Question 1

The amount of tax liability for a taxpayer depends on many factors,including the filing status of the taxpayer.

Accepted Answer

A) True 
 B)False

Question 2

Mirtha is 21 years of age and a full-time student living by herself.She had wages of $25,000 for 2017 and provided more than half of her own support.Can Mirtha claim the exemption for herself on her tax return?

Accepted Answer

A) Mirtha's parents can claim the exemption. 
B) Both,Mirtha and her parents can claim the exemption. 
C) Yes,Mirtha can claim the exemption. 
D) No one can claim the exemption for Mirtha. 
A) Mirtha's parents can claim the exemption. 
B) Both,Mirtha and her parents can claim the exemption. 
C) Yes,Mirtha can claim the exemption. 
D) No one can claim the exemption for Mirtha.

Question 3

The taxpayer's brother must live with the taxpayer for the entire year to meet the relationship or member of household test under qualifying relatives.

Accepted Answer

A) True 
 B)False

Question 4

A taxpayer can deduct a(an)________ amount from AGI for each dependent.

Accepted Answer

A) Deduction 
B) Exemption 
C) Itemized 
D) Adjustment 
A) Deduction 
B) Exemption 
C) Itemized 
D) Adjustment

Question 5

When a taxpayer's AGI exceeds certain levels,certain tax benefits are reduced or eliminated.

Accepted Answer

A) True 
 B)False

Question 6

What is the amount of the tax liability for a qualifying widow(er)with a dependent child and having taxable income of $18,355? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

Accepted Answer

A) $1,836. 
B) $2,331. 
C) $1,838. 
D) $2,753. 
A) $1,836. 
B) $2,331. 
C) $1,838. 
D) $2,753.

Question 7

A married couple can file a joint return only if both have earned income.

Accepted Answer

A) True 
 B)False

Question 8

What is the simplest tax return form a taxpayer should file if he or she has only $41,000 in wages and is claiming head of household with a dependent child?

Accepted Answer

The simplest tax return form h

Question 9

What is the amount of the standard deduction for Evelyn who is a full-time student and claimed as a dependent by her parents? She earned $2,700 in wages in 2017.

Accepted Answer

Evelyn's standard deduction is $3,050.Wh

Question 10

Robert,Fred and Lucas are supporting their mother who lives in a separate apartment.Their contributions towards her support are 10%,40% and 50%,respectively.In a multiple support agreement,who would be entitled to claim the mother as a dependent?

Accepted Answer

A) Robert. 
B) Fred or Lucas. 
C) Robert,Fred or Lucas. 
D) None of these. 
A) Robert. 
B) Fred or Lucas. 
C) Robert,Fred or Lucas. 
D) None of these.

Question 11

The taxpayer's spouse died at the beginning of 2017.She has a qualifying child.Which status should the taxpayer select when filing her tax return for 2017?

Accepted Answer

A) Single. 
B) Married Filing Jointly. 
C) Head of Household. 
D) Qualifying Widow(er). 
A) Single. 
B) Married Filing Jointly. 
C) Head of Household. 
D) Qualifying Widow(er).

Question 12

A single taxpayer is 43 years old and has wages only of $16,000.Which is the simplest form this person can file?

Accepted Answer

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

Question 13

Marital status of a taxpayer is determined on the last day of the tax year.

Accepted Answer

A) True 
 B)False

Question 14

The IRS can impose a 75% penalty on any portion of understatement of tax that is attributable to negligence.

Accepted Answer

A) True 
 B)False

Question 15

A taxpayer may request an automatic seven-month extension of time to file his or her tax return.

Accepted Answer

A) True 
 B)False

Question 16

The accuracy-related penalty applies when negligence or any substantial understatement occurs.

Accepted Answer

A) True 
 B)False

Question 17

The basic standard deduction in 2017 for a single taxpayer,under 65 and not blind,is:

Accepted Answer

A) $6,350. 
B) $4,050. 
C) $9,300. 
D) $6,300. 
A) $6,350. 
B) $4,050. 
C) $9,300. 
D) $6,300.

Question 18

The maximum penalty for failure to file a tax return that is not due to fraud is 25%.

Accepted Answer

A) True 
 B)False

Question 19

In a multiple support agreement,the taxpayer who will receive the exemption must file all the Forms 2120 with his or her tax return.

