Question 1

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.What are the three general tests?

Accepted Answer

A) Dependent taxpayer test,relationship test and citizen or resident test. 
B) Support test,age test and relationship test. 
C) Relationship test,residency test and gross income test. 
D) Dependent taxpayer test,joint return test and citizen or resident test. 
A) Dependent taxpayer test,relationship test and citizen or resident test. 
B) Support test,age test and relationship test. 
C) Relationship test,residency test and gross income test. 
D) Dependent taxpayer test,joint return test and citizen or resident test.

Question 2

Most taxpayers make payments to the IRS through income tax withholdings and quarterly estimated tax payments.

Accepted Answer

A) True 
 B)False

Question 3

A taxpayer can qualify for head of household even though his or her parents are living in a separate household from that of the taxpayer assume all other requirements are met).

Accepted Answer

A) True 
 B)False

Question 4

A qualifying relative must earn less than for the year 2016.

Accepted Answer

A) $9,300 
B) $4,050 
C) $6,300 
D) $1,050 
A) $9,300 
B) $4,050 
C) $6,300 
D) $1,050

Question 5

When a taxpayer's AGI exceeds certain levels,certain tax benefits are reduced or eliminated.

Accepted Answer

A) True 
 B)False

Question 6

Robin's parents can claim him as a dependent on their tax return.In 2016,his only source of income was a part-time job as a supermarket clerk where he earned $3,200 during the year.What is Robin's standard deduction?

Accepted Answer

A) $1,050. 
B) $6,300. 
C) $3,200. 
D) $3,550. 
A) $1,050. 
B) $6,300. 
C) $3,200. 
D) $3,550.

Question 7

A married couple can file a joint return only if both have earned income.

Accepted Answer

A) True 
 B)False

Question 8

For tax purposes,marital status is determined as of the ________ day of the year.

Accepted Answer

A) third 
B) first 
C) last 
D) None of these 
A) third 
B) first 
C) last 
D) None of these

Question 9

The accuracy-related penalty applies when negligence or any substantial understatement occurs.

Accepted Answer

A) True 
 B)False

Question 10

What is the amount of the tax liability for a married couple having taxable income of $96,843? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

Accepted Answer

A) $15,749. 
B) $14,526. 
C) $15,923. 
D) $13,604. 
A) $15,749. 
B) $14,526. 
C) $15,923. 
D) $13,604.

Question 11

What is the amount of the tax liability for a head of household person having taxable income of $122,500? All answers should be rounded to the nearest dollar.

Accepted Answer

A) $34,300. 
B) $24,923. 
C) $30,625. 
D) $27,796. 
A) $34,300. 
B) $24,923. 
C) $30,625. 
D) $27,796.

Question 12

What is the amount of the tax liability for a qualifying widower)with a dependent child and having taxable income of $18,355? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

Accepted Answer

A) $2,331. 
B) $1,838. 
C) $2,753. 
D) $1,836. 
A) $2,331. 
B) $1,838. 
C) $2,753. 
D) $1,836.

Question 13

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.Which one is not part of the three general tests?

Accepted Answer

A) Dependent taxpayer test. 
B) Support test. 
C) Joint return test. 
D) Citizen or resident test. 
A) Dependent taxpayer test. 
B) Support test. 
C) Joint return test. 
D) Citizen or resident test.

Question 14

A qualifying child does not have to meet the support test in order to be claimed as a dependent.

Accepted Answer

A) True 
 B)False

Question 15

The taxpayer's brother must live with the taxpayer for the entire year to meet the relationship or member of household test under qualifying relatives.

Accepted Answer

A) True 
 B)False

Question 16

Failure to make required estimated payments will subject the taxpayer to a potential underpayment penalty plus interest.However,if the difference between the tax shown on the return and the amount of tax withheld for wages is less than ________,the taxpayer will not be assessed a penalty.

Accepted Answer

A) $850 
B) $500 
C) $1,000 
D) $1,250 
A) $850 
B) $500 
C) $1,000 
D) $1,250

Question 17

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 18

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.Which one is not part of the five specific tests?

Accepted Answer

A) Gross income test. 
B) Special test for qualifying child of more than one taxpayer. 
C) Relationship test. 
D) Residency test. 
A) Gross income test. 
B) Special test for qualifying child of more than one taxpayer. 
C) Relationship test. 
D) Residency test.

Question 19

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 20

A legally divorced taxpayer maintains a household for himself and maintains a separate household that is the principal place of abode of his dependent widowed mother.What filing status should he use when filing his tax return?

