Exam 2: Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

The taxpayer's spouse died at the beginning of 2017.He has no qualifying child.Which status should the taxpayer select when filing his tax return?

(Multiple Choice)

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Question 21

The additional standard deduction amount for a taxpayer who is 65,single and blind is:

(Multiple Choice)

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Question 22

A taxpayer can claim a dependency exemption if the person is a qualifying child or a qualifying relative and the person meets three tests.List the three tests this person must meet.

(Essay)

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Question 23

A qualifying relative must earn less than ________ for the year 2017.

(Multiple Choice)

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Question 24

The taxpayer's spouse died at the beginning of 2016.He has no qualifying child.Which status should the taxpayer select when filing his tax return for 2017?

(Multiple Choice)

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Question 25

A taxpayer can qualify for head of household even though his or her parents are living in a separate household from that of the taxpayer (assume all other requirements are met).

(True/False)

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Question 26

When a taxpayer can be claimed as a dependent on the tax return of another individual,the basic standard deduction for the taxpayer is limited to the greater of (a)________,or (b)the taxpayer's earned income plus $350,but not more than the amount of the basic standard deduction.

(Multiple Choice)

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Question 27

List and describe the five tests that a person must meet to qualify as a qualifying child.

(Essay)

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Question 28

Why is the concept of "Adjusted Gross Income (AGI)" important?

(Essay)

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Question 29

List and describe the four tests that a person must meet to qualify as a qualifying relative.

(Essay)

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Question 30

The basic standard deduction in 2017 for a Head of Household taxpayer who is 41 years old and not blind is:

(Multiple Choice)

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Question 31

If a taxpayer's spouse dies during the tax year,the taxpayer must file as a qualifying widow(er).

(True/False)

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Question 32

The early withdrawal penalty is a for AGI deduction.Which form can the taxpayer use to claim this benefit?

(Multiple Choice)

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Question 33

The tax liability for a single taxpayer with taxable income of $67,350 is: Use the appropriate Tax Tables or Tax Rate Schedules.

(Multiple Choice)

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Question 34

David and Martha were divorced on December 31,2017.Can they file their 2017 income tax return using married filing jointly? Why or Why not? What other filing status choices do they have,if any?

(Essay)

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Question 35

A taxpayer who either is 65 or older or blind can claim an additional standard deduction.

(True/False)

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Question 36

A qualifying relative must be related to the taxpayer (as listed by the IRS),or be a member of the taxpayer's household for the entire year.

(True/False)

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Question 37

Luisa's parents can claim her as a dependent on their tax return.In 2017,her only source of income was a part-time job as a medical clerk where she earned $2,600 during the year.What is Luisa's standard deduction?

(Multiple Choice)

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Question 38

What is the amount of the social security wage limitation for 2017?

(Multiple Choice)

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Question 39

Even if the total of the itemized deductions is lower than the standard deduction,a taxpayer should choose to itemize on his or her tax return.

(True/False)

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Question 40

Showing 21 - 40 of 125

The taxpayer's spouse died at the beginning of 2017.He has no qualifying child.Which status should the taxpayer select when filing his tax return?

The additional standard deduction amount for a taxpayer who is 65,single and blind is:

A taxpayer can claim a dependency exemption if the person is a qualifying child or a qualifying relative and the person meets three tests.List the three tests this person must meet.

A qualifying relative must earn less than ________ for the year 2017.

The taxpayer's spouse died at the beginning of 2016.He has no qualifying child.Which status should the taxpayer select when filing his tax return for 2017?

A taxpayer can qualify for head of household even though his or her parents are living in a separate household from that of the taxpayer (assume all other requirements are met).

When a taxpayer can be claimed as a dependent on the tax return of another individual,the basic standard deduction for the taxpayer is limited to the greater of (a)________,or (b)the taxpayer's earned income plus $350,but not more than the amount of the basic standard deduction.

List and describe the five tests that a person must meet to qualify as a qualifying child.

Why is the concept of "Adjusted Gross Income (AGI)" important?

List and describe the four tests that a person must meet to qualify as a qualifying relative.

The basic standard deduction in 2017 for a Head of Household taxpayer who is 41 years old and not blind is:

If a taxpayer's spouse dies during the tax year,the taxpayer must file as a qualifying widow(er).

The early withdrawal penalty is a for AGI deduction.Which form can the taxpayer use to claim this benefit?

The tax liability for a single taxpayer with taxable income of $67,350 is: Use the appropriate Tax Tables or Tax Rate Schedules.

David and Martha were divorced on December 31,2017.Can they file their 2017 income tax return using married filing jointly? Why or Why not? What other filing status choices do they have,if any?

A taxpayer who either is 65 or older or blind can claim an additional standard deduction.

A qualifying relative must be related to the taxpayer (as listed by the IRS),or be a member of the taxpayer's household for the entire year.

Luisa's parents can claim her as a dependent on their tax return.In 2017,her only source of income was a part-time job as a medical clerk where she earned $2,600 during the year.What is Luisa's standard deduction?

What is the amount of the social security wage limitation for 2017?

Even if the total of the itemized deductions is lower than the standard deduction,a taxpayer should choose to itemize on his or her tax return.

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Gross Income: Inclusions and Exclusions

Adjustments for Adjusted Gross Income

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

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