Question 1

Internet users can sign on to http://www.irs.gov/ and:

Accepted Answer

A) Download tax forms and publications. 
B) Find links to other useful IRS pages. 
C) Use a search function to find forms and publications. 
D) All of the above. 
A) Download tax forms and publications. 
B) Find links to other useful IRS pages. 
C) Use a search function to find forms and publications. 
D) All of the above.

Question 2

Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions, whichever is higher.

Accepted Answer

A) True 
 B)False

Question 3

Hansel and Gretel are married taxpayers who file a joint income tax return for 2018.They have no dependents.On their 2018 income tax return, they have adjusted gross income of $62,000 and total itemized deductions of $4,000.What is their taxable income?

Accepted Answer

$38,000 =

Question 4

Madeline is single and supports her 85-year-old parents who live in a senior home paid for by Madeline and have no income.What is Madeline's filing status and why?

Accepted Answer

Head of household.Madeline is single and

Question 5

Monica is a maid in a San Francisco hotel.Monica received $500 in unreported tips during 2018 and owes Social Security and Medicare taxes on these tips.Her total income for the year, including tips, is $4,500.Is Monica required to file an income tax return for 2018?Why?

Accepted Answer

Yes.Monica must file

Question 6

Which of the following is not a goal of the tax law?

Accepted Answer

A) Encouraging certain social goals such as contributions to charity. 
B) Encouraging certain economic goals such as a thriving business community. 
C) Encouraging smaller families. 
D) Raising revenue to operate the government. 
E) None of the above are goals of the tax law. 
A) Encouraging certain social goals such as contributions to charity. 
B) Encouraging certain economic goals such as a thriving business community. 
C) Encouraging smaller families. 
D) Raising revenue to operate the government. 
E) None of the above are goals of the tax law.

Question 7

During 2018, Howard maintained his home in which he and his 16-year-old son resided.The son qualifies as his dependent.Howard's wife died in 2017.What is his filing status for 2018?

Accepted Answer

A) Single 
B) Head of household 
C) Married, filing separately 
D) Qualifying widow(er) 
E) None of the above 
A) Single 
B) Head of household 
C) Married, filing separately 
D) Qualifying widow(er) 
E) None of the above

Question 8

Kenzie is a research scientist in Tallahassee, Florida.Her husband Gary stays home to take care of their two young children.Kenzie's total wages for 2018 were $60,500 from which $5,900 of federal income tax was withheld.Calculate the income tax due or income tax refund on Kenzie and Gary's 2018 individual income tax return.Use the tax formula for individuals and show your work.

Accepted Answer

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Question 9

Mary is age 33 and a single taxpayer with adjusted gross income for 2018 of $29,400.Mary maintains a home for three dependent children and has itemized deductions of $3,000.Calculate the following amounts for Mary's 2018 income tax return:
a.Mary's standard or itemized deduction amount
b.Mary's taxable income

Accepted Answer

​
a.$18,00

Question 10

Which of the following is correct?

Accepted Answer

A) An individual is a reporting entity but not a taxable entity. 
B) A partnership is a taxable entity and a reporting entity. 
C) A corporation is a reporting entity but not a taxable entity. 
D) A partnership is a reporting entity but not a taxable entity. 
A) An individual is a reporting entity but not a taxable entity. 
B) A partnership is a taxable entity and a reporting entity. 
C) A corporation is a reporting entity but not a taxable entity. 
D) A partnership is a reporting entity but not a taxable entity.

Question 11

An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as:

Accepted Answer

A) Single 
B) Head of household 
C) Qualifying widow(er) 
D) Married, filing separately 
E) None of the above 
A) Single 
B) Head of household 
C) Qualifying widow(er) 
D) Married, filing separately 
E) None of the above

Question 12

Most states are community property states.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following forms may be filed by individual taxpayers?

Accepted Answer

A) Form 1040 
B) Form 1041 
C) Form 1065 
D) Form 1120 
E) None of the above 
A) Form 1040 
B) Form 1041 
C) Form 1065 
D) Form 1120 
E) None of the above

Question 14

An individual is a head of household.What is her standard deduction?

