Question 1

Your standard deduction will be $6,300 in 2016 if you are:

Accepted Answer

A) Single and 67 years old. 
B) Single and 45 years old. 
C) Single, 27 years old and blind. 
D) A nonresident alien. 
E) A married individual filing a separate return and your spouse itemizes his deductions. 
A) Single and 67 years old. 
B) Single and 45 years old. 
C) Single, 27 years old and blind. 
D) A nonresident alien. 
E) A married individual filing a separate return and your spouse itemizes his deductions.

Question 2

Robert is a single taxpayer who has AGI of $145,000 in 2016; his taxable income is $122,000. What is his federal tax liability for 2016?

Accepted Answer

A) $12,600.00 
B) $27,196.75 
C) $27,231.25 
D) $33,671.25 
E) $34,160.00 
A) $12,600.00 
B) $27,196.75 
C) $27,231.25 
D) $33,671.25 
E) $34,160.00

Question 3

Barry is age 45 and a single taxpayer. In 2016, he has gross income of $17,000 and itemized deductions of $6,500. If Barry claims one exemption on his 2016 income tax return, calculate the following amounts:
a.His personal exemption amount
b.Barry's taxable income

Accepted Answer

The answer of Barry is age 45 and a single...

Question 4

A taxpayer who is living alone and is legally separated from his or her spouse under a separate maintenance decree at year-end should file as single.

Accepted Answer

A) True 
 B)False

Question 5

Gerald is single and earns $80,000 in dividend income and $180,000 in wage income in 2016. Compute his additional ACA Medicare surtax on net investment income.

Accepted Answer

$2,280 = 3.8% x [the

Question 6

Jill is a 16-year-old child who is claimed as a dependent by her parents. Jill's only income is $1,400 from her bank savings account. What is the amount of Jill's standard deduction for 2016?

Accepted Answer

A) $1,200 
B) $1,050 
C) $4,000 
D) $6,300 
E) None of the above 
A) $1,200 
B) $1,050 
C) $4,000 
D) $6,300 
E) None of the above

Question 7

Rod, age 50, and Ann, age 49, are married taxpayers who file a joint return for 2016. They have gross income of $150,700. Their deductions for adjusted gross income are $5,100 and they have itemized deductions of $12,000, consisting of $7,000 in state income taxes and $5,000 in mortgage interest expense. If they claim two personal exemptions and no dependency exemptions for 2016, calculate the following amounts:
​
a.Their adjusted gross income
b.The greater of the amount of their standard deduction or their itemized deductions
c.Their taxable income

Accepted Answer

a. $145,600 = $150,7

Question 8

Match the letter of the filing status to the taxpayers below. Items may be used more than once.
-The taxpayer is unmarried and is living with his girlfriend.

Accepted Answer

A)   
B)   
C)   
D)   
E)  
F)  
A)   
B)   
C)   
D)   
E)  
F)

Your standard deduction will be $6,300 in 2016 if you are:

Robert is a single taxpayer who has AGI of $145,000 in 2016; his taxable income is $122,000. What is his federal tax liability for 2016?

Barry is age 45 and a single taxpayer. In 2016, he has gross income of $17,000 and itemized deductions of $6,500. If Barry claims one exemption on his 2016 income tax return, calculate the following amounts: a.His personal exemption amount b.Barry's taxable income

A taxpayer who is living alone and is legally separated from his or her spouse under a separate maintenance decree at year-end should file as single.

Gerald is single and earns $80,000 in dividend income and $180,000 in wage income in 2016. Compute his additional ACA Medicare surtax on net investment income.

Jill is a 16-year-old child who is claimed as a dependent by her parents. Jill's only income is $1,400 from her bank savings account. What is the amount of Jill's standard deduction for 2016?

Match the letter of the filing status to the taxpayers below. Items may be used more than once. -The taxpayer is unmarried and is living with his girlfriend.

Gross Income and Exclusions

Business Income and Expenses Part I

Business Income and Expenses Part II

Itemized Deductions and Other Incentives

Credits and Special Taxes

Accounting Periods and Methods and Depreciation

Capital Gains and Losses

Withholding Estimated Payments and Payroll Taxes

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

Filters

Exam 1: The Individual Income Tax Return

Your standard deduction will be $6,300 in 2016 if you are:

Robert is a single taxpayer who has AGI of $145,000 in 2016; his taxable income is $122,000. What is his federal tax liability for 2016?

Barry is age 45 and a single taxpayer. In 2016, he has gross income of $17,000 and itemized deductions of $6,500. If Barry claims one exemption on his 2016 income tax return, calculate the following amounts: a.His personal exemption amount b.Barry's taxable income

A taxpayer who is living alone and is legally separated from his or her spouse under a separate maintenance decree at year-end should file as single.

Gerald is single and earns $80,000 in dividend income and $180,000 in wage income in 2016. Compute his additional ACA Medicare surtax on net investment income.

Jill is a 16-year-old child who is claimed as a dependent by her parents. Jill's only income is $1,400 from her bank savings account. What is the amount of Jill's standard deduction for 2016?

Match the letter of the filing status to the taxpayers below. Items may be used more than once. -The taxpayer is unmarried and is living with his girlfriend.

Gross Income and Exclusions

Business Income and Expenses Part I

Business Income and Expenses Part II

Itemized Deductions and Other Incentives

Credits and Special Taxes

Accounting Periods and Methods and Depreciation

Capital Gains and Losses

Withholding Estimated Payments and Payroll Taxes

Partnership Taxation

The Corporate Income Tax

Tax Administration and Tax Planning

Filters