Exam 3: Computing the Tax

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

(Short Answer)

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Question 141

Regarding dependency exemptions, classify each statement in one of the four categories: a.Could be a qualifying child.b.Could be a qualifying relative.c.Could be either a qualifying child or a qualifying relative.d.Could be neither a qualifying child nor a qualifying relative. -A niece who lives with taxpayer,is 20 years old,earns $5,000,and is a full-time student.

(Short Answer)

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Question 142

In determining the filing requirement based on gross income received,both additional standard deductions (i.e. ,age and blindness) are taken into account.

(True/False)

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Question 143

Maude's parents live in another state and she cannot claim them as her dependents.If Maude pays their medical expenses,can she derive any tax benefit from doing so? Explain.

(Essay)

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Question 144

Match the statements that relate to each other.Note: Choice l.may be used more than once. 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. -Territorial system of taxation

(Short Answer)

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Question 145

Jayden and Chloe Harper are husband and wife and use the calendar year for tax purposes. a. If the Harpers file a joint return for 2015,can they later switch to separate returns for 2015? b.If the Harpers file separate returns for 2015,can they later switch to a joint return for 2015?

(Essay)

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Question 146

Kirby is in the 15% tax bracket and had the following capital asset transactions during 2015: Long-term gain from the sale of a coin collection $11,000 Long-term gain from the sale of a land investment 10,000 Short-term gain from the sale of a stock investment 2,000 Kirby's tax consequences from these gains are as follows:

(Multiple Choice)

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Question 147

Regarding dependency exemptions, classify each statement in one of the four categories: a.Could be a qualifying child.b.Could be a qualifying relative.c.Could be either a qualifying child or a qualifying relative.d.Could be neither a qualifying child nor a qualifying relative. -A granddaughter,who lives with taxpayer,is 19 years old,earns $5,000,and is not a full-time student.

(Short Answer)

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Question 148

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

(True/False)

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Question 149

All exclusions from gross income are reported on Form 1040.

(True/False)

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Question 150

Married taxpayers who file a joint return cannot later (i.e. ,after the filing due date) switch to separate returns for that year.

(True/False)

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Question 151

Jason and Peg are married and file a joint return.Both are over 65 years of age and Jason is blind.Their standard deduction for 2015 is $16,350 ($12,600 + $1,250 + $1,250 + $1,250).

(True/False)

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Question 152

Because they appear on page 1 of Form 1040,itemized deductions are also referred to as "page 1 deductions."

(True/False)

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Question 153

Lee,a citizen of Korea,is a resident of the U.S.Any rent income Lee receives from land he owns in Korea is not subject to the U.S.income tax.

(True/False)

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Question 154

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

(Short Answer)

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Question 155

In terms of timing as to any one year,the Tax Tables are available before the Tax Rate Schedules.

(True/False)

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Question 156

Which,if any,of the following is a correct statement relating to the kiddie tax?

(Multiple Choice)

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Question 157

Ellen,age 12,lives in the same household with her father,grandfather,and uncle.The cost of maintaining the household is provided by her grandfather (40%) and her uncle (60%).Disregarding tie-breaker rules,Ellen is a qualifying child as to:

(Multiple Choice)

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Question 158

Kim,a resident of Oregon,supports his parents who are residents of Canada but citizens of Korea.Kim can claim his parents as dependents.

(True/False)

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Question 159

Nelda is married to Chad,who abandoned her in early June of 2015.She has not seen or communicated with him since then.She maintains a household in which she and her two dependent children live.Which of the following statements about Nelda's filing status in 2015 is correct?

(Multiple Choice)

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Question 160

Showing 141 - 160 of 188

Exam 3: Computing the Tax

In determining the filing requirement based on gross income received,both additional standard deductions (i.e. ,age and blindness) are taken into account.

Maude's parents live in another state and she cannot claim them as her dependents.If Maude pays their medical expenses,can she derive any tax benefit from doing so? Explain.

Jayden and Chloe Harper are husband and wife and use the calendar year for tax purposes. a.​ If the Harpers file a joint return for 2015,can they later switch to separate returns for 2015? b.If the Harpers file separate returns for 2015,can they later switch to a joint return for 2015?

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

All exclusions from gross income are reported on Form 1040.

Married taxpayers who file a joint return cannot later (i.e. ,after the filing due date) switch to separate returns for that year.

Jason and Peg are married and file a joint return.Both are over 65 years of age and Jason is blind.Their standard deduction for 2015 is $16,350 ($12,600 + $1,250 + $1,250 + $1,250).

Because they appear on page 1 of Form 1040,itemized deductions are also referred to as "page 1 deductions."

Lee,a citizen of Korea,is a resident of the U.S.Any rent income Lee receives from land he owns in Korea is not subject to the U.S.income tax.

In terms of timing as to any one year,the Tax Tables are available before the Tax Rate Schedules.

Which,if any,of the following is a correct statement relating to the kiddie tax?

Ellen,age 12,lives in the same household with her father,grandfather,and uncle.The cost of maintaining the household is provided by her grandfather (40%) and her uncle (60%).Disregarding tie-breaker rules,Ellen is a qualifying child as to:

Kim,a resident of Oregon,supports his parents who are residents of Canada but citizens of Korea.Kim can claim his parents as dependents.

Nelda is married to Chad,who abandoned her in early June of 2015.She has not seen or communicated with him since then.She maintains a household in which she and her two dependent children live.Which of the following statements about Nelda's filing status in 2015 is correct?

An Introduction to Taxation and Understanding the Tax Law

Working With the Tax Law

Gross Income: Concepts and Inclusions

Gross Income: Exclusions

Deductions and Losses: in General

Deductions and Losses: Certain Business Expenses and Losses

Depreciation, cost Recovery, amortization, and Depletion

Deductions: Employee and Self-Employed-Related Expenses

Deductions and Losses: Certain Itemized Deductions

Investor Losses

Tax Credits and Payments

Property Transactions: Determination of Gain or Loss, basis Considerations, and Nontaxabl

Property Transactions: Capital Gains and Losses, section 1231 and Recapture Provisions

Alternative Minimum Tax

Accounting Periods and Methods

Corporations: Introduction and Operating Rules

Corporations: Organization and Capital Structure

Corporations: Distributions Not in Complete Liquidation

Corporations: Distributions in Complete Liquidation and an Overview of Reorganizations

Partnerships

S Corporations

Exempt Entities

Multistate Corporate Taxation

Taxation of International Transactions

Tax Practice and Ethics

Family Tax Planning

Income Taxation of Trusts and Estates

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Jayden and Chloe Harper are husband and wife and use the calendar year for tax purposes. a. If the Harpers file a joint return for 2015,can they later switch to separate returns for 2015? b.If the Harpers file separate returns for 2015,can they later switch to a joint return for 2015?