Question 1

A taxpayer can deduct aan)amount from AGI for each dependent.

Accepted Answer

A) Deduction 
B) Exemption 
C) Adjustment 
D) Itemized 
A) Deduction 
B) Exemption 
C) Adjustment 
D) Itemized

Question 2

Can the taxpayer avoid the failure to pay on time penalty by just filing an automatic extension to file his or her tax return?

Accepted Answer

A taxpayer can file an automatic six-mon

Question 3

The exemption amount is subject to annual adjustment for inflation.

Accepted Answer

A) True 
 B)False

Question 4

The basic standard deduction in 2016 for a taxpayer,67 and not blind,filing head of household is:

Accepted Answer

A) $9,250. 
B) $1,550. 
C) $9,300. 
D) $10,850. 
A) $9,250. 
B) $1,550. 
C) $9,300. 
D) $10,850.

Question 5

A taxpayer can claim a dependency exemption if the person is a qualifying child or a qualifying relative and the person meets three tests.List the three tests this person must meet.

Accepted Answer

The three tests that this pers

Question 6

What qualifications are necessary to file as qualifying widower)?

Accepted Answer

The qualifications necessary to file as

Question 7

If a married couple files separate returns and one of them itemizes,the other spouse must also itemize.

Accepted Answer

A) True 
 B)False

Question 8

For a qualifying relative to be claimed as a dependent,this person must either be related to the taxpayer,or be a member of the taxpayer's household for the entire year.Select the relative who must be part of the taxpayer's household for the entire year.

Accepted Answer

A) Son-in-law. 
B) Mother. 
C) Sister. 
D) Cousin. 
A) Son-in-law. 
B) Mother. 
C) Sister. 
D) Cousin.

Question 9

A taxpayer filing separately must show the name,address,and social security number of the spouse on the tax return.

Accepted Answer

A) True 
 B)False

Question 10

What is the simplest tax return form a taxpayer should file if he or she has only $41,000 in wages and is claiming head of household with a dependent child?

Accepted Answer

The simplest tax return form h

Question 11

John forgot to file his tax return by April 15.He did not file an extension.John finally filed his tax return on June 30 and had a remaining tax liability of $1,500.What is John's failure to file penalty? Assume he made all his payments on time.

Accepted Answer

A) $300. 
B) $225. 
C) $233. 
D) $375. 
A) $300. 
B) $225. 
C) $233. 
D) $375.

Question 12

A couple who is legally married on the last day of the tax year cannot file married filing separately.

Accepted Answer

A) True 
 B)False

Question 13

To be claimed as a dependent,a person must be a qualifying child or a qualifying relative.

Accepted Answer

A) True 
 B)False

Question 14

The federal individual income tax returns are the 1040ES,1040A and 1040.

Accepted Answer

A) True 
 B)False

Question 15

To be a qualifying relative,the taxpayer must meet three general tests and four specific tests.Which one is part of the four specific tests?

Accepted Answer

A) Age test. 
B) Gross income test. 
C) Residency test. 
D) Citizen or resident test. 
A) Age test. 
B) Gross income test. 
C) Residency test. 
D) Citizen or resident test.

Question 16

The basic standard deduction in 2016 for a Head of Household taxpayer who is 41 years old and not blind is:

Accepted Answer

A) $9,300. 
B) $12,600. 
C) $7,850. 
D) $6,300. 
A) $9,300. 
B) $12,600. 
C) $7,850. 
D) $6,300.

Question 17

The personal exemption for 2016 is $4,050.

Accepted Answer

A) True 
 B)False

Question 18

The failure to file penalty is ________ of the tax shown on the return for each month or fraction of a month)the tax return is not filed,up to a maximum of 25%.

Accepted Answer

A) 5)5% 
B) 5)0% 
C) 0)25% 
D) 0)5% 
A) 5)5% 
B) 5)0% 
C) 0)25% 
D) 0)5%

Question 19

What is the limit on the social security amount for 2016?

Accepted Answer

A) $118,500. 
B) $113,700. 
C) $117,000. 
D) $110,100. 
A) $118,500. 
B) $113,700. 
C) $117,000. 
D) $110,100.

