Julie, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. This year, Julie had the following tax information. \[\begin{array} { l r } \text { Salary } & \$ 95,000 \\ \text { Irterest ard dividend incorne } & 12,800 \\ \text { Capital gain from sale of irvestrnents } & 11,000 \\ \text { Above-the-line deductions } & 800 \\ \text { Iteruized deductions } & 6,900 \end{array}\] Compute Julie's adjusted gross income (AGI) and taxable income.

A) AGI $118,000; taxable income $103,000 B) AGI $118,000; taxable income $93,700 C) AGI $118,000; taxable income $100,650 D) AGI $107,000; taxable income $89,600 A) AGI $118,000; taxable income $103,000 B) AGI $118,000; taxable income $93,700 C) AGI $118,000; taxable income $100,650 D) AGI $107,000; taxable income $89,600

Mr. and Mrs. Dell, ages 29 and 26, file a joint return and have no dependents for the year. Here is their relevant information. \[\begin{array} { l r } \text { Salaries } & \$ 63,000 \\ \text { Dividend incorne } & 1,900 \\ \text { Above-the-line deductions } & 6,200 \\ \text { Iterrized deductions } & 14,000 \end{array}\] Compute their adjusted gross income (AGI) and taxable income.

A) AGI $64,900; taxable income $42,800 B) AGI $58,700; taxable income $36,600 C) AGI $58,700; taxable income $38,000 D) AGI $64,900; taxable income $36,600 A) AGI $64,900; taxable income $42,800 B) AGI $58,700; taxable income $36,600 C) AGI $58,700; taxable income $38,000 D) AGI $64,900; taxable income $36,600

Exam 14: The Individual Tax Formula

Last year, Mr. Tyker's AGI was $182,800, and his total tax liability was $51,650. This year, his total tax liability is $65,440. Compute the minimum amount of current year tax that Mr. Tyker had to prepay (withholding and estimated payments) to avoid an underpayment penalty.

(Multiple Choice)

4.8/5

(82)

Question 81

Jay Blount, 26-years old and a full time student, lives in his parents' home. Although Jay earned $8,400 from a part-time job, his parents provide at least 75% of his financial support. Jay's parents may claim him as a dependent this year.

(True/False)

4.9/5

(72)

Question 82

Ms. Kilo is an unmarried individual. She has $219,344 taxable income in 2016. Compute Ms. Kilo's regular tax liability if she files as a single taxpayer and if she files as a surviving spouse.

(Multiple Choice)

4.9/5

(88)

Question 83

Which of the following statements concerning the exemption phaseout is true?

(Multiple Choice)

4.9/5

(78)

Question 84

Which of the following statements concerning the overall limitation on itemized deductions is true?

(Multiple Choice)

4.8/5

(85)

Question 85

Ms. Dorley's regular tax liability on her Form 1040 is $45,890. Which of the following statements is true?

(Multiple Choice)

4.9/5

(88)

Question 86

Alice is an unmarried individual. She has $182,340 taxable income in 2016. Compute Alice's regular tax liability if she files as a single taxpayer and if she files as a head of household.

(Multiple Choice)

4.7/5

(88)

Question 87

Samantha died on January 18, 2015. Her husband Dave lived by himself until he remarried in 2017. What was Dave's filing status in 2015 and 2016?

(Multiple Choice)

4.8/5

(77)

Question 88

Which of the following statements describing individual tax deductions is false?

(Multiple Choice)

4.9/5

(75)

Question 89

An extension of the time to file an individual tax return also extends the time to pay any balance of tax due with the return.

(True/False)

4.9/5

(89)

Question 90

Julie, an unmarried individual, lives in a home with her 13-year-old dependent son, Oscar. This year, Julie had the following tax information. Salary \ 95,000 Irterest ard dividend incorne 12,800 Capital gain from sale of irvestrnents 11,000 Above-the-line deductions 800 Iteruized deductions 6,900 Compute Julie's adjusted gross income (AGI) and taxable income.

(Multiple Choice)

4.9/5

(84)

Question 91

Mr. and Mrs. Luang reported $517,900 ordinary taxable income for regular tax purposes and had $39,100 positive AMT adjustments and preferences. Compute their tentative minimum tax.

(Multiple Choice)

5.0/5

(76)

Question 92

In determining the standard deduction, which of the following statements is true?

(Multiple Choice)

4.8/5

(80)

Question 93

Mrs. Raines died on June 2, 2015. Mr. Raines has not remarried and has no children or other dependents. What is his filing status for 2015 and 2016?

