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Income tax quiz 3




Question;Ch. 3 TF;Question 1 1;/ 1 point;Once they reach age 65, many taxpayers will switch from;itemizing their deductions from AGI and start claiming the standard deduction.;True;False;View Feedback;Question 2 1;/ 1 point;Lucas, age 17 and single, earns $6,000 during 2013. Lucas?s;parents cannot claim him as a dependent if he does not live with them.;True;False;View Feedback;Question 3 0;/ 1 point;Gain on the sale of collectibles held for more than 12;months always is subject to a tax rate of 28%.;In True;Correct Answer False;View Feedback;Question 4 1;/ 1 point;The additional standard deduction for age and blindness is;greater for married taxpayers than for single taxpayers.;True;False;View Feedback;Question 5 1;/ 1 point;Currently, the top income tax rate in effect is not the;highest it has ever been.;True;False;View Feedback;Ch. 3 MC;Question 6 1;/ 1 point;During 2013, Lisa (age 66) furnished more than 50% of the;support of the following persons;? Lisa?s;current husband who has no income and is not claimed by someone else as a;dependent.;? Lisa?s;stepson (age 19) who lives with her and earns $6,000 as a dance instructor. He;dropped out of school a year ago.;? Lisa?s;ex-husband who does not live with her. The divorce occurred two years ago.;? Lisa?s;former brother-in-law who does not live with her.;Presuming all other dependency tests are met, on a separate;return how many personal and dependency exemptions may Lisa claim?;Two.;Three.;Four.;Five.;None of the above.;View Feedback;Question 7 1;/ 1 point;The Hutters filed a joint return for 2013. They provide more;than 50% of the support of Carla, Melvin, and Aaron. Carla (age 18) is a cousin;and earns $2,800 from a part-time job. Melvin (age 25) is their son and is a;full-time law student. He received from the university a $3,800 scholarship for;tuition. Aaron is a brother who is a citizen of Israel but resides in France.;Carla and Melvin live with the Hutters. How many personal and dependency;exemptions can the Hutters claim on their Federal income tax return?;Two.;Three.;Four.;Five.;None of the above.;View Feedback;Question 8 1;/ 1 point;Perry is in the 33% tax bracket. During 2013, he had the;following capital asset transactions;Gain from the sale of a stamp collection (held for 10 years);$30,000;Gain from the sale of an investment in land (held for 4;years);10,000;Gain from the sale of stock investment (held for 8 months);4,000;Perry?s tax consequences from these gains are as follows;(15% ? $30,000) + (33% ? $4,000).;(15%;? $10,000) + (28% ? $30,000) + (33% ? $4,000).;(0% ? $10,000) + (28% ? $30,000);+ (33% ? $4,000).;(15% ? $40,000) + (33% ? $4,000).;None of the above.;View Feedback;Question 9 1;/ 1 point;In 2013, Cindy had the following transactions;Salary;$90,000;Short-term capital gain from a stock investment;4,000;Moving expense to change jobs;(11,000);Received repayment of $20,000 loan she made to her sister in;2009 (includes no interest);20,000;State income taxes;(5,000);Cindy?s AGI is;$114,000.;$103,000.;$98,000.;$94,000.;$83,000.;View Feedback;Question 10 1;/ 1 point;Tony, age 15, is claimed as a dependent by his grandmother.;During 2013, Tony had interest income from Boeing Corporation bonds of $1,000;and earnings from a part-time job of $700. Tony?s taxable income is;$1,700.;$1,700 ? $700 ? $1,000 = $0.;$1,700;? $1,050 = $650.;$1,700 ? $1,000 = $700.;None of the above.;View Feedback


Paper#40179 | Written in 18-Jul-2015

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