Question 1

Which of the following items would not be considered as support for a dependency exemption?

Accepted Answer

A) life insurance premiums. 
B) food. 
C) medical and dental care. 
D) shelter. 
A) life insurance premiums. 
B) food. 
C) medical and dental care. 
D) shelter.

Question 2

The basic standard deduction in 2016 for a taxpayer,69 and not blind,filing head of household is:

Accepted Answer

A) $10,850. 
B) $9,300. 
C) $10,300. 
D) $6,300. 
A) $10,850. 
B) $9,300. 
C) $10,300. 
D) $6,300.

Question 3

What was the amount of the personal exemption for 2016?

Accepted Answer

A) $3,975. 
B) $4,050. 
C) $4,000. 
D) $3,900. 
A) $3,975. 
B) $4,050. 
C) $4,000. 
D) $3,900.

Question 4

Why is the concept of "Adjusted Gross Income AGI)" important?

Accepted Answer

The concept of "Adjusted Gross Income AG

Question 5

The IRS can impose a ________ penalty on any portion of understatement of tax that is attributable to fraud.

Accepted Answer

A) 75% 
B) 5% 
C) 20% 
D) 25% 
A) 75% 
B) 5% 
C) 20% 
D) 25%

Question 6

Jane,Joseph and John are supporting their father who lives in a separate apartment.Their contribution towards his support is 10%,35% and 55%,respectively.In a multiple support agreement,who would be entitled to claim the father as a dependent?

Accepted Answer

A) Joseph or John. 
B) Jane,Joseph or John. 
C) Jane. 
D) None of these. 
A) Joseph or John. 
B) Jane,Joseph or John. 
C) Jane. 
D) None of these.

Question 7

What is the amount of the personal and dependency exemption for 2016?

Accepted Answer

A) $3,975. 
B) $6,300. 
C) $4,050. 
D) $4,000. 
A) $3,975. 
B) $6,300. 
C) $4,050. 
D) $4,000.

Question 8

Marital status of a taxpayer is determined on the last day of the tax year.

Accepted Answer

A) True 
 B)False

Question 9

What is the amount of the tax liability for a single person having taxable income of $55,300? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

Accepted Answer

A) $9,603. 
B) $8,295. 
C) $9,754. 
D) $9,681. 
A) $9,603. 
B) $8,295. 
C) $9,754. 
D) $9,681.

Question 10

What is the amount of the tax liability for a married couple having taxable income of $153,500? All answers should be rounded to the nearest dollar.

Accepted Answer

A) $30,233. 
B) $29,966. 
C) $38,375. 
D) $30,032. 
A) $30,233. 
B) $29,966. 
C) $38,375. 
D) $30,032.

Question 11

The taxpayer must provide over of the qualifying relative's support to be able to claim a dependency exemption.

Accepted Answer

A) 49% 
B) 51% 
C) 75% 
D) 50% 
A) 49% 
B) 51% 
C) 75% 
D) 50%

Question 12

What is the amount of the tax liability for a head of household person having taxable income of $87,573? All answers should be rounded to the nearest dollar.
Use the appropriate Tax Tables or Tax Rate Schedules.

Accepted Answer

A) $16,398 
B) $16,179. 
C) $16,306. 
D) $16,191. 
A) $16,398 
B) $16,179. 
C) $16,306. 
D) $16,191.

Question 13

The maximum penalty for failure to file a tax return that is not due to fraud is 25%.

Accepted Answer

A) True 
 B)False

Question 14

Many deductions and credits are determined with reference to adjusted gross income AGI).

Accepted Answer

A) True 
 B)False

Question 15

If the taxpayer still owes tax after April 15,the IRS assesses interest based on the remaining amount owed.

Accepted Answer

A) True 
 B)False

Question 16

The basic standard deduction in 2016 for a single taxpayer who is 67 years old and not blind is:

Accepted Answer

A) $1,550. 
B) $6,300. 
C) $7,850. 
D) $7,550. 
A) $1,550. 
B) $6,300. 
C) $7,850. 
D) $7,550.

Question 17

Criminal penalties only apply to:

Accepted Answer

A) Willful failure to file a return and tax evasion. 
B) Careless disregard for tax authority. 
C) Willful failure to file a return. 
D) Tax evasion. 
A) Willful failure to file a return and tax evasion. 
B) Careless disregard for tax authority. 
C) Willful failure to file a return. 
D) Tax evasion.

