Question 1

In 2015, 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

Question 2

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.

Accepted Answer

A)  $16,216. 
B)  $13,136. 
C)  $16,306. 
D) $16,398 
A)  $16,216. 
B)  $13,136. 
C)  $16,306. 
D) $16,398

Question 3

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2015?

Accepted Answer

A)  $8,000. 
B)  $9,250. 
C)  $4,000. 
D) $12,600. 
A)  $8,000. 
B)  $9,250. 
C)  $4,000. 
D) $12,600.

Question 4

Robert, Fred and Lucas are supporting their mother who lives in a separate apartment. Their contributions towards her support are 10%, 40% and 50%, respectively. In a multiple support agreement, who would be entitled to claim the mother as a dependent?

Accepted Answer

A)  Robert. 
B)  Fred or Lucas. 
C)  Robert, Fred or Lucas. 
D) None of these. 
A)  Robert. 
B)  Fred or Lucas. 
C)  Robert, Fred or Lucas. 
D) None of these.

Question 5

The basic standard deduction in 2015 for a single taxpayer, under 65 and not blind, is:

Accepted Answer

A)  $6,200. 
B)  $3,950. 
C)  $9,250. 
D) $6,300. 
A)  $6,200. 
B)  $3,950. 
C)  $9,250. 
D) $6,300.

Question 6

Can Albert, who is a full-time student and earns $1,575 working as a clerk, claim an exemption for himself on his tax return? Assume his parents are claiming him as a dependent.

Accepted Answer

No. If a taxpayer is claimed a

Question 7

What is the amount of the tax liability for a qualifying widow(er) with a dependent child and having taxable income of $121,600? All answers should be rounded to the nearest dollar.

Accepted Answer

A)  $25,234. 
B)  $21,988. 
C)  $30,400. 
D) $27,665. 
A)  $25,234. 
B)  $21,988. 
C)  $30,400. 
D) $27,665.

Question 8

The amount of the standard deduction increases for people who are age 62 and have retired.

Accepted Answer

A) True 
 B)False

Question 9

George is 21 years of age and a full-time student living with his parents. He had wages of $1,375 ($140 of income tax withholding) for 2015. Can George claim his exemption on his return even though his parents will claim him as a dependent on their tax return?

Accepted Answer

A)  No, George cannot claim the exemption. 
B)  George and his parents can both claim the exemption. 
C)  No one can claim the exemption for George. 
D) Yes, George can claim the exemption. 
A)  No, George cannot claim the exemption. 
B)  George and his parents can both claim the exemption. 
C)  No one can claim the exemption for George. 
D) Yes, George can claim the exemption.

Question 10

Ed's parents can claim him as a dependent on their tax return. In 2015, his only source of income was $1,050 of interest income received from Global Bank. What is Ed's standard deduction?

Accepted Answer

A)  $1,050. 
B)  $1,000. 
C)  $4,000. 
D) $350. 
A)  $1,050. 
B)  $1,000. 
C)  $4,000. 
D) $350.

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

Question 12

A head of household taxpayer with a dependent child had wages of $47,200. Which is the simplest form this person can file?

Accepted Answer

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

Question 13

What qualifications are necessary to file as qualifying widow(er)?

Accepted Answer

The qualifications necessary to file as

Question 14

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

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 not part of the three general tests?

Accepted Answer

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

Question 16

The IRS can impose a 75% penalty on any portion of understatement of tax that is attributable to negligence.
The penalty attributable to negligence is 20%.

Accepted Answer

A) True 
 B)False

Question 17

What does the withholding amount on a taxable payment made to the taxpayer represent?

Accepted Answer

The withheld amount represents an estima

Question 18

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.

Accepted Answer

A)  $9,625. 
B)  $9,754. 
C)  $8,295. 
D) $9,681. 
A)  $9,625. 
B)  $9,754. 
C)  $8,295. 
D) $9,681.

Question 19

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

Question 20

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)  $38,375. 
B)  $30,032. 
C)  $30,233. 
D) $29,963. 
A)  $38,375. 
B)  $30,032. 
C)  $30,233. 
D) $29,963.

In 2015, the additional standard deduction for a single taxpayer, who is 65 or older and not blind, is $1,200.

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.

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2015?

Robert, Fred and Lucas are supporting their mother who lives in a separate apartment. Their contributions towards her support are 10%, 40% and 50%, respectively. In a multiple support agreement, who would be entitled to claim the mother as a dependent?

The basic standard deduction in 2015 for a single taxpayer, under 65 and not blind, is:

Can Albert, who is a full-time student and earns $1,575 working as a clerk, claim an exemption for himself on his tax return? Assume his parents are claiming him as a dependent.

What is the amount of the tax liability for a qualifying widow(er) with a dependent child and having taxable income of $121,600? All answers should be rounded to the nearest dollar.

The amount of the standard deduction increases for people who are age 62 and have retired.

George is 21 years of age and a full-time student living with his parents. He had wages of $1,375 ($140 of income tax withholding) for 2015. Can George claim his exemption on his return even though his parents will claim him as a dependent on their tax return?

Ed's parents can claim him as a dependent on their tax return. In 2015, his only source of income was $1,050 of interest income received from Global Bank. What is Ed's standard deduction?

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

A head of household taxpayer with a dependent child had wages of $47,200. Which is the simplest form this person can file?

What qualifications are necessary to file as qualifying widow(er)?

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

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

The IRS can impose a 75% penalty on any portion of understatement of tax that is attributable to negligence. The penalty attributable to negligence is 20%.

What does the withholding amount on a taxable payment made to the taxpayer represent?

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.

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

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, Income From Flow-Through Entities

Tax Credits

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

In 2015, the additional standard deduction for a single taxpayer, who is 65 or older and not blind, is $1,200.

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.

What is the total amount of personal exemptions a taxpayer and spouse can claim for 2015?

Robert, Fred and Lucas are supporting their mother who lives in a separate apartment. Their contributions towards her support are 10%, 40% and 50%, respectively. In a multiple support agreement, who would be entitled to claim the mother as a dependent?

The basic standard deduction in 2015 for a single taxpayer, under 65 and not blind, is:

Can Albert, who is a full-time student and earns $1,575 working as a clerk, claim an exemption for himself on his tax return? Assume his parents are claiming him as a dependent.

What is the amount of the tax liability for a qualifying widow(er) with a dependent child and having taxable income of $121,600? All answers should be rounded to the nearest dollar.

The amount of the standard deduction increases for people who are age 62 and have retired.

George is 21 years of age and a full-time student living with his parents. He had wages of $1,375 ($140 of income tax withholding) for 2015. Can George claim his exemption on his return even though his parents will claim him as a dependent on their tax return?

Ed's parents can claim him as a dependent on their tax return. In 2015, his only source of income was $1,050 of interest income received from Global Bank. What is Ed's standard deduction?

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

A head of household taxpayer with a dependent child had wages of $47,200. Which is the simplest form this person can file?

What qualifications are necessary to file as qualifying widow(er)?

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

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

The IRS can impose a 75% penalty on any portion of understatement of tax that is attributable to negligence. The penalty attributable to negligence is 20%.

What does the withholding amount on a taxable payment made to the taxpayer represent?

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.

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

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, Income From Flow-Through Entities

Tax Credits

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