(Multiple Choice)

4.7/5

(90)

Question 94

Mr. and Mrs. Dell, ages 29 and 26, file a joint return and have no dependents for the year. Here is their relevant information. Salaries \ 63,000 Dividend incorne 1,900 Above-the-line deductions 6,200 Iterrized deductions 14,000 Compute their adjusted gross income (AGI) and taxable income.

(Multiple Choice)

4.7/5

(87)

Question 95

The tax rates for individuals who qualify as a head-of-household are lower than the tax rates for single individuals.

(True/False)

5.0/5

(81)

Question 96

Mr. and Mrs. Reece couldn't complete their 2016 Form 1040 before April 15, 2017. They estimate that they will have a $700 balance of tax due with the return. Which of the following statement is true?

(Multiple Choice)

4.9/5

(66)

Question 97

An individual's taxable income equals adjusted gross income less the greater of the standard deduction or itemized deductions less the exemption amount.

(True/False)

4.8/5

(79)

Question 98

Mrs. Lincoln was employed by GGH Inc. until October, when he accepted a new position with Murdock Inc. Mrs. Lincoln earned $145,000 compensation from GGH and $36,000 compensation from Murdock. Which of the following statements is false?

(Multiple Choice)

4.9/5

(84)

Question 99

Which of the following statements regarding a qualifying child is false?

(Multiple Choice)

4.9/5

(85)

Question 100

Showing 81 - 100 of 113

Last year, Mr. Tyker's AGI was $182,800, and his total tax liability was $51,650. This year, his total tax liability is $65,440. Compute the minimum amount of current year tax that Mr. Tyker had to prepay (withholding and estimated payments) to avoid an underpayment penalty.

Jay Blount, 26-years old and a full time student, lives in his parents' home. Although Jay earned $8,400 from a part-time job, his parents provide at least 75% of his financial support. Jay's parents may claim him as a dependent this year.

Ms. Kilo is an unmarried individual. She has $219,344 taxable income in 2016. Compute Ms. Kilo's regular tax liability if she files as a single taxpayer and if she files as a surviving spouse.

Which of the following statements concerning the exemption phaseout is true?

Which of the following statements concerning the overall limitation on itemized deductions is true?

Ms. Dorley's regular tax liability on her Form 1040 is $45,890. Which of the following statements is true?

Alice is an unmarried individual. She has $182,340 taxable income in 2016. Compute Alice's regular tax liability if she files as a single taxpayer and if she files as a head of household.

Samantha died on January 18, 2015. Her husband Dave lived by himself until he remarried in 2017. What was Dave's filing status in 2015 and 2016?

Which of the following statements describing individual tax deductions is false?

An extension of the time to file an individual tax return also extends the time to pay any balance of tax due with the return.

Mr. and Mrs. Luang reported $517,900 ordinary taxable income for regular tax purposes and had $39,100 positive AMT adjustments and preferences. Compute their tentative minimum tax.

In determining the standard deduction, which of the following statements is true?

Mrs. Raines died on June 2, 2015. Mr. Raines has not remarried and has no children or other dependents. What is his filing status for 2015 and 2016?

Mr. and Mrs. Dell, ages 29 and 26, file a joint return and have no dependents for the year. Here is their relevant information. Salaries \ 63,000 Dividend incorne 1,900 Above-the-line deductions 6,200 Iterrized deductions 14,000 Compute their adjusted gross income (AGI) and taxable income.

The tax rates for individuals who qualify as a head-of-household are lower than the tax rates for single individuals.

Mr. and Mrs. Reece couldn't complete their 2016 Form 1040 before April 15, 2017. They estimate that they will have a $700 balance of tax due with the return. Which of the following statement is true?

An individual's taxable income equals adjusted gross income less the greater of the standard deduction or itemized deductions less the exemption amount.

Mrs. Lincoln was employed by GGH Inc. until October, when he accepted a new position with Murdock Inc. Mrs. Lincoln earned $145,000 compensation from GGH and $36,000 compensation from Murdock. Which of the following statements is false?

Which of the following statements regarding a qualifying child is false?

Taxes and Taxing Jurisdictions

Policy Standards for a Good Tax

Taxes As Transaction Costs

Maxims of Income Tax Planning

Tax Research

Taxable Income From Business Operations

Property Acquisitions and Cost Recovery Deductions

Property Dispositions

Nontaxable Exchanges

Sole Proprietorships, Partnerships, Llcs, and S Corporations

The Corporate Taxpayer

The Choice of Business Entity

Jurisdictional Issues in Business Taxation

Compensation and Retirement Planning

Investment and Personal Financial Planning

Tax Consequences of Personal Activities

The Tax Compliance Process

Filters