Question 1

During 2016, Esther had the following transactions:
Esther's AGI is:

Accepted Answer

A)  $62,000.
B)  $64,000.
C)  $67,000.
D)  $102,000.
E)  $104,000.F) B) and D)
G) C) and D)

Question 2

Sarah furnishes more than 50% of the support of her son and daughter-in-law who live with her. If the son and daughter-in-law file a joint return, Sarah cannot claim them as dependents.

Accepted Answer

A) True 
 B)False

Question 3

A qualifying child cannot include:

Accepted Answer

A)  A nonresident alien.
B)  A married son who files a joint return.
C)  A daughter who is away at college.
D)  A brother who is 28 years of age and disabled.
E)  A grandmother.F) A) and B)
G) B) and E)

Question 4

Benjamin, age 16, is claimed as a dependent by his parents. During 2016, he earned $850 at a car wash. Benjamin's standard deduction is $1,400 ($1,050 + $350).

Accepted Answer

A) True 
 B)False

Question 5

A child who is married cannot be subject to the kiddie tax.

Accepted Answer

A) True 
 B)False

Question 6

The basic and additional standard deductions both are subject to an annual adjustment for inflation.

Accepted Answer

A) True 
 B)False

Question 7

Dan and Donna are husband and wife and file separate returns for the year. If Dan itemizes his deductions from AGI, Donna cannot claim the standard deduction.

Accepted Answer

A) True 
 B)False

Question 8

A child who has unearned income of $2,100 or less cannot be subject to the kiddie tax.

Accepted Answer

A) True 
 B)False

Question 9

In January 2016, Jake's wife dies and he does not remarry. For tax year 2016, Jake may not be able to use the filing status available to married persons filing joint returns.

Accepted Answer

A) True 
 B)False

Question 10

Match the statements that relate to each other. Note: Choice l. may be used more than once.
-Kiddie tax applies

Accepted Answer

A)  Not available to 65-year old taxpayer who itemizes.
B)  Exception for U.S. citizenship or residency test (for dependency exemption purposes) .
C)  Largest basic standard deduction available to a dependent who has no earned income.
D)  Considered for dependency exemption purposes.
E)  Qualifies for head of household filing status.F) A child (age 15)  who is a dependent and has only earned income.G) Considered in applying gross income test (for dependency exemption purposes) .H) Not considered in applying the gross income test (for dependency exemption purposes) .I) Unmarried taxpayer who can use the same tax rates as married persons filing jointly.J) Exception to the support test (for dependency exemption purposes) .K) A child (age 16)  who is a dependent and has only unearned income of $4,500.L) No correct match provided.M) G) and J)
N) D) and L)

Question 11

Emily had the following transactions during 2016:
What is Emily's AGI for 2016?

Accepted Answer

$100,000. $90,000 (salary) + $5,000 (int...

Question 12

Match the statements that relate to each other. Note: Choice l. may be used more than once.
-Tax Rate Schedule

Accepted Answer

A)  Available to a 70-year-old father claimed as a dependent by his son.
B)  Equal to tax liability divided by taxable income.
C)  The highest income tax rate applicable to a taxpayer.
D)  Not eligible for the standard deduction.
E)  No one qualified taxpayer meets the support test.F) Taxpayer's ex-husband does not qualify.G) A dependent child (age 18)  who has only unearned income.H) Highest applicable rate is 39.6%.I) Applicable rate could be as low as 0%.J) Maximum rate is 28%.K) Income from foreign sources is not subject to tax.L) No correct match provided.M) D) and K)
N) A) and B)

Question 13

In applying the gross income test in the case of dependents that are married, could the application of community property laws have any effect? Explain.

Accepted Answer

Most often, the application of community...

Question 14

When filing their Federal income tax returns, the Youngs always claimed the standard deduction. After they purchased a home, however, they started to itemize their deductions from AGI.
a.Explain the reason for the change.
b.​Suppose they purchased the home in November 2015, but did not start itemizing until tax year 2016. Why the delay as to itemizing?

Accepted Answer

The answer of When filing their Federal income tax returns,...

