Question 1

The tax code defines adjusted gross income (AGI)as gross income minus a list of permitted deductions.

Accepted Answer

A) True 
 B)False

Question 2

The federal individual income tax returns are the 1040ES,1040A and 1040.

Accepted Answer

A) True 
 B)False

Question 3

What does the withholding amount on a taxable payment made to the taxpayer represent?

Accepted Answer

The withheld amount represents an estima

Question 4

Which of the following items would not be considered as support for a dependency exemption?

Accepted Answer

A) medical insurance premiums. 
B) food. 
C) clothing. 
D) life insurance premiums. 
A) medical insurance premiums. 
B) food. 
C) clothing. 
D) life insurance premiums.

Question 5

What is the amount of the personal and dependency exemption for 2017?

Accepted Answer

A) $6,350. 
B) $4,050. 
C) $4,000. 
D) $4,100. 
A) $6,350. 
B) $4,050. 
C) $4,000. 
D) $4,100.

Question 6

Can Albert,who is a full-time student and earns $1,575 working as a clerk,claim an exemption for himself on his tax return? Assume his parents are claiming him as a dependent.

Accepted Answer

No.If a taxpayer is claimed as

Question 7

What is the amount of the tax liability for a single person having taxable income of $59,200? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

Accepted Answer

A) $10,656. 
B) $9,350. 
C) $10,545. 
D) $14,800. 
A) $10,656. 
B) $9,350. 
C) $10,545. 
D) $14,800.

Question 8

The amount of the standard deduction increases for people who are age 62 and have retired.

Accepted Answer

A) True 
 B)False

Question 9

For tax purposes,marital status is determined as of the ________ day of the year.

Accepted Answer

A) first 
B) third 
C) last 
D) None of these 
A) first 
B) third 
C) last 
D) None of these

Question 10

Taxable income (TI)is computed after subtracting from adjusted gross income (AGI),the standard deduction or itemized deductions and personal and dependency exemptions.

Accepted Answer

A) True 
 B)False

Question 11

Using the appropriate tax tables or tax rate schedules,determine the amount of tax liability in each of the following instances.All answers should be rounded to the nearest dollar.
1.A single person with taxable income of $103,500.
2.A married couple filing jointly with taxable income of $37,700.
3.A head of household with taxable income of $87,925.
4.A person filing married filing separately with taxable income of $64,000.
5.A married couple filing jointly with taxable income of $144,600.

Accepted Answer

1.$21,962.($103,500 - 91,900)× 28% plus

Question 12

What is the amount of the tax liability for a married person filing a separate return and having taxable income of $115,715? All answers should be rounded to the nearest dollar.

Accepted Answer

A) $26,435. 
B) $25,842. 
C) $32,400. 
D) $25,950. 
A) $26,435. 
B) $25,842. 
C) $32,400. 
D) $25,950.

Question 13

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2017?

Accepted Answer

A) $8,100. 
B) $9,300. 
C) $4,050. 
D) $12,600. 
A) $8,100. 
B) $9,300. 
C) $4,050. 
D) $12,600.

Question 14

A single taxpayer is 35 years old and has only wages of $16,000.Which is the simplest form this person can file?

Accepted Answer

A) 1040A. 
B) 1040EZ. 
C) 1040ES. 
D) 1040. 
A) 1040A. 
B) 1040EZ. 
C) 1040ES. 
D) 1040.

Question 15

A married couple in the process of obtaining a divorce cannot file a joint tax return.

Accepted Answer

A) True 
 B)False

Question 16

A taxpayer who has income that is not subject to withholding is never required to make estimated payments during the year.

Accepted Answer

A) True 
 B)False

Question 17

The basic standard deduction in 2017 for a taxpayer,67 and not blind,filing head of household is:

Accepted Answer

A) $9,300. 
B) $10,900. 
C) $10,850. 
D) $9,350. 
A) $9,300. 
B) $10,900. 
C) $10,850. 
D) $9,350.

Question 18

Robin's parents can claim him as a dependent on their tax return.In 2017,his only source of income was a part-time job as a supermarket clerk where he earned $3,200 during the year.What is Robin's standard deduction?