Question 18

What is the amount of the tax liability for a married person filing a separate return and having taxable income of $115,715? All answers should be rounded to the nearest dollar.

Accepted Answer

A) $26,435. 
B) $25,950. 
C) $25,893. 
D) $32,400. 
A) $26,435. 
B) $25,950. 
C) $25,893. 
D) $32,400.

Question 19

A single taxpayer is 43 years old and has wages only of $16,000.Which is the simplest form this person can file?

Accepted Answer

A) 1040. 
B) 1040ES. 
C) 1040EZ. 
D) 1040A. 
A) 1040. 
B) 1040ES. 
C) 1040EZ. 
D) 1040A.

Question 20

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2016?

Accepted Answer

A) $4,050. 
B) $8,100. 
C) $12,600. 
D) $9,300. 
A) $4,050. 
B) $8,100. 
C) $12,600. 
D) $9,300.

Which of the following items would not be considered as support for a dependency exemption?

The basic standard deduction in 2016 for a taxpayer,69 and not blind,filing head of household is:

What was the amount of the personal exemption for 2016?

Why is the concept of "Adjusted Gross Income AGI)" important?

The IRS can impose a ________ penalty on any portion of understatement of tax that is attributable to fraud.

Jane,Joseph and John are supporting their father who lives in a separate apartment.Their contribution towards his support is 10%,35% and 55%,respectively.In a multiple support agreement,who would be entitled to claim the father as a dependent?

What is the amount of the personal and dependency exemption for 2016?

Marital status of a taxpayer is determined on the last day of the tax year.

What is the amount of the tax liability for a single person having taxable income of $55,300? 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 married couple having taxable income of $153,500? All answers should be rounded to the nearest dollar.

The taxpayer must provide over of the qualifying relative's support to be able to claim a dependency exemption.

What is the amount of the tax liability for a head of household person having taxable income of $87,573? All answers should be rounded to the nearest dollar. Use the appropriate ^Tax^Tablesor ^Tax^Rate^Schedules.

The maximum penalty for failure to file a tax return that is not due to fraud is 25%.

Many deductions and credits are determined with reference to adjusted gross income AGI).

If the taxpayer still owes tax after April 15,the IRS assesses interest based on the remaining amount owed.

The basic standard deduction in 2016 for a single taxpayer who is 67 years old and not blind is:

Criminal penalties only apply to:

What is the amount of the tax liability for a married person filing a separate return and having taxable income of $115,715? All answers should be rounded to the nearest dollar.

A single taxpayer is 43 years old and has wages only of $16,000.Which is the simplest form this person can file?

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2016?

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

Which of the following items would not be considered as support for a dependency exemption?

The basic standard deduction in 2016 for a taxpayer,69 and not blind,filing head of household is:

What was the amount of the personal exemption for 2016?

Why is the concept of "Adjusted Gross Income AGI)" important?

The IRS can impose a ________ penalty on any portion of understatement of tax that is attributable to fraud.

Jane,Joseph and John are supporting their father who lives in a separate apartment.Their contribution towards his support is 10%,35% and 55%,respectively.In a multiple support agreement,who would be entitled to claim the father as a dependent?

What is the amount of the personal and dependency exemption for 2016?

Marital status of a taxpayer is determined on the last day of the tax year.

What is the amount of the tax liability for a single person having taxable income of $55,300? 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 married couple having taxable income of $153,500? All answers should be rounded to the nearest dollar.

The taxpayer must provide over of the qualifying relative's support to be able to claim a dependency exemption.

What is the amount of the tax liability for a head of household person having taxable income of $87,573? All answers should be rounded to the nearest dollar. Use the appropriate Tax Tables or Tax Rate Schedules.

The maximum penalty for failure to file a tax return that is not due to fraud is 25%.

Many deductions and credits are determined with reference to adjusted gross income AGI).

If the taxpayer still owes tax after April 15,the IRS assesses interest based on the remaining amount owed.

The basic standard deduction in 2016 for a single taxpayer who is 67 years old and not blind is:

Criminal penalties only apply to:

What is the amount of the tax liability for a married person filing a separate return and having taxable income of $115,715? All answers should be rounded to the nearest dollar.

A single taxpayer is 43 years old and has wages only of $16,000.Which is the simplest form this person can file?

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2016?

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 single person having taxable income of $55,300? 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 $87,573? All answers should be rounded to the nearest dollar. Use the appropriate ^Tax^Tablesor ^Tax^Rate^Schedules.