A) IRS revision of a previously filed return. B) IRS attempt to verify the accuracy of a return. C) IRS charge of illegal action. D) U.S. Tax Court action. E) U.S. Tax Court decision. A) IRS revision of a previously filed return. B) IRS attempt to verify the accuracy of a return. C) IRS charge of illegal action. D) U.S. Tax Court action. E) U.S. Tax Court decision.

Exam 3: Preparing Your Taxes

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Tax credits directly reduce a taxpayer's [taxes due | taxable income].

(Short Answer)

4.7/5

(70)

Question 81

The standard deduction in 2014 for a single filer was $6,500 and for married persons filing jointly was $13,000.

(True/False)

4.8/5

(73)

Question 82

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Christy lives with her dog,Tex,who is dependent on her for support.She [can | cannot] use the Head of Household filing status.

(Short Answer)

4.9/5

(92)

Question 83

When a child qualifies as a dependent on her parent's return,the child cannot take a personal exemption for herself.

(True/False)

4.9/5

(82)

Question 84

For those under the age of 65,medical and dental expenses may be included as itemized deductions

(Multiple Choice)

4.7/5

(98)

Question 85

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -You will have to list and be able to prove [standard | itemized] deductions if audited.

(Short Answer)

4.8/5

(85)

Question 86

Estimated tax payments must be made by those who do not have taxes deducted from their earnings.

(True/False)

4.7/5

(64)

Question 87

Most major software providers have free online versions for preparing federal taxes for all taxpayers.

(True/False)

4.7/5

(93)

Question 88

Gross income minus tax exempt income equals adjusted gross income.

(True/False)

4.9/5

(88)

Question 89

By filing a tax extension,one does not have to pay his income tax liability until October 15.

(True/False)

4.8/5

(95)

Question 90

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Tax [avoidance | evasion] is a perfectly legal practice.

(Short Answer)

5.0/5

(83)

Question 91

The alternative minimum tax calculation includes in taxable income certain types of deductions otherwise allowed,such as state and local income and property taxes.

(True/False)

4.8/5

(69)

Question 92

You should itemize deductions when total itemized deductions are less than the standard deduction.

(True/False)

4.9/5

(72)

Question 93

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Interest you paid on your [car | house] loan could be taken as an itemized deduction on your tax return.

(Short Answer)

4.9/5

(77)

Question 94

A tax audit is a(n)

(Multiple Choice)

4.7/5

(76)

Question 95

Tax-deferred income is better than tax-free income.

(True/False)

5.0/5

(85)

Question 96

A taxpayer claiming himself and one dependent had personal exemptions in 2014 amounting to $7,900.

(True/False)

5.0/5

(65)

Question 97

Dividends received from the stock you own will be taxable income.

(True/False)

4.9/5

(83)

Question 98

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -You will itemize your deductions.You [could | could not] use the 1040A.

(Short Answer)

4.9/5

(81)

Question 99

For 2014,each personal exemption reduced taxable income by

(Multiple Choice)

4.8/5

(84)

Question 100

Showing 81 - 100 of 179

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Tax credits directly reduce a taxpayer's [taxes due | taxable income].

The standard deduction in 2014 for a single filer was $6,500 and for married persons filing jointly was $13,000.

When a child qualifies as a dependent on her parent's return,the child cannot take a personal exemption for herself.

For those under the age of 65,medical and dental expenses may be included as itemized deductions

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -You will have to list and be able to prove [standard | itemized] deductions if audited.

Estimated tax payments must be made by those who do not have taxes deducted from their earnings.

Most major software providers have free online versions for preparing federal taxes for all taxpayers.

Gross income minus tax exempt income equals adjusted gross income.

By filing a tax extension,one does not have to pay his income tax liability until October 15.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Tax [avoidance | evasion] is a perfectly legal practice.

The alternative minimum tax calculation includes in taxable income certain types of deductions otherwise allowed,such as state and local income and property taxes.

You should itemize deductions when total itemized deductions are less than the standard deduction.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -Interest you paid on your [car | house] loan could be taken as an itemized deduction on your tax return.

A tax audit is a(n)

Tax-deferred income is better than tax-free income.

A taxpayer claiming himself and one dependent had personal exemptions in 2014 amounting to $7,900.

Dividends received from the stock you own will be taxable income.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -You will itemize your deductions.You [could | could not] use the 1040A.

For 2014,each personal exemption reduced taxable income by

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

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