Question 1

The foreign tax credit applies only to foreign corporations.

Accepted Answer

A) True 
 B)False

Question 2

Jessica and Robert have two young children.They have $7,000 of qualified child care expenses and an AGI of $22,000 in 2017.What is their allowable child and dependent care credit?

Accepted Answer

A) $1,860 
B) $1,920 
C) $2,000 
D) $6,000 
E) $7,000 
A) $1,860 
B) $1,920 
C) $2,000 
D) $6,000 
E) $7,000

Question 3

Keith has a 2017 tax liability of $2,250 before taking into account his American Opportunity tax credit.He paid $2,600 in qualifying expenses,was a full-time student,was not claimed as a dependent on his parents' return,and his American Opportunity tax credit was not subject to phase-out.What is the amount of his American Opportunity tax credit allowed?

Accepted Answer

A) $0 
B) $2,150 
C) $2,250 
D) $2,600 
E) $4,000 
A) $0 
B) $2,150 
C) $2,250 
D) $2,600 
E) $4,000

Question 4

Household income for purpose of the premium tax credit includes all of the following except:

Accepted Answer

A) AGI of the taxpayer 
B) AGI of the taxpayer's dependents if required to file a return 
C) Any tax-exempt income 
D) Nontaxable Social Security benefits 
E) All of the above are included in household income 
A) AGI of the taxpayer 
B) AGI of the taxpayer's dependents if required to file a return 
C) Any tax-exempt income 
D) Nontaxable Social Security benefits 
E) All of the above are included in household income

Question 5

The child and dependent care provisions:

Accepted Answer

A) Apply only to children under age 15. 
B) Are available only to single parents. 
C) Are available for the care of spouses incapable of self-care. 
D) Are allowed only for taxpayers earning less than $43,000. 
A) Apply only to children under age 15. 
B) Are available only to single parents. 
C) Are available for the care of spouses incapable of self-care. 
D) Are allowed only for taxpayers earning less than $43,000.

Question 6

Curly and Rita are married,file a joint return,and have two dependent children,ages 11 and 13.Their AGI is $117,000.By how much is their child credit reduced in 2017?

Accepted Answer

A) $0 
B) $300 
C) $350 
D) $700 
E) $7,000 
A) $0 
B) $300 
C) $350 
D) $700 
E) $7,000

Question 7

Unearned income of a 16-year-old child may be taxed at his or her parents' income tax rate.

Accepted Answer

A) True 
 B)False

Question 8

After raising two children,Anh,a single 48 year old,decided to go to college to get a degree.She spent two years in community college and earned an Associates degree.In 2017,she is enrolled half-time at State University to earn a Bachelor's degree in Accounting and also works part-time.Anh is eligible for the American Opportunities tax credit.

Accepted Answer

A) True 
 B)False

The foreign tax credit applies only to foreign corporations.

Jessica and Robert have two young children.They have $7,000 of qualified child care expenses and an AGI of $22,000 in 2017.What is their allowable child and dependent care credit?

Household income for purpose of the premium tax credit includes all of the following except:

The child and dependent care provisions:

Curly and Rita are married,file a joint return,and have two dependent children,ages 11 and 13.Their AGI is $117,000.By how much is their child credit reduced in 2017?

Unearned income of a 16-year-old child may be taxed at his or her parents' income tax rate.

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

The foreign tax credit applies only to foreign corporations.

Jessica and Robert have two young children.They have $7,000 of qualified child care expenses and an AGI of $22,000 in 2017.What is their allowable child and dependent care credit?

Household income for purpose of the premium tax credit includes all of the following except:

The child and dependent care provisions:

Curly and Rita are married,file a joint return,and have two dependent children,ages 11 and 13.Their AGI is $117,000.By how much is their child credit reduced in 2017?

Unearned income of a 16-year-old child may be taxed at his or her parents' income tax rate.

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