skip to Main Content
The smarter way
to do assignments.

Please note that this is just a preview of a school assignment posted on our website by one of our clients. If you need assistance with this question too, please click on the Order button at the bottom of the page to get started.

Question 1

A dependent’s only income for 2015 is $6,000 of taxable wages and $840 of taxable interest on a savings account. The dependent’s 2015 taxable income is: 
$0. $840.  $540.  $190.  $590.
$0. $840.  $540.  $190.  $590.
$0.
$0.
$840. 
$840. 
$540. 
$540. 
$190. 
$190. 
$590.
$590.

Save
Question 2

Toni claims her father as a dependent. The father is 80 years old. The father’s only source of gross income is some interest he earns from a savings account. The father’s gross income threshold for purposes of having to file a tax return for 2015 is: 
$2,300.  $2,600.  $10,300.  $1,050.  $7,850. 
$2,300.  $2,600.  $10,300.  $1,050.  $7,850. 
$2,300. 
$2,300. 
$2,600. 
$2,600. 
$10,300. 
$10,300. 
$1,050. 
$1,050. 
$7,850. 
$7,850. 

Save
Question 3

When a taxpayer remarries in the same year that her spouse dies, the surviving spouse cannot file a joint return with her deceased spouse in the year of his death, even if her new spouse files a separate return. 
True False
True False
True
True
False
False

Save
Question 4

Which of the following persons do not pass both the age and relationship tests for a qualifying child? 
The taxpayer’s 24-year-old son who is a full-time college student The taxpayer’s 17-year-old niece who is a senior in high school The taxpayer’s 30-year-old daughter who is permanently and totally disabled None of the above passes both the age and relationship tests for a qualifying child All of the above pass both the age and relationship tests for a qualifying child
The taxpayer’s 24-year-old son who is a full-time college student The taxpayer’s 17-year-old niece who is a senior in high school The taxpayer’s 30-year-old daughter who is permanently and totally disabled None of the above passes both the age and relationship tests for a qualifying child All of the above pass both the age and relationship tests for a qualifying child
The taxpayer’s 24-year-old son who is a full-time college student
The taxpayer’s 24-year-old son who is a full-time college student
The taxpayer’s 17-year-old niece who is a senior in high school
The taxpayer’s 17-year-old niece who is a senior in high school
The taxpayer’s 30-year-old daughter who is permanently and totally disabled
The taxpayer’s 30-year-old daughter who is permanently and totally disabled
None of the above passes both the age and relationship tests for a qualifying child
None of the above passes both the age and relationship tests for a qualifying child
All of the above pass both the age and relationship tests for a qualifying child
All of the above pass both the age and relationship tests for a qualifying child

Save
Question 5

A single person, who is claimed as a dependent, has $2,000 of earned income. This person can claim the same standard deduction allowed to a single taxpayer who is not claimed as a dependent. 
True False
True False
True
True
False
False

Save
Question 6

Which of the following can be deducted as an itemized deduction on an individual taxpayer’s tax return?
Medical expenses Casualty losses Employee business expenses None of the above can be deducted as an itemized deduction  All of the above can be deducted as an itemized deduction 
Medical expenses Casualty losses Employee business expenses None of the above can be deducted as an itemized deduction  All of the above can be deducted as an itemized deduction 
Medical expenses
Medical expenses
Casualty losses
Casualty losses
Employee business expenses
Employee business expenses
None of the above can be deducted as an itemized deduction 
None of the above can be deducted as an itemized deduction 
All of the above can be deducted as an itemized deduction 
All of the above can be deducted as an itemized deduction 

Save
Question 7

The Internal Revenue Code (Code) provides an exhaustive list of items that comprise gross income. 
True False
True False
True
True
False
False

Save
Question 8

Employees who work for two employers may have too much in OASDI taxes withheld from their gross wages. To have too much in OASDI taxes withheld from their pay in 2015, employees’ gross wages would have to exceed: 
$200,000.  $118,500.  $250,000.  $100,000.  $110,000. 
$200,000.  $118,500.  $250,000.  $100,000.  $110,000. 
$200,000. 
$200,000. 
$118,500. 
$118,500. 
$250,000. 
$250,000. 
$100,000. 
$100,000. 
$110,000. 
$110,000. 