Question 15

Tony, age 15, is claimed as a dependent by his grandmother. During 2016, Tony had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $800. Tony's taxable income is:

Accepted Answer

A)  $1,800.
B)  $1,800 - $800 - $1,050 = ($50) .
C)  $1,800 - $1,150 = $650.
D)  $1,800 - $1,050 = $750.
E)  None of these.F) B) and C)
G) B) and D)

Exam 9: Individuals As the Taxpayer

In January 2016, Jake's wife dies and he does not remarry. For tax year 2016, Jake may not be able to use the filing status available to married persons filing joint returns.

Correct Answer
verified

Emily had the following transactions during 2016: What is Emily's AGI for 2016?

Correct Answer
verified
$100,000. $90,000 (salary) + $5,000 (int...
View Answer

Match the statements that relate to each other. Note: Choice l. may be used more than once. -Tax Rate Schedule

Correct Answer
verified

A qualifying child cannot include:

Correct Answer
verified

Sarah furnishes more than 50% of the support of her son and daughter-in-law who live with her. If the son and daughter-in-law file a joint return, Sarah cannot claim them as dependents.

Correct Answer
verified

Match the statements that relate to each other. Note: Choice l. may be used more than once. -Kiddie tax applies

Correct Answer
verified

A child who has unearned income of $2,100 or less cannot be subject to the kiddie tax.

Correct Answer
verified

In applying the gross income test in the case of dependents that are married, could the application of community property laws have any effect? Explain.

Correct Answer
verified
Most often, the application of community...
View Answer

Tony, age 15, is claimed as a dependent by his grandmother. During 2016, Tony had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $800. Tony's taxable income is:

Correct Answer
verified

A child who is married cannot be subject to the kiddie tax.

Correct Answer
verified

Correct Answer
verified

Benjamin, age 16, is claimed as a dependent by his parents. During 2016, he earned $850 at a car wash. Benjamin's standard deduction is $1,400 ($1,050 + $350).

Correct Answer
verified

Dan and Donna are husband and wife and file separate returns for the year. If Dan itemizes his deductions from AGI, Donna cannot claim the standard deduction.

Correct Answer
verified

The basic and additional standard deductions both are subject to an annual adjustment for inflation.

Correct Answer
verified

During 2016, Esther had the following transactions: Esther's AGI is:

Correct Answer
verified

Exam 9: Individuals As the Taxpayer

In January 2016, Jake's wife dies and he does not remarry. For tax year 2016, Jake may not be able to use the filing status available to married persons filing joint returns.

Correct AnswerverifiedShow Answer

Emily had the following transactions during 2016: What is Emily's AGI for 2016?

Correct Answerverified$100,000. $90,000 (salary) + $5,000 (int...View AnswerShow Answer

Match the statements that relate to each other. Note: Choice l. may be used more than once. -Tax Rate Schedule

Correct AnswerverifiedShow Answer

A qualifying child cannot include:

Correct AnswerverifiedShow Answer

Sarah furnishes more than 50% of the support of her son and daughter-in-law who live with her. If the son and daughter-in-law file a joint return, Sarah cannot claim them as dependents.

Correct AnswerverifiedShow Answer

Match the statements that relate to each other. Note: Choice l. may be used more than once. -Kiddie tax applies

Correct AnswerverifiedShow Answer

A child who has unearned income of $2,100 or less cannot be subject to the kiddie tax.

Correct AnswerverifiedShow Answer

In applying the gross income test in the case of dependents that are married, could the application of community property laws have any effect? Explain.

Correct AnswerverifiedMost often, the application of community...View AnswerShow Answer

Tony, age 15, is claimed as a dependent by his grandmother. During 2016, Tony had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $800. Tony's taxable income is:

Correct AnswerverifiedShow Answer

A child who is married cannot be subject to the kiddie tax.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Benjamin, age 16, is claimed as a dependent by his parents. During 2016, he earned $850 at a car wash. Benjamin's standard deduction is $1,400 ($1,050 + $350).

Correct AnswerverifiedShow Answer

Dan and Donna are husband and wife and file separate returns for the year. If Dan itemizes his deductions from AGI, Donna cannot claim the standard deduction.

Correct AnswerverifiedShow Answer

The basic and additional standard deductions both are subject to an annual adjustment for inflation.

Correct AnswerverifiedShow Answer

During 2016, Esther had the following transactions: Esther's AGI is:

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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$100,000. $90,000 (salary) + $5,000 (int...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified
Most often, the application of community...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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