Accepted Answer

A) $12,000 
B) $9,350 
C) $18,000 
D) None of the above 
A) $12,000 
B) $9,350 
C) $18,000 
D) None of the above

Question 15

In 2018, Len has a salary of $40,700 from his job.He also has interest income of $400.Len is single and has no dependents.During the year, Len sold stock held as an investment for a $10,000 loss.Calculate the following amounts for Len:​
a.Adjusted gross income
b.Standard deduction
c.Taxable income
d.Tax liability
e.Explain the tax treatment of the loss from the stock sale

Accepted Answer

a.$38,100 = $40,700 + $400 − $3,000
b.$1

Question 16

A taxpayer who is living alone, is legally separated from his or her spouse under a separate maintenance decree at year-end, and has no dependents should file as single.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is not a test that must be met for a child to be considered a dependent?

Accepted Answer

A) Age test 
B) Domicile test 
C) Citizenship test 
D) Relationship test 
E) Blood test 
A) Age test 
B) Domicile test 
C) Citizenship test 
D) Relationship test 
E) Blood test

Internet users can sign on to http://www.irs.gov/ and:

Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions, whichever is higher.

Hansel and Gretel are married taxpayers who file a joint income tax return for 2018.They have no dependents.On their 2018 income tax return, they have adjusted gross income of $62,000 and total itemized deductions of $4,000.What is their taxable income?

Madeline is single and supports her 85-year-old parents who live in a senior home paid for by Madeline and have no income.What is Madeline's filing status and why?

Monica is a maid in a San Francisco hotel.Monica received $500 in unreported tips during 2018 and owes Social Security and Medicare taxes on these tips.Her total income for the year, including tips, is $4,500.Is Monica required to file an income tax return for 2018?Why?

Which of the following is not a goal of the tax law?

During 2018, Howard maintained his home in which he and his 16-year-old son resided.The son qualifies as his dependent.Howard's wife died in 2017.What is his filing status for 2018?

Which of the following is correct?

An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as:

Most states are community property states.

Which of the following forms may be filed by individual taxpayers?

An individual is a head of household.What is her standard deduction?

A taxpayer who is living alone, is legally separated from his or her spouse under a separate maintenance decree at year-end, and has no dependents should file as single.

Which of the following is not a test that must be met for a child to be considered a dependent?

Gross Income and Exclusions

Additional Income Part 1

Additional Income Part 2

Deductions and Adjustments to Income

Accounting Methods and Taxes

Tax Credits

Depreciation and Sale of Business Property

Payroll, Estimated Payments, and Retirement Plans

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

Filters

Exam 1: The Individual Income Tax Return

Internet users can sign on to http://www.irs.gov/ and:

Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions, whichever is higher.

Hansel and Gretel are married taxpayers who file a joint income tax return for 2018.They have no dependents.On their 2018 income tax return, they have adjusted gross income of $62,000 and total itemized deductions of $4,000.What is their taxable income?

Madeline is single and supports her 85-year-old parents who live in a senior home paid for by Madeline and have no income.What is Madeline's filing status and why?

Monica is a maid in a San Francisco hotel.Monica received $500 in unreported tips during 2018 and owes Social Security and Medicare taxes on these tips.Her total income for the year, including tips, is $4,500.Is Monica required to file an income tax return for 2018?Why?

Which of the following is not a goal of the tax law?

During 2018, Howard maintained his home in which he and his 16-year-old son resided.The son qualifies as his dependent.Howard's wife died in 2017.What is his filing status for 2018?

Which of the following is correct?

An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as:

Most states are community property states.

Which of the following forms may be filed by individual taxpayers?

An individual is a head of household.What is her standard deduction?

A taxpayer who is living alone, is legally separated from his or her spouse under a separate maintenance decree at year-end, and has no dependents should file as single.

Which of the following is not a test that must be met for a child to be considered a dependent?

Gross Income and Exclusions

Additional Income Part 1

Additional Income Part 2

Deductions and Adjustments to Income

Accounting Methods and Taxes

Tax Credits

Depreciation and Sale of Business Property

Payroll, Estimated Payments, and Retirement Plans

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

Filters