Save
Question 9

Which of the following is a refundable credit? 
The lifetime learning education credit  The retirement savings contributions credit The premium tax credit  The child and dependent care credit None of the above is refundable credits 
The lifetime learning education credit  The retirement savings contributions credit The premium tax credit  The child and dependent care credit None of the above is refundable credits 
The lifetime learning education credit 
The lifetime learning education credit 
The retirement savings contributions credit
The retirement savings contributions credit
The premium tax credit 
The premium tax credit 
The child and dependent care credit
The child and dependent care credit
None of the above is refundable credits 
None of the above is refundable credits 

Save
Question 10

Any unused child tax credit (due to not having enough tax liability) can be carried forward and used in the next tax year. 
True False
True False
True
True
False
False

Save
Question 11

For purposes of the child and dependent care credit, only the custodial parent can claim a child as a qualifying child. 
True False
True False
True
True
False
False

Save
Question 12

Which of the following taxpayers qualifies to claim the child tax credit? 
A taxpayer who files as head of household and claims his 18-year-old daughter as a dependent.  A divorced taxpayer who claims his 15-year-old son as a dependent. The son lives most of the year with the ex-wife. The taxpayer was given the dependency exemption when the ex-wife signed away her right to claim the son as her dependent.  A 25-year-old unmarried taxpayer who claims her 10-year-old sister as a dependent.  both b. and c.  both a. and b. 
A taxpayer who files as head of household and claims his 18-year-old daughter as a dependent.  A divorced taxpayer who claims his 15-year-old son as a dependent. The son lives most of the year with the ex-wife. The taxpayer was given the dependency exemption when the ex-wife signed away her right to claim the son as her dependent.  A 25-year-old unmarried taxpayer who claims her 10-year-old sister as a dependent.  both b. and c.  both a. and b. 
A taxpayer who files as head of household and claims his 18-year-old daughter as a dependent. 
A taxpayer who files as head of household and claims his 18-year-old daughter as a dependent. 
A divorced taxpayer who claims his 15-year-old son as a dependent. The son lives most of the year with the ex-wife. The taxpayer was given the dependency exemption when the ex-wife signed away her right to claim the son as her dependent. 
A divorced taxpayer who claims his 15-year-old son as a dependent. The son lives most of the year with the ex-wife. The taxpayer was given the dependency exemption when the ex-wife signed away her right to claim the son as her dependent. 
A 25-year-old unmarried taxpayer who claims her 10-year-old sister as a dependent. 
A 25-year-old unmarried taxpayer who claims her 10-year-old sister as a dependent. 
both b. and c. 
both b. and c. 
both a. and b. 
both a. and b. 

Save
Question 13

The child tax credit for a married couple with two dependent children (ages 6 and 9) and AGI of $121,600 is: 
$0. $600. $1,400. $2,000. none of the above.
$0. $600. $1,400. $2,000. none of the above.
$0.
$0.
$600.
$600.
$1,400.
$1,400.
$2,000.
$2,000.
none of the above.
none of the above.

Save
Question 14

When there is no custodial parent, the parent with the least amount of AGI gets to claim the earned income credit for the qualifying child. 
True False
True False
True
True
False
False

Save
Question 15

An employee receives $100 in tips during March. She reports the tips to her employer. Which of the following statements is correct regarding tips? 
The employer adds the $100 to the employee’s wages and withholds income, social security, and Medicare taxes on the amount.  The employer reports the $100 as allocated tips on the employee’s W-2.  The employer adds the tips to the employee’s wages and withholds income taxes, but not social security or Medicare taxes, on the amount.  The employer adds the tips to the employee’s wages and withholds social security and Medicare taxes, but not income taxes, on the amount.  None of the above. 
The employer adds the $100 to the employee’s wages and withholds income, social security, and Medicare taxes on the amount.  The employer reports the $100 as allocated tips on the employee’s W-2.  The employer adds the tips to the employee’s wages and withholds income taxes, but not social security or Medicare taxes, on the amount.  The employer adds the tips to the employee’s wages and withholds social security and Medicare taxes, but not income taxes, on the amount.  None of the above. 
The employer adds the $100 to the employee’s wages and withholds income, social security, and Medicare taxes on the amount. 
The employer adds the $100 to the employee’s wages and withholds income, social security, and Medicare taxes on the amount. 
The employer reports the $100 as allocated tips on the employee’s W-2. 
The employer reports the $100 as allocated tips on the employee’s W-2. 
The employer adds the tips to the employee’s wages and withholds income taxes, but not social security or Medicare taxes, on the amount. 
The employer adds the tips to the employee’s wages and withholds income taxes, but not social security or Medicare taxes, on the amount. 
The employer adds the tips to the employee’s wages and withholds social security and Medicare taxes, but not income taxes, on the amount. 
The employer adds the tips to the employee’s wages and withholds social security and Medicare taxes, but not income taxes, on the amount. 
None of the above. 
None of the above. 