Question 20

In 2016,the additional standard deduction for a single taxpayer,who is 65 or older and not blind,is $1,200.

Accepted Answer

A) True 
 B)False

A taxpayer can deduct aan)amount from AGI for each dependent.

Can the taxpayer avoid the failure to pay on time penalty by just filing an automatic extension to file his or her tax return?

The exemption amount is subject to annual adjustment for inflation.

The basic standard deduction in 2016 for a taxpayer,67 and not blind,filing head of household is:

A taxpayer can claim a dependency exemption if the person is a qualifying child or a qualifying relative and the person meets three tests.List the three tests this person must meet.

What qualifications are necessary to file as qualifying widower)?

If a married couple files separate returns and one of them itemizes,the other spouse must also itemize.

For a qualifying relative to be claimed as a dependent,this person must either be related to the taxpayer,or be a member of the taxpayer's household for the entire year.Select the relative who must be part of the taxpayer's household for the entire year.

A taxpayer filing separately must show the name,address,and social security number of the spouse on the tax return.

What is the simplest tax return form a taxpayer should file if he or she has only $41,000 in wages and is claiming head of household with a dependent child?

John forgot to file his tax return by April 15.He did not file an extension.John finally filed his tax return on June 30 and had a remaining tax liability of $1,500.What is John's failure to file penalty? Assume he made all his payments on time.

A couple who is legally married on the last day of the tax year cannot file married filing separately.

To be claimed as a dependent,a person must be a qualifying child or a qualifying relative.

The federal individual income tax returns are the 1040ES,1040A and 1040.

To be a qualifying relative,the taxpayer must meet three general tests and four specific tests.Which one is part of the four specific tests?

The basic standard deduction in 2016 for a Head of Household taxpayer who is 41 years old and not blind is:

The personal exemption for 2016 is $4,050.

The failure to file penalty is ________ of the tax shown on the return for each month or fraction of a month)the tax return is not filed,up to a maximum of 25%.

What is the limit on the social security amount for 2016?

In 2016,the additional standard deduction for a single taxpayer,who is 65 or older and not blind,is $1,200.

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

A taxpayer can deduct aan)amount from AGI for each dependent.

Can the taxpayer avoid the failure to pay on time penalty by just filing an automatic extension to file his or her tax return?

The exemption amount is subject to annual adjustment for inflation.

The basic standard deduction in 2016 for a taxpayer,67 and not blind,filing head of household is:

A taxpayer can claim a dependency exemption if the person is a qualifying child or a qualifying relative and the person meets three tests.List the three tests this person must meet.

What qualifications are necessary to file as qualifying widower)?

If a married couple files separate returns and one of them itemizes,the other spouse must also itemize.

For a qualifying relative to be claimed as a dependent,this person must either be related to the taxpayer,or be a member of the taxpayer's household for the entire year.Select the relative who must be part of the taxpayer's household for the entire year.

A taxpayer filing separately must show the name,address,and social security number of the spouse on the tax return.

What is the simplest tax return form a taxpayer should file if he or she has only $41,000 in wages and is claiming head of household with a dependent child?

John forgot to file his tax return by April 15.He did not file an extension.John finally filed his tax return on June 30 and had a remaining tax liability of $1,500.What is John's failure to file penalty? Assume he made all his payments on time.

A couple who is legally married on the last day of the tax year cannot file married filing separately.

To be claimed as a dependent,a person must be a qualifying child or a qualifying relative.

The federal individual income tax returns are the 1040ES,1040A and 1040.

To be a qualifying relative,the taxpayer must meet three general tests and four specific tests.Which one is part of the four specific tests?

The basic standard deduction in 2016 for a Head of Household taxpayer who is 41 years old and not blind is:

The personal exemption for 2016 is $4,050.

The failure to file penalty is ________ of the tax shown on the return for each month or fraction of a month)the tax return is not filed,up to a maximum of 25%.

What is the limit on the social security amount for 2016?

In 2016,the additional standard deduction for a single taxpayer,who is 65 or older and not blind,is $1,200.

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