce the amount of the otherwise allowable deductions for itemized deductions and personal and dependency exemptions in 2015.

(True/False)

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Question 82

Betty, age 39 and Steve, age 50, are married with two dependent children. They file a joint return for 2015. Their income from salaries totals $155,000; they receive $1,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $3,100; they have itemized deductions totaling $41,000. Calculate the following amounts: a.Gross income b.Adjusted gross income c.Itemized deduction or standard deduction amount d.Deduction for exemptions e.Taxable income

(Essay)

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Question 83

List two general objectives of the tax code.

(Essay)

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Question 84

A married person with a dependent child may choose to file as head of household if it reduces his or her tax liability.

(True/False)

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Question 85

Electronically filed tax returns:

(Multiple Choice)

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Question 86

Oscar and Mary have no dependents and file a joint income tax return for 2015. They have adjusted gross income of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2015 income tax return?

(Multiple Choice)

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Question 87

A child for whom a dependency exemption is claimed on the parents' tax return may also claim a personal exemption on his or her own tax return.

(True/False)

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Question 88

Which of the following is not a goal of the tax law?

(Multiple Choice)

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Question 89

A dependent child with earned income in excess of the available standard deduction amount must file a tax return.

(True/False)

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Question 90

Monica is a maid in a San Francisco hotel. Monica received $500 in unreported tips during 2015 and owes Social Security and Medicare taxes on these tips. Her total income for the year, including tips, is $4,500. Is Monica required to file an income tax return for 2015? Why?

(Essay)

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Question 91

An individual, age 22, enrolled on a full-time basis at a trade school, is considered a student for purposes of determining whether a dependency exemption is permitted.

(True/False)

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Question 92

The Affordable Care Act (ACA) added a Medicare surtax of 3.8 percent on net investment income.

(True/False)

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(62)

Question 93

What is the formula for computing taxable income, as summarized in the text?

(Essay)

4.9/5

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Question 94

Internet users can sign on to http://www.irs.gov/ and:

(Multiple Choice)

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(83)

Question 95

Mark a "Yes" to each of the following that can be found on the IRS website. If not, mark with a "No." a.A list of IRS forms. b.A search function. c.Advice on how to avoid paying taxes. d.Ways to contact the IRS.

(Essay)

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Question 96

Partnerships:

(Multiple Choice)

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Question 97

If taxpayers are married and living together at the end of the year, they must file a joint tax return.

(True/False)

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Question 98

A dependency exemption may be claimed by the supporting taxpayer in the year of death of a dependent.

(True/False)

4.8/5

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Question 99

In 2015, Len has a salary of $40,700 from his job. He also has interest income of $400. Len is single and has no dependents. During the year, Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len: a.Adjusted gross income b.Standard deduction c.Exemption d.Taxable income e.Tax liability

(Essay)

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Question 100

Showing 81 - 100 of 128

Jessica, a 17-year-old guitarist in a successful band, earns $100,000 a year and is completely self-supporting although she lives with her parents. Can her parents claim her as a dependent? Why or why not?

If a taxpayer's adjusted gross income exceeds certain threshold amounts, he or she may be required to reduce the amount of the otherwise allowable deductions for itemized deductions and personal and dependency exemptions in 2015.

List two general objectives of the tax code.

A married person with a dependent child may choose to file as head of household if it reduces his or her tax liability.

Electronically filed tax returns:

Oscar and Mary have no dependents and file a joint income tax return for 2015. They have adjusted gross income of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2015 income tax return?

A child for whom a dependency exemption is claimed on the parents' tax return may also claim a personal exemption on his or her own tax return.

Which of the following is not a goal of the tax law?

A dependent child with earned income in excess of the available standard deduction amount must file a tax return.

Monica is a maid in a San Francisco hotel. Monica received $500 in unreported tips during 2015 and owes Social Security and Medicare taxes on these tips. Her total income for the year, including tips, is $4,500. Is Monica required to file an income tax return for 2015? Why?

An individual, age 22, enrolled on a full-time basis at a trade school, is considered a student for purposes of determining whether a dependency exemption is permitted.

The Affordable Care Act (ACA) added a Medicare surtax of 3.8 percent on net investment income.

What is the formula for computing taxable income, as summarized in the text?

Internet users can sign on to http://www.irs.gov/ and:

Mark a "Yes" to each of the following that can be found on the IRS website. If not, mark with a "No." a.A list of IRS forms. b.A search function. c.Advice on how to avoid paying taxes. d.Ways to contact the IRS.

Partnerships:

If taxpayers are married and living together at the end of the year, they must file a joint tax return.

A dependency exemption may be claimed by the supporting taxpayer in the year of death of a dependent.

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

Jessica, a 17-year-old guitarist in a successful band, earns $100,000 a year and is completely self-supporting although she lives with her parents. Can her parents claim her as a dependent? Why or why not?

If a taxpayer's adjusted gross income exceeds certain threshold amounts, he or she may be required to reduce the amount of the otherwise allowable deductions for itemized deductions and personal and dependency exemptions in 2015.

List two general objectives of the tax code.

A married person with a dependent child may choose to file as head of household if it reduces his or her tax liability.

Electronically filed tax returns:

Oscar and Mary have no dependents and file a joint income tax return for 2015. They have adjusted gross income of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2015 income tax return?

A child for whom a dependency exemption is claimed on the parents' tax return may also claim a personal exemption on his or her own tax return.

Which of the following is not a goal of the tax law?

A dependent child with earned income in excess of the available standard deduction amount must file a tax return.

Monica is a maid in a San Francisco hotel. Monica received $500 in unreported tips during 2015 and owes Social Security and Medicare taxes on these tips. Her total income for the year, including tips, is $4,500. Is Monica required to file an income tax return for 2015? ​ Why?

An individual, age 22, enrolled on a full-time basis at a trade school, is considered a student for purposes of determining whether a dependency exemption is permitted.

The Affordable Care Act (ACA) added a Medicare surtax of 3.8 percent on net investment income.

What is the formula for computing taxable income, as summarized in the text?

Internet users can sign on to http://www.irs.gov/ and:

Mark a "Yes" to each of the following that can be found on the IRS website. If not, mark with a "No." a.A list of IRS forms. b.A search function. c.Advice on how to avoid paying taxes. d.Ways to contact the IRS.

Partnerships:

If taxpayers are married and living together at the end of the year, they must file a joint tax return.

A dependency exemption may be claimed by the supporting taxpayer in the year of death of a dependent.

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

Monica is a maid in a San Francisco hotel. Monica received $500 in unreported tips during 2015 and owes Social Security and Medicare taxes on these tips. Her total income for the year, including tips, is $4,500. Is Monica required to file an income tax return for 2015? Why?