Exam 6: Credits and Special Taxes

Fletch and Cammie Gates are married with three dependent children and household income of $51,192 in 2017.The Gates purchased health care insurance on their state's exchange for total premiums of $6,800.A designated silver plan for their family in their state costs $9,700.Calculate the Gates' premium tax credit.

(Essay)

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Question 61

To qualify for the additional child tax credit

(Multiple Choice)

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Question 62

Which of the following is true of the alternative minimum tax?

(Multiple Choice)

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Question 63

For all taxpayers,except those married filing separately,the individual alternative minimum tax rate for 2017 is 26 percent on the first $187,800 of income and 20 percent on income above $187,800.

(True/False)

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Question 64

Which one of the following taxpayers qualify for the earned income credit in 2017?

(Multiple Choice)

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Question 65

Phillip and Naydeen Rivers are married with two dependent children.The family has household income of $38,900 in 2017.They paid $11,000 for health care for the year through the health care exchange.A designated silver plan would have cost $9,800.What is the Rivers' premium tax credit?

(Multiple Choice)

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Question 66

Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have given her to save for college.What are the options Karen has for filing her tax return?

(Multiple Choice)

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Question 67

Dan and Maureen file a joint income tax return for 2017.They have two dependent children,ages 7 and 9.Together they earn wages of $152,000.They also receive taxable interest income of $8,000 and interest on City of Los Angeles bonds of $12,000.During 2017,they received a state income tax refund of $3,000 relating to their 2016 state income tax return on which they itemized deductions.Their expenses for the year consist of the following: Calculate Dan and Maureen's tentative minimum tax liability assuming an AMT exemption amount of $84,500,before any phase-outs.Show your calculations.

(Essay)

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Question 68

Caprice is a single 42-year-old with income of $12,000 in 2017.She lacked minimum essential coverage for 7 months in 2017.What is her individual shared responsibility payment amount?

(Multiple Choice)

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Question 69

Jeff and Geri are married and have AGI of $95,000 and three young children.Geri pays $6,000 a year to day care providers so she can teach a yoga class and do household errands.Geri earns $5,000 teaching the yoga class.How much child and dependent care credit can Jeff and Geri claim? Why?

(Essay)

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Question 70

A parent may elect to include a child's income in the parent's return if:

(Multiple Choice)

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Question 71

Jeff is a stay-at-home father who earns $600 from odd jobs and takes care of his daughter.His wife,Michelle,is the bread-winner and brings in $60,000 of income a year.In addition to the care provided by Jeff,Michelle pays $4,500 in child care. In the current year,how much are Jeff and Michelle's qualifying expenses for the child and dependent care credit?

(Essay)

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Question 72

Assume Alan's parents make gifts of $10,000 to him every year starting at age one,Alan's parents are in the 35 percent income tax bracket,and Alan is now 15 years old and has $11,700 of interest income for 2017. a.Calculate the tax on Alan's interest income. b.Explain why the "kiddie tax" rules are in the law.

(Essay)

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Question 73

The child tax credit is not available for children ages 17 and older.

(True/False)

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Question 74

Choose the correct statement:

(Multiple Choice)

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Question 75

In calculating the individual AMT,the tentative minimum tax liability may not exceed the regular tax liability of the taxpayer.

(True/False)

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Question 76

In determining the amount of the child and dependent care credit,there is a limit of $2,000 on the amount of qualified expenses for one dependent.

(True/False)

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Question 77

What is the purpose of the alternative minimum tax?

(Essay)

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Question 78

Salary earned by minors may be taxed at their parents' tax rate.

(True/False)

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Question 79

The earned income credit:

(Multiple Choice)

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Question 80

Showing 61 - 80 of 108

To qualify for the additional child tax credit

Which of the following is true of the alternative minimum tax?

For all taxpayers,except those married filing separately,the individual alternative minimum tax rate for 2017 is 26 percent on the first $187,800 of income and 20 percent on income above $187,800.

Which one of the following taxpayers qualify for the earned income credit in 2017?

Phillip and Naydeen Rivers are married with two dependent children.The family has household income of $38,900 in 2017.They paid $11,000 for health care for the year through the health care exchange.A designated silver plan would have cost $9,800.What is the Rivers' premium tax credit?

Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have given her to save for college.What are the options Karen has for filing her tax return?

Caprice is a single 42-year-old with income of $12,000 in 2017.She lacked minimum essential coverage for 7 months in 2017.What is her individual shared responsibility payment amount?

Jeff and Geri are married and have AGI of $95,000 and three young children.Geri pays $6,000 a year to day care providers so she can teach a yoga class and do household errands.Geri earns $5,000 teaching the yoga class.How much child and dependent care credit can Jeff and Geri claim? Why?

A parent may elect to include a child's income in the parent's return if:

The child tax credit is not available for children ages 17 and older.

Choose the correct statement:

In calculating the individual AMT,the tentative minimum tax liability may not exceed the regular tax liability of the taxpayer.

In determining the amount of the child and dependent care credit,there is a limit of $2,000 on the amount of qualified expenses for one dependent.

What is the purpose of the alternative minimum tax?

Salary earned by minors may be taxed at their parents' tax rate.

The earned income credit:

The Individual Income Tax Return

Gross Income and Exclusions

Business Income and Expenses Part I

Business Income and Expenses Part II

Itemized Deductions and Other Incentives

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 6: Credits and Special Taxes

​To qualify for the additional child tax credit

Which of the following is true of the alternative minimum tax?

For all taxpayers,except those married filing separately,the individual alternative minimum tax rate for 2017 is 26 percent on the first $187,800 of income and 20 percent on income above $187,800.

Which one of the following taxpayers qualify for the earned income credit in 2017?

Phillip and Naydeen Rivers are married with two dependent children.The family has household income of $38,900 in 2017.They paid $11,000 for health care for the year through the health care exchange.A designated silver plan would have cost $9,800.What is the Rivers' premium tax credit?

Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have given her to save for college.What are the options Karen has for filing her tax return?

Caprice is a single 42-year-old with income of $12,000 in 2017.She lacked minimum essential coverage for 7 months in 2017.What is her individual shared responsibility payment amount?

Jeff and Geri are married and have AGI of $95,000 and three young children.Geri pays $6,000 a year to day care providers so she can teach a yoga class and do household errands.Geri earns $5,000 teaching the yoga class.How much child and dependent care credit can Jeff and Geri claim? Why?

A parent may elect to include a child's income in the parent's return if:

The child tax credit is not available for children ages 17 and older.

Choose the correct statement: ​

In calculating the individual AMT,the tentative minimum tax liability may not exceed the regular tax liability of the taxpayer.

In determining the amount of the child and dependent care credit,there is a limit of $2,000 on the amount of qualified expenses for one dependent.

What is the purpose of the alternative minimum tax?

Salary earned by minors may be taxed at their parents' tax rate.

The earned income credit:

The Individual Income Tax Return

Gross Income and Exclusions

Business Income and Expenses Part I

Business Income and Expenses Part II

Itemized Deductions and Other Incentives

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

To qualify for the additional child tax credit

Choose the correct statement: