Exam 1: The Individual Income Tax Return

Depending on the amounts of income and other tax information,some individuals may report their income on:

Your standard deduction will be $6,350 in 2017 if you are:

Curt and Linda were married on December 31 of the prior year.What are their options for filing status for their prior year taxes?

Jessica,a 17-year-old guitarist in a successful band,earns $100,000 a year and is completely self-supporting although she lives with her parents.Can her parents claim her as a dependent? Why or why not?

Mark a "Yes" to each of the following if it is an objective of the tax code.Otherwise mark with a "No." a.To provide a car to each American. b.To promote giving to charities. c.To encourage taxpayers to send their children to college. d.To raise money to operate the government. e.To promote the use of solar energy.

If your spouse dies during the tax year and you do not remarry,you must file as single for the year of death.

Alan,whose wife died in 2015,filed a joint tax return for 2015.He did not remarry and continues to maintain his home in which his four dependent children live.In the preparation of his tax return for 2017,Alan should file as:

The 3.8 percent ACA Medicare tax does not apply to:

Taxpayers can download tax forms from the IRS Internet site.

An individual is a head of household.What is her standard deduction?

A dependent child with earned income in excess of the available standard deduction amount must file a tax return.

A dependency exemption may be claimed by the supporting taxpayer in the year of death of a dependent.

Taxpayers with self-employment income of $400 or more must file a tax return.

William is a divorced taxpayer who provides a home for his dependent child,Edward.What filing status should William indicate on his tax return?

Partnership capital gains and losses are allocated separately to each of the partners.

Mike purchased stock in MDH Corporation 5 years ago for $15,500.This year he sold it for $12,650 and then paid a $250 sales commission to his broker.He had no other capital gains or losses during the year. a.What is Mike's amount realized? b.What is Mike's adjusted basis? c.What is Mike's realized gain or loss? d.What is Mike's recognized gain or loss? e.How much of the gain or loss can Mike report in his tax return?

John,45 years old and unmarried,contributed $1,000 monthly in 2017 to the support of his parents' household.The parents lived alone and their income for 2017 consisted of $500 from dividends and interest.What is John's filing status and how many exemptions should he claim on his 2017 tax return?

Internet users can sign on to http://www.irs.gov/ and:

Match the letter of the filing status to the taxpayers below. Items may be used more than once. -The unmarried taxpayer supports his dependent mother,who lives next door in a separate apartment.

Most states are community property states.