Question 1

In order to be a qualifying relative of another, an individual's gross income must be less than ________.

Accepted Answer

A) the applicable standard deduction amount 
B) a fixed amount specified for the particular tax year 
C) one-half of the individual's support 
D) None of the choices are correct. 
A) the applicable standard deduction amount 
B) a fixed amount specified for the particular tax year 
C) one-half of the individual's support 
D) None of the choices are correct.

Question 2

Which of the following statements regarding dependents is false?

Accepted Answer

A) A taxpayer may be allowed to claim another as a dependent even if the taxpayer has no family relationship with the other person. 
B) To qualify as a dependent of another, an individual must be a resident of the United States. 
C) An individual who qualifies as a dependent of another taxpayer may not claim any dependents. 
D) An individual cannot qualify as a dependent of another as a qualifying relative taxpayer if the individual's gross income exceeds a certain amount. 
A) A taxpayer may be allowed to claim another as a dependent even if the taxpayer has no family relationship with the other person. 
B) To qualify as a dependent of another, an individual must be a resident of the United States. 
C) An individual who qualifies as a dependent of another taxpayer may not claim any dependents. 
D) An individual cannot qualify as a dependent of another as a qualifying relative taxpayer if the individual's gross income exceeds a certain amount.

Question 3

Tax credits reduce taxable income dollar for dollar.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following statements regarding tax deductions is false?

Accepted Answer

A) Taxpayers are not entitled to any deductions unless specific provisions in the tax code allow the deductions. 
B) Deductions can be labeled as deductions above the line or deductions below the line. 
C) From AGI deductions tend to be associated with business activities while for AGI deductions tend to be associated with personal activities. 
D) The standard deduction is a from AGI deduction. 
A) Taxpayers are not entitled to any deductions unless specific provisions in the tax code allow the deductions. 
B) Deductions can be labeled as deductions above the line or deductions below the line. 
C) From AGI deductions tend to be associated with business activities while for AGI deductions tend to be associated with personal activities. 
D) The standard deduction is a from AGI deduction.

Question 5

Which of the following shows the correct relationship among standard deduction amounts for the respective filing statuses?

Accepted Answer

A) Single > Head of Household > Married Filing Jointly 
B) Married Filing Jointly > Married Filing Separately > Head of Household 
C) Married Filing Jointly > Head of Household > Single 
D) Head of Household > Married Filing Separately > Married Filing Jointly 
A) Single > Head of Household > Married Filing Jointly 
B) Married Filing Jointly > Married Filing Separately > Head of Household 
C) Married Filing Jointly > Head of Household > Single 
D) Head of Household > Married Filing Separately > Married Filing Jointly

In order to be a qualifying relative of another, an individual's gross income must be less than ________.

Which of the following statements regarding dependents is false?

Tax credits reduce taxable income dollar for dollar.

Which of the following statements regarding tax deductions is false?

Which of the following shows the correct relationship among standard deduction amounts for the respective filing statuses?

An Introduction to Tax

Tax Compliance, the Irs, and Tax Authorities

Tax Planning Strategies and Related Limitations

Gross Income and Exclusions

Individual Deductions

Investments

Individual Income Tax Computation and Tax Credits

Business Income, Deductions, and Accounting Methods

Property Acquisition and Cost Recovery

Property Dispositions

Compensation

Retirement Savings and Deferred Compensation

Tax Consequences of Home Ownership

Filters

Exam 4: Individual Income Tax Overview, Dependents, and Filing Status

In order to be a qualifying relative of another, an individual's gross income must be less than ________.

Which of the following statements regarding dependents is false?

Tax credits reduce taxable income dollar for dollar.

Which of the following statements regarding tax deductions is false?

Which of the following shows the correct relationship among standard deduction amounts for the respective filing statuses?

An Introduction to Tax

Tax Compliance, the Irs, and Tax Authorities

Tax Planning Strategies and Related Limitations

Gross Income and Exclusions

Individual Deductions

Investments

Individual Income Tax Computation and Tax Credits

Business Income, Deductions, and Accounting Methods

Property Acquisition and Cost Recovery

Property Dispositions

Compensation

Retirement Savings and Deferred Compensation

Tax Consequences of Home Ownership

Filters