Accepted Answer

A) Head of Household. 
B) Qualifying widower). 
C) Single. 
D) Married Filing Separately. 
A) Head of Household. 
B) Qualifying widower). 
C) Single. 
D) Married Filing Separately.

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.What are the three general tests?

Most taxpayers make payments to the IRS through income tax withholdings and quarterly estimated tax payments.

A taxpayer can qualify for head of household even though his or her parents are living in a separate household from that of the taxpayer assume all other requirements are met).

A qualifying relative must earn less than for the year 2016.

When a taxpayer's AGI exceeds certain levels,certain tax benefits are reduced or eliminated.

Robin's parents can claim him as a dependent on their tax return.In 2016,his only source of income was a part-time job as a supermarket clerk where he earned $3,200 during the year.What is Robin's standard deduction?

A married couple can file a joint return only if both have earned income.

For tax purposes,marital status is determined as of the ________ day of the year.

The accuracy-related penalty applies when negligence or any substantial understatement occurs.

What is the amount of the tax liability for a married couple having taxable income of $96,843? All answers should be rounded to the nearest dollar. Use the appropriate ^Tax^Tablesor ^Tax^Rate^Schedules.

What is the amount of the tax liability for a head of household person having taxable income of $122,500? All answers should be rounded to the nearest dollar.

What is the amount of the tax liability for a qualifying widower)with a dependent child and having taxable income of $18,355? All answers should be rounded to the nearest dollar. Use the appropriate ^Tax^Tablesor ^Tax^Rate^Schedules.

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.Which one is not part of the three general tests?

A qualifying child does not have to meet the support test in order to be claimed as a dependent.

The taxpayer's brother must live with the taxpayer for the entire year to meet the relationship or member of household test under qualifying relatives.

Failure to make required estimated payments will subject the taxpayer to a potential underpayment penalty plus interest.However,if the difference between the tax shown on the return and the amount of tax withheld for wages is less than ________,the taxpayer will not be assessed a penalty.

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

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.Which one is not part of the five specific tests?

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

A legally divorced taxpayer maintains a household for himself and maintains a separate household that is the principal place of abode of his dependent widowed mother.What filing status should he use when filing his tax return?

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 Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, royalties, and Income From Flow-Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040, lines 46 Through 54 and Lines 66a Through 73

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

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.What are the three general tests?

Most taxpayers make payments to the IRS through income tax withholdings and quarterly estimated tax payments.

A taxpayer can qualify for head of household even though his or her parents are living in a separate household from that of the taxpayer assume all other requirements are met).

A qualifying relative must earn less than for the year 2016.

When a taxpayer's AGI exceeds certain levels,certain tax benefits are reduced or eliminated.

Robin's parents can claim him as a dependent on their tax return.In 2016,his only source of income was a part-time job as a supermarket clerk where he earned $3,200 during the year.What is Robin's standard deduction?

A married couple can file a joint return only if both have earned income.

For tax purposes,marital status is determined as of the ________ day of the year.

The accuracy-related penalty applies when negligence or any substantial understatement occurs.

What is the amount of the tax liability for a married couple having taxable income of $96,843? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

What is the amount of the tax liability for a head of household person having taxable income of $122,500? All answers should be rounded to the nearest dollar.

What is the amount of the tax liability for a qualifying widower)with a dependent child and having taxable income of $18,355? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.Which one is not part of the three general tests?

A qualifying child does not have to meet the support test in order to be claimed as a dependent.

The taxpayer's brother must live with the taxpayer for the entire year to meet the relationship or member of household test under qualifying relatives.

Failure to make required estimated payments will subject the taxpayer to a potential underpayment penalty plus interest.However,if the difference between the tax shown on the return and the amount of tax withheld for wages is less than ________,the taxpayer will not be assessed a penalty.

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

To be a qualifying child,the taxpayer must meet three general tests and five specific tests.Which one is not part of the five specific tests?

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

A legally divorced taxpayer maintains a household for himself and maintains a separate household that is the principal place of abode of his dependent widowed mother.What filing status should he use when filing his tax return?

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 Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, royalties, and Income From Flow-Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040, lines 46 Through 54 and Lines 66a Through 73

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

What is the amount of the tax liability for a married couple having taxable income of $96,843? All answers should be rounded to the nearest dollar. Use the appropriate ^Tax^Tablesor ^Tax^Rate^Schedules.

What is the amount of the tax liability for a qualifying widower)with a dependent child and having taxable income of $18,355? All answers should be rounded to the nearest dollar. Use the appropriate ^Tax^Tablesor ^Tax^Rate^Schedules.