Accepted Answer

A) $1,050. 
B) $3,550. 
C) $3,200. 
D) $6,350. 
A) $1,050. 
B) $3,550. 
C) $3,200. 
D) $6,350.

Question 19

A taxpayer can be claimed as a dependent on another return and still he or she can claim a personal exemption on his or her tax return.

Accepted Answer

A) True 
 B)False

Question 20

What was the amount of the personal exemption for 2017?

Accepted Answer

A) $3,900. 
B) $4,000. 
C) $4,100. 
D) $4,050. 
A) $3,900. 
B) $4,000. 
C) $4,100. 
D) $4,050.

The tax code defines adjusted gross income (AGI)as gross income minus a list of permitted deductions.

The federal individual income tax returns are the 1040ES,1040A and 1040.

What does the withholding amount on a taxable payment made to the taxpayer represent?

Which of the following items would not be considered as support for a dependency exemption?

What is the amount of the personal and dependency exemption for 2017?

Can Albert,who is a full-time student and earns $1,575 working as a clerk,claim an exemption for himself on his tax return? Assume his parents are claiming him as a dependent.

What is the amount of the tax liability for a single person having taxable income of $59,200? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

The amount of the standard deduction increases for people who are age 62 and have retired.

For tax purposes,marital status is determined as of the ________ day of the year.

Taxable income (TI)is computed after subtracting from adjusted gross income (AGI),the standard deduction or itemized deductions and personal and dependency exemptions.

What is the amount of the tax liability for a married person filing a separate return and having taxable income of $115,715? All answers should be rounded to the nearest dollar.

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2017?

A single taxpayer is 35 years old and has only wages of $16,000.Which is the simplest form this person can file?

A married couple in the process of obtaining a divorce cannot file a joint tax return.

A taxpayer who has income that is not subject to withholding is never required to make estimated payments during the year.

The basic standard deduction in 2017 for a taxpayer,67 and not blind,filing head of household is:

Robin's parents can claim him as a dependent on their tax return.In 2017,his only source of income was a part-time job as a supermarket clerk where he earned $3,200 during the year.What is Robin's standard deduction?

A taxpayer can be claimed as a dependent on another return and still he or she can claim a personal exemption on his or her tax return.

What was the amount of the personal exemption for 2017?

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

Filters

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

The tax code defines adjusted gross income (AGI)as gross income minus a list of permitted deductions.

The federal individual income tax returns are the 1040ES,1040A and 1040.

What does the withholding amount on a taxable payment made to the taxpayer represent?

Which of the following items would not be considered as support for a dependency exemption?

What is the amount of the personal and dependency exemption for 2017?

Can Albert,who is a full-time student and earns $1,575 working as a clerk,claim an exemption for himself on his tax return? Assume his parents are claiming him as a dependent.

What is the amount of the tax liability for a single person having taxable income of $59,200? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

The amount of the standard deduction increases for people who are age 62 and have retired.

For tax purposes,marital status is determined as of the ________ day of the year.

Taxable income (TI)is computed after subtracting from adjusted gross income (AGI),the standard deduction or itemized deductions and personal and dependency exemptions.

What is the amount of the tax liability for a married person filing a separate return and having taxable income of $115,715? All answers should be rounded to the nearest dollar.

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2017?

A single taxpayer is 35 years old and has only wages of $16,000.Which is the simplest form this person can file?

A married couple in the process of obtaining a divorce cannot file a joint tax return.

A taxpayer who has income that is not subject to withholding is never required to make estimated payments during the year.

The basic standard deduction in 2017 for a taxpayer,67 and not blind,filing head of household is:

Robin's parents can claim him as a dependent on their tax return.In 2017,his only source of income was a part-time job as a supermarket clerk where he earned $3,200 during the year.What is Robin's standard deduction?

A taxpayer can be claimed as a dependent on another return and still he or she can claim a personal exemption on his or her tax return.

What was the amount of the personal exemption for 2017?

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

Filters