Question 1

An extension to file a tax return is an extension of time to file and an extension of time to pay.

Accepted Answer

A) True 
 B)False

Question 2

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 3

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.$22,156.($103,500 - 89,350)× 28% plus

Question 4

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.

Accepted Answer

A)  $950 
B)  $900 
C)  $1,000 
D)  $350 
A)  $950 
B)  $900 
C)  $1,000 
D)  $350

Question 5

Which condition listed below is not required for a taxpayer to qualify as a qualifying widow(er)with dependent child?

Accepted Answer

A)  The household was the principal place of abode for the entire year of both the taxpayer and his or her child. 
B)  Taxpayer must remarry before the end of the tax year in question. 
C)  Taxpayer paid more than half the cost of keeping up a household. 
D)  Taxpayer was eligible to file a joint return in the year the spouse died. 
A)  The household was the principal place of abode for the entire year of both the taxpayer and his or her child. 
B)  Taxpayer must remarry before the end of the tax year in question. 
C)  Taxpayer paid more than half the cost of keeping up a household. 
D)  Taxpayer was eligible to file a joint return in the year the spouse died.

Question 6

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

Accepted Answer

The withheld amount represents an estima

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

Personal exemptions are for the taxpayer and spouse.

Accepted Answer

A) True 
 B)False

Question 9

The tax liability for a married couple with taxable income of $141,325 is:

Accepted Answer

A)  $35,331. 
B)  $27,044. 
C)  $20,329. 
D)  $21,199. 
A)  $35,331. 
B)  $27,044. 
C)  $20,329. 
D)  $21,199.

Question 10

The taxpayer's spouse died at the beginning of 2014.She has a qualifying child.Which status should the taxpayer select when filing her tax return for 2014?

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 11

A taxpayer must be married to claim Head of Household status.

Accepted Answer

A) True 
 B)False

Question 12

The tax tables stop at taxable income of $115,000.

Accepted Answer

A) True 
 B)False

Question 13

Luisa's parents can claim her as a dependent on their tax return.In 2014,her only source of income was a part-time job as a medical clerk where she earned $2,500 during the year.What is Luisa's standard deduction?

Accepted Answer

A)  $2,500. 
B)  $3,950. 
C)  $1,000. 
D)  $2,850. 
A)  $2,500. 
B)  $3,950. 
C)  $1,000. 
D)  $2,850.

Question 14

The basic standard deduction in 2014 for a taxpayer,under 65 and not blind,filing married filing jointly is:

Accepted Answer

A)  $12,000. 
B)  $12,200. 
C)  $12,400. 
D)  $9,100. 
A)  $12,000. 
B)  $12,200. 
C)  $12,400. 
D)  $9,100.

Question 15

A couple who is legally married on the last day of the tax year cannot file married filing separately.

Accepted Answer

A) True 
 B)False

Question 16

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2014?

Accepted Answer

A)  $7,900. 
B)  $9,100. 
C)  $3,950. 
D)  $12,400. 
A)  $7,900. 
B)  $9,100. 
C)  $3,950. 
D)  $12,400.

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

The failure to file penalty is ________ of the tax shown on the return for each month (or fraction of a month)the tax return is not filed,up to a maximum of 25%.

Accepted Answer

A)  0.25% 
B)  0.5% 
C)  5.0% 
D)  5.5% 
A)  0.25% 
B)  0.5% 
C)  5.0% 
D)  5.5%

Question 19

If a married couple files separate returns and one of them itemizes,the other spouse must also itemize.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A) True 
 B)False

An extension to file a tax return is an extension of time to file and an extension of time to pay.

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

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.

Which condition listed below is not required for a taxpayer to qualify as a qualifying widow(er)with dependent child?

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

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

Personal exemptions are for the taxpayer and spouse.

The tax liability for a married couple with taxable income of $141,325 is:

The taxpayer's spouse died at the beginning of 2014.She has a qualifying child.Which status should the taxpayer select when filing her tax return for 2014?

A taxpayer must be married to claim Head of Household status.

The tax tables stop at taxable income of $115,000.

Luisa's parents can claim her as a dependent on their tax return.In 2014,her only source of income was a part-time job as a medical clerk where she earned $2,500 during the year.What is Luisa's standard deduction?

The basic standard deduction in 2014 for a taxpayer,under 65 and not blind,filing married filing jointly is:

A couple who is legally married on the last day of the tax year cannot file married filing separately.

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2014?

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

The failure to file penalty is ________ of the tax shown on the return for each month (or fraction of a month)the tax return is not filed,up to a maximum of 25%.

If a married couple files separate returns and one of them itemizes,the other spouse must also itemize.

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

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, and Income From Flow-Through Entities

Tax Credits

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

An extension to file a tax return is an extension of time to file and an extension of time to pay.

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

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.

Which condition listed below is not required for a taxpayer to qualify as a qualifying widow(er)with dependent child?

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

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

Personal exemptions are for the taxpayer and spouse.

The tax liability for a married couple with taxable income of $141,325 is:

The taxpayer's spouse died at the beginning of 2014.She has a qualifying child.Which status should the taxpayer select when filing her tax return for 2014?

A taxpayer must be married to claim Head of Household status.

The tax tables stop at taxable income of $115,000.

Luisa's parents can claim her as a dependent on their tax return.In 2014,her only source of income was a part-time job as a medical clerk where she earned $2,500 during the year.What is Luisa's standard deduction?

The basic standard deduction in 2014 for a taxpayer,under 65 and not blind,filing married filing jointly is:

A couple who is legally married on the last day of the tax year cannot file married filing separately.

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2014?

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

The failure to file penalty is ________ of the tax shown on the return for each month (or fraction of a month)the tax return is not filed,up to a maximum of 25%.

If a married couple files separate returns and one of them itemizes,the other spouse must also itemize.

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

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, and Income From Flow-Through Entities

Tax Credits

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