Exam 4: Personal and Dependency Exemptions; Filing Status; Determination of Tax for an Individual; Filing Requirements

A taxpayer whose income consists of wages plus interest income under $400, is single with no dependents, and plans to claim the deduction for interest paid on his home mortgage may file

K owed $9,500 in taxes for 2012, paid as follows: estimated tax payments of $2,100 each quarter, $1,000 with her Form 4868 (request for automatic extension) in March, and the remaining $100 with her Form 1040 in July.K's 2011 total tax was $8,000.What interest or penalty does she owe?

Which of the following is not true of the gross income test for the dependency exemption (i.e., in testing to determine if the individual is a qualifying relative)?

Which of the following generally has the least favorable tax rates?

Which of the following statement about the child tax credit is true?

A taxpayer filing as a head of household or as a surviving spouse must determine the costs of maintaining the home.What item below may not be included in these costs?

A person who qualifies as an abandoned spouse can file as a head of household.

A single taxpayer with one dependent receives a total exemption deduction that is less than that of a head of household with one dependent.

Which one of the following is not included in determining the amount of support given to a dependent?

A taxpayer generally may amend his or her tax return for any missed deductions within three years of the original due date.

Compared with a single taxpayer who has the same taxable income, a taxpayer filing as head of household owes

A U.S.citizen's family member who is a French citizen and Mexican resident could meet the citizenship test for purposes of the dependency exemption.

W is a full-time student and is claimed as a dependent by his parents.During 2012, he had tax-exempt interest income of $1,500 and wages of $2,300.He also had records supporting itemized deductions of $75.How much is W's standard deduction?

Which one of the following statements is true of returns filed by married persons filing jointly?

A taxpayer filing as a head of household whose taxable income in 2012 is $60,000 owes Federal income tax of $15,000 (25% × $60,000).

D, whose parents are deceased, is supported by her grandparents and other relatives.Her support this year was provided as follows: Interest income \ 1,500 Social security surv iv or's benefits 2,000 Contributions by maternal grandparents 1,500 Contributions by paternal grandparents 1,500 Contributions by mother's brother 1,000 Contributions by father's sister 600 Under a multiple support agreement, who may claim a dependency exemption for D?

Once a married couple files a joint return for a year, they may not file amended separate returns for that year after the due date.

L is single, 35 years of age, and owns her own home.She provides more than one-half the support for M, who is unrelated to L and lives legally in L's home for the entire year.M also is single, is a citizen of the United States, and has gross income of $2,800.What is L's filing status and her proper number of exemptions for the current calendar year?

Individual F lives with his daughter W and her husband H, and is their dependent.If W dies, H may continue to support F and claim him as a dependent.

The general rule for children of divorced or separated parents who together provide over one-half the support and together have custody more than one-half the year is that the exemption goes to the custodial parent.