Question 1

The Affordable Care Act (ACA)added a Medicare tax of 3.8 percent on net investment income.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is not a test that must be met for a child to be considered a dependent?

Accepted Answer

A) Age test 
B) Domicile test 
C) Citizenship test 
D) Relationship test 
E) Blood test 
A) Age test 
B) Domicile test 
C) Citizenship test 
D) Relationship test 
E) Blood test

Question 3

Distinguish between reporting entities and taxable entities and give examples of each.

Accepted Answer

A partnership is an example of a reporti

Question 4

Married taxpayers may double their standard deduction amount by filing separate returns.

Accepted Answer

A) True 
 B)False

Question 5

If a taxpayer's adjusted gross income exceeds certain threshold amounts,he or she may be required to reduce the amount of the otherwise allowable deductions for itemized deductions and personal and dependency exemptions in 2017.

Accepted Answer

A) True 
 B)False

Question 6

Melissa is a 35-year-old single taxpayer with adjusted gross income of $49,600.She uses the standard deduction and has no dependents.
a.Calculate Melissa's 2017 taxable income.Please show your work.
b.When you calculate Melissa's tax liability,are you required to use the tax tables or the tax rate schedules,or does it matter?
c.What is Melissa's tax liability?

Accepted Answer

a.$39,200 = $49,600 - $6,350 -

Question 7

For taxpayers who do not itemize deductions,the standard deduction amount is subtracted from the taxpayer's adjusted gross income.

Accepted Answer

A) True 
 B)False

Question 8

Amended individual returns are filed on:

Accepted Answer

A) Form 1040X 
B) Form 1120S 
C) Form 1041 
D) Form 1040Amend 
A) Form 1040X 
B) Form 1120S 
C) Form 1041 
D) Form 1040Amend

Question 9

A taxpayer who is living alone and is legally separated from his or her spouse under a separate maintenance decree at year-end should file as single.

Accepted Answer

A) True 
 B)False

Question 10

Madeline is single and supports her 85-year-old parents who live in a senior home paid for by Madeline and have no income.What is Madeline's filing status and why?

Accepted Answer

Head of household.Madeline is single and

Question 11

Norman and Linda are married taxpayers with taxable income of $126,000 in 2017.
a.When you calculate their tax liability are you required to use the tax tables or the tax rate schedules,or does it matter?
b.What is their tax liability?

Accepted Answer

a.Taxpayers with incomes of $1

Question 12

Karen is single and earns wages of $250,000 in 2017.She has no other income.How much is her ACA Medicare tax on earned income?

Accepted Answer

$450 = 0.9

Question 13

Partnership income is reported on:

Accepted Answer

A) Form 1040PTR 
B) Form 1120S 
C) Form 1040X 
D) Form 1065 
A) Form 1040PTR 
B) Form 1120S 
C) Form 1040X 
D) Form 1065

Question 14

An individual,age 22,enrolled on a full-time basis at a trade school,is considered a student for purposes of determining whether a dependency exemption is permitted.

Accepted Answer

A) True 
 B)False

Question 15

Karl's father,Vronsky,is a 60-year-old Russian citizen who lived in Russia for the full year.Karl supported Vronsky while he looked for work.Vronsky had no income.Can Karl claim Vronsky as a dependent?

Accepted Answer

No.Vronsky cannot be claimed a

Question 16

A child for whom a dependency exemption is claimed on the parents' tax return may also claim a personal exemption on his or her own tax return.

Accepted Answer

A) True 
 B)False

Question 17

The two types of exemptions are the personal exemption and the dependency exemption.

Accepted Answer

A) True 
 B)False

Question 18

State two reasons why a person would want to e-file their return instead of mailing it.

Accepted Answer

A return that is e-filed has a smaller e

Question 19

Robert is a single taxpayer who has AGI of $145,000 in 2017;his taxable income is $122,000.What is his federal tax liability for 2017?

Accepted Answer

A) $12,600.00 
B) $27,196.75 
C) $27,141.75 
D) $33,671.25 
E) $34,160.00 
A) $12,600.00 
B) $27,196.75 
C) $27,141.75 
D) $33,671.25 
E) $34,160.00

Question 20

List if a form is used for an individual,a corporation,or a partnership tax return.
a.Form 1065
b.Schedule A,Itemized Deductions
c.Form 1040
d.Form 1120
e.Schedule B,Interest and Dividends

Accepted Answer

a.Partnership
b.Indi

The Affordable Care Act (ACA)added a Medicare tax of 3.8 percent on net investment income.