Accepted Answer

A) True 
 B)False

Question 20

What is the amount of the tax liability for a married couple filing jointly,having taxable income of $153,500? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

Accepted Answer

A) $38,375. 
B) $29,753. 
C) $30,233. 
D) $29,865. 
A) $38,375. 
B) $29,753. 
C) $30,233. 
D) $29,865.

The amount of tax liability for a taxpayer depends on many factors,including the filing status of the taxpayer.

Mirtha is 21 years of age and a full-time student living by herself.She had wages of $25,000 for 2017 and provided more than half of her own support.Can Mirtha claim the exemption for herself on her tax return?

The taxpayer's brother must live with the taxpayer for the entire year to meet the relationship or member of household test under qualifying relatives.

A taxpayer can deduct a(an)________ amount from AGI for each dependent.

When a taxpayer's AGI exceeds certain levels,certain tax benefits are reduced or eliminated.

What is the amount of the tax liability for a qualifying widow(er)with a dependent child and having taxable income of $18,355? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

A married couple can file a joint return only if both have earned income.

What is the simplest tax return form a taxpayer should file if he or she has only $41,000 in wages and is claiming head of household with a dependent child?

What is the amount of the standard deduction for Evelyn who is a full-time student and claimed as a dependent by her parents? She earned $2,700 in wages in 2017.

Robert,Fred and Lucas are supporting their mother who lives in a separate apartment.Their contributions towards her support are 10%,40% and 50%,respectively.In a multiple support agreement,who would be entitled to claim the mother as a dependent?

The taxpayer's spouse died at the beginning of 2017.She has a qualifying child.Which status should the taxpayer select when filing her tax return for 2017?

A single taxpayer is 43 years old and has wages only of $16,000.Which is the simplest form this person can file?

Marital status of a taxpayer is determined on the last day of the tax year.

The IRS can impose a 75% penalty on any portion of understatement of tax that is attributable to negligence.

A taxpayer may request an automatic seven-month extension of time to file his or her tax return.

The accuracy-related penalty applies when negligence or any substantial understatement occurs.

The basic standard deduction in 2017 for a single taxpayer,under 65 and not blind,is:

The maximum penalty for failure to file a tax return that is not due to fraud is 25%.

In a multiple support agreement,the taxpayer who will receive the exemption must file all the Forms 2120 with his or her tax return.

What is the amount of the tax liability for a married couple filing jointly,having taxable income of $153,500? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

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 amount of tax liability for a taxpayer depends on many factors,including the filing status of the taxpayer.

Mirtha is 21 years of age and a full-time student living by herself.She had wages of $25,000 for 2017 and provided more than half of her own support.Can Mirtha claim the exemption for herself on her tax return?

The taxpayer's brother must live with the taxpayer for the entire year to meet the relationship or member of household test under qualifying relatives.

A taxpayer can deduct a(an)________ amount from AGI for each dependent.

When a taxpayer's AGI exceeds certain levels,certain tax benefits are reduced or eliminated.

What is the amount of the tax liability for a qualifying widow(er)with a dependent child and having taxable income of $18,355? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

A married couple can file a joint return only if both have earned income.

What is the simplest tax return form a taxpayer should file if he or she has only $41,000 in wages and is claiming head of household with a dependent child?

What is the amount of the standard deduction for Evelyn who is a full-time student and claimed as a dependent by her parents? She earned $2,700 in wages in 2017.

Robert,Fred and Lucas are supporting their mother who lives in a separate apartment.Their contributions towards her support are 10%,40% and 50%,respectively.In a multiple support agreement,who would be entitled to claim the mother as a dependent?

The taxpayer's spouse died at the beginning of 2017.She has a qualifying child.Which status should the taxpayer select when filing her tax return for 2017?

A single taxpayer is 43 years old and has wages only of $16,000.Which is the simplest form this person can file?

Marital status of a taxpayer is determined on the last day of the tax year.

The IRS can impose a 75% penalty on any portion of understatement of tax that is attributable to negligence.

A taxpayer may request an automatic seven-month extension of time to file his or her tax return.

The accuracy-related penalty applies when negligence or any substantial understatement occurs.

The basic standard deduction in 2017 for a single taxpayer,under 65 and not blind,is:

The maximum penalty for failure to file a tax return that is not due to fraud is 25%.

In a multiple support agreement,the taxpayer who will receive the exemption must file all the Forms 2120 with his or her tax return.

What is the amount of the tax liability for a married couple filing jointly,having taxable income of $153,500? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

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