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Question;26. An individual is indifferent between filing as a single;taxpayer or a head of household if he has $8,500 or;less of taxable income.;True False;27. Married individuals who elect to file separate tax;returns may use the single rates to compute their;tax.;True False;28. An individual with $400,000 taxable income has the same;marginal rate as a single taxpayer or as a head;of household.;True False;29. It is impossible for a progressive income tax system to;be both marriage neutral and horizontally;equitable.;True False;30. Mr. and Mrs. Kline file a joint return on which they;claim the standard deduction and two exemptions. If;the taxable income on their return is $55,300, they are not;paying a marriage penalty.;True False;31. Mr. and Mrs. Toliver's AGI on their jointly filed return;is $339,000. Regardless of the number of their;children, the Tolivers are not eligible for a child credit.;True False;32. Mr. and Mrs. Casey have two dependent children, ages 3;and 6. The Caseys spent $10,300 for child care;this year. Mrs. Casey is employed full-time as an attorney.;Mr. Casey is an unpublished novelist who has;yet to earn any money from his writing. The Caseys are;eligible for a dependent care credit.;True False;33. The earned income credit is only available to low-income;taxpayers with dependent children.;True False;34. The earned income credit offsets the burden of the;federal payroll tax on low-income families and;encourages individuals to seek employment rather than to;depend on welfare.;True False;35. Mrs. Starling worked for Abbot Inc. from January 1;through September 19. Her salary from Abbot for;this period totaled $122,000. Mrs. Starling worked for JJT;Inc. from October 1 through December 31. Her;salary from JJT for this period totaled $38,000. JJT is not;required to withhold Social Security tax from;Mrs. Starling's salary because Abbot Inc. already withheld;the maximum tax for the year.;True False;36. An individual must pay the greater of her regular income;tax or her alternative minimum tax (AMT) for;the year.;True False;37. The standard deduction and exemption amount are not;deductible in the computation of alternative;minimum taxable income.;True False;38. Every individual taxpayer is entitled to an AMT;exemption, the amount of which varies with filing;status.;True False;39. The highest individual marginal rate for regular tax;purposes is 35%, while the highest individual;marginal rate for alternative minimum tax (AMT) purposes is;only 28%.;True False;40. Miss Blixen's regular income tax is $77,390, and her;tentative minimum tax is $74,100. Consequently;Miss Blixen's alternative minimum tax (AMT) is zero.;True False;41. The unextended due date for the individual tax return;(Form 1040) is the 15th day of the third month;following the close of the taxable year.;True False;42. Mr. Pearl's total income and self-employment tax on this;year's Form 1040 is $72,610. If Mr. Pearl paid at;least $65,349 of this tax in the form of withholding or;quarterly estimated payments, he will not incur an;underpayment penalty.;True False;43. Individual taxpayers can obtain an automatic extension;of time to file a calendar year Form 1040 until;October 15 of the following year.;True False;44. An extension of the time to file an individual tax;return also extends the time to pay any balance of tax;due with the return.;True False;45. Mr. and Mrs. Eller's AGI last year was $287,300, and;their total tax was $70,268. The couple's safeharbor;estimate of current year tax is $77,295.;True False;46. Mr. and Mrs. Warren's AGI last year