Which of the following is not a test that must be met for a child to be considered a dependent?

Distinguish between reporting entities and taxable entities and give examples of each.

Married taxpayers may double their standard deduction amount by filing separate returns.

If a taxpayer's adjusted gross income exceeds certain threshold amounts,he or she may be required to reduce the amount of the otherwise allowable deductions for itemized deductions and personal and dependency exemptions in 2017.

For taxpayers who do not itemize deductions,the standard deduction amount is subtracted from the taxpayer's adjusted gross income.

Amended individual returns are filed on:

A taxpayer who is living alone and is legally separated from his or her spouse under a separate maintenance decree at year-end should file as single.

Madeline is single and supports her 85-year-old parents who live in a senior home paid for by Madeline and have no income.What is Madeline's filing status and why?

Norman and Linda are married taxpayers with taxable income of $126,000 in 2017. a.When you calculate their tax liability are you required to use the tax tables or the tax rate schedules,or does it matter? b.What is their tax liability?

Karen is single and earns wages of $250,000 in 2017.She has no other income.How much is her ACA Medicare tax on earned income?

Partnership income is reported on:

An individual,age 22,enrolled on a full-time basis at a trade school,is considered a student for purposes of determining whether a dependency exemption is permitted.

Karl's father,Vronsky,is a 60-year-old Russian citizen who lived in Russia for the full year.Karl supported Vronsky while he looked for work.Vronsky had no income.Can Karl claim Vronsky as a dependent?

A child for whom a dependency exemption is claimed on the parents' tax return may also claim a personal exemption on his or her own tax return.

The two types of exemptions are the personal exemption and the dependency exemption.

State two reasons why a person would want to e-file their return instead of mailing it.

Robert is a single taxpayer who has AGI of $145,000 in 2017;his taxable income is $122,000.What is his federal tax liability for 2017?

List if a form is used for an individual,a corporation,or a partnership tax return. a.Form 1065 b.Schedule A,Itemized Deductions c.Form 1040 d.Form 1120 e.Schedule B,Interest and Dividends

Gross Income and Exclusions

Business Income and Expenses Part I

Business Income and Expenses Part II

Itemized Deductions and Other Incentives

Credits and Special Taxes

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 1: The Individual Income Tax Return

The Affordable Care Act (ACA)added a Medicare tax of 3.8 percent on net investment income.

Which of the following is not a test that must be met for a child to be considered a dependent?

Distinguish between reporting entities and taxable entities and give examples of each.

Married taxpayers may double their standard deduction amount by filing separate returns.

If a taxpayer's adjusted gross income exceeds certain threshold amounts,he or she may be required to reduce the amount of the otherwise allowable deductions for itemized deductions and personal and dependency exemptions in 2017.

For taxpayers who do not itemize deductions,the standard deduction amount is subtracted from the taxpayer's adjusted gross income.

Amended individual returns are filed on:

A taxpayer who is living alone and is legally separated from his or her spouse under a separate maintenance decree at year-end should file as single.

Madeline is single and supports her 85-year-old parents who live in a senior home paid for by Madeline and have no income.What is Madeline's filing status and why?

Norman and Linda are married taxpayers with taxable income of $126,000 in 2017. a.When you calculate their tax liability are you required to use the tax tables or the tax rate schedules,or does it matter? b.What is their tax liability?

Karen is single and earns wages of $250,000 in 2017.She has no other income.How much is her ACA Medicare tax on earned income?

Partnership income is reported on:

An individual,age 22,enrolled on a full-time basis at a trade school,is considered a student for purposes of determining whether a dependency exemption is permitted.

Karl's father,Vronsky,is a 60-year-old Russian citizen who lived in Russia for the full year.Karl supported Vronsky while he looked for work.Vronsky had no income.Can Karl claim Vronsky as a dependent?

A child for whom a dependency exemption is claimed on the parents' tax return may also claim a personal exemption on his or her own tax return.

The two types of exemptions are the personal exemption and the dependency exemption.

State two reasons why a person would want to e-file their return instead of mailing it.

Robert is a single taxpayer who has AGI of $145,000 in 2017;his taxable income is $122,000.What is his federal tax liability for 2017?

List if a form is used for an individual,a corporation,or a partnership tax return. a.Form 1065 b.Schedule A,Itemized Deductions c.Form 1040 d.Form 1120 e.Schedule B,Interest and Dividends

Gross Income and Exclusions

Business Income and Expenses Part I

Business Income and Expenses Part II

Itemized Deductions and Other Incentives

Credits and Special Taxes

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