Save
Question 16

Payments for child support are not included in gross income of the recipient custodial parent. 
True False
True False
True
True
False
False

Save
Question 17

Cash basis taxpayers may choose to recognize interest on United States Savings Bonds each year as it accrues. 
True False
True False
True
True
False
False

Save
Question 18

Joyce is self-employed and uses the calendar year and the accrual method of accounting. She reports the following activities for December: 

Received $10,000 from clients for services to be performed next year Received $30,000 for services performed in December Reports $15,000 in accounts receivable for work performed in December Received $2,000 for services performed in November
Received $10,000 from clients for services to be performed next year Received $30,000 for services performed in December Reports $15,000 in accounts receivable for work performed in December Received $2,000 for services performed in November
Received $10,000 from clients for services to be performed next year
Received $10,000 from clients for services to be performed next year
Received $30,000 for services performed in December
Received $30,000 for services performed in December
Reports $15,000 in accounts receivable for work performed in December
Reports $15,000 in accounts receivable for work performed in December
Received $2,000 for services performed in November
Received $2,000 for services performed in November

What amount must Joyce include in gross income for December? 
$45,000 $47,000 $55,000 $57,000 None of the above
$45,000 $47,000 $55,000 $57,000 None of the above
$45,000
$45,000
$47,000
$47,000
$55,000
$55,000
$57,000
$57,000
None of the above
None of the above

Save
Question 19

In 2014, an unmarried taxpayer deducted $6,750 of itemized deductions since that amount exceeded the $6,200 standard deduction amount. Included in the itemized deductions was $3,700 of state income tax withheld. In 2015, the taxpayer receives an $800 refund check from the state government. What amount must the taxpayer include in his 2015 gross income? 
$0  $550  $750  $800  $1,600
$0  $550  $750  $800  $1,600
$0 
$0 
$550 
$550 
$750 
$750 
$800 
$800 
$1,600
$1,600

Save
Question 20

Brian, a calendar-year taxpayer, purchased an annuity contract which started paying him $54 each month on June 1 of the current year. The annuity cost him $2,400, and it has an expected return of $7,200. How much of this annuity is includable in gross income for the current year? 
$0  $378  $126  $252  None of the above
$0  $378  $126  $252  None of the above
$0 
$0 
$378 
$378 
$126 
$126 
$252 
$252 
None of the above
None of the above

Save
Question 21

Clark, a 12-year-old child, lives with his parents. During the current year, Clark earned $2,400 delivering newspapers. This was his only income. Clark’s parents file a joint return and claim Clark as a dependent. Considering this information, which of the following statements is correct? 
The parents must report Clark’s income on their tax return.  Clark must use his parents’ tax rate to compute his tax liability. Clark’s taxable income is $1,350.  Clark’s taxable income is $0.  None of the above. 
The parents must report Clark’s income on their tax return.  Clark must use his parents’ tax rate to compute his tax liability. Clark’s taxable income is $1,350.  Clark’s taxable income is $0.  None of the above. 
The parents must report Clark’s income on their tax return. 
The parents must report Clark’s income on their tax return. 
Clark must use his parents’ tax rate to compute his tax liability.
Clark must use his parents’ tax rate to compute his tax liability.
Clark’s taxable income is $1,350. 
Clark’s taxable income is $1,350. 
Clark’s taxable income is $0. 
Clark’s taxable income is $0. 
None of the above. 
None of the above. 

Save
Question 22

The maximum dollar limit on deductible moving expenses is: 
$2,250. $2,500.  $5,250.  $10,000.  None of the above.
$2,250. $2,500.  $5,250.  $10,000.  None of the above.
$2,250.
$2,250.
$2,500. 
$2,500. 
$5,250. 
$5,250. 
$10,000. 
$10,000. 
None of the above.
None of the above.

Save
Question 23

A penalty charged by a commercial bank on the early withdrawal of money from a certificate of deposit can be deducted for adjusted gross income. 
True False
True False
True
True
False
False

Save
Question 24

The fair market value of inherited property is included in the gross income of the beneficiary. 
True False
True False
True
True
False
False

Save
Question 25

Tax-exempt interest income on municipal bonds is not reported on the tax return. 
True False
True False
True
True
False
False

Save
Question 26

Tom and Pat Simon file a joint return. During the year, they pay $2,000 of student loan interest. If the Simons’ modified AGI is $136,000, their student loan interest deduction is: 
$0.  $400.  $1,000.  $1,600.  $2,000.
$0.  $400.  $1,000.  $1,600.  $2,000.
$0. 
$0. 
$400. 
$400. 
$1,000. 
$1,000. 
$1,600. 
$1,600. 
$2,000.
$2,000.

Save
Question 27

Which of the following items results in gross income to Sandy? 
Workers’ compensation for an injury received while working in her employer’s factory.  Life insurance proceeds received following her husband’s death.  Earnings on Sandy’s Roth IRA credited to her account during the year (but not withdrawn). Both a. and c. None of the above.
Workers’ compensation for an injury received while working in her employer’s factory.  Life insurance proceeds received following her husband’s death.  Earnings on Sandy’s Roth IRA credited to her account during the year (but not withdrawn). Both a. and c. None of the above.
Workers’ compensation for an injury received while working in her employer’s factory. 
Workers’ compensation for an injury received while working in her employer’s factory. 
Life insurance proceeds received following her husband’s death. 
Life insurance proceeds received following her husband’s death. 
Earnings on Sandy’s Roth IRA credited to her account during the year (but not withdrawn).
Earnings on Sandy’s Roth IRA credited to her account during the year (but not withdrawn).
Both a. and c.
Both a. and c.
None of the above.
None of the above.

Save
Question 28

Taxpayers who cash in Series EE savings bonds exclude all of the interest from gross income if they use the proceeds to pay qualified educational expenses for an eligible student. 
True False
True False
True
True
False
False

Save
Question 29

Interest paid on amounts borrowed to purchase municipal bonds is not deductible. 
True False
True False
True
True
False
False

Save
Question 30

Land that has appreciated in value and is contributed to a qualified charity may be eligible for a charitable contribution deduction equal to its fair market value. 
True False
True False
True
True
False
False

Save
Question 31

In order to deduct all interest on acquisition debt, the debt cannot exceed $100,000. 
True False
True False
True
True
False
False

Save
Question 32

Transportation costs getting to and from medical care providers can be claimed as a deductible medical expense. 
True False
True False
True
True
False
False

Save
Question 33

Randi pays $2,000 to install ramps in her home to allow access to her handicapped son. A real estate appraiser estimates that this improvement will increase the value of Randi’s home by $700. The amount that Randi can deduct as a medical expense is: 
$0. $700. $1,000. $1,300. $2,000.
$0. $700. $1,000. $1,300. $2,000.
$0.
$0.
$700.
$700.
$1,000.
$1,000.
$1,300.
$1,300.
$2,000.
$2,000.

Save
Question 34

An over-the-counter flu medicine is a deductible medical expense. 
True False
True False
True
True
False
False

Save
Question 35

Nondeductible taxes include all of the following except: 
social security taxes. federal gift taxes. real estate taxes paid on behalf of the taxpayer’s son.  gasoline taxes. all of the above are nondeductible taxes.
social security taxes. federal gift taxes. real estate taxes paid on behalf of the taxpayer’s son.  gasoline taxes. all of the above are nondeductible taxes.
social security taxes.
social security taxes.
federal gift taxes.
federal gift taxes.
real estate taxes paid on behalf of the taxpayer’s son. 
real estate taxes paid on behalf of the taxpayer’s son. 
gasoline taxes.
gasoline taxes.
all of the above are nondeductible taxes.
all of the above are nondeductible taxes.

Save

GET HELP WITH THIS ASSIGNMENT TODAY

Clicking on this button will take you to our custom assignment page. Here you can fill out all the additional details for this particular paper (grading rubric, academic style, number of sources etc), after which your paper will get assigned to a course-specific writer. If you have any issues/concerns, please don’t hesitate to contact our live support team or email us right away.

How It Works        |        About Us       |       Contact Us

© 2018 | Intelli Essays Homework Service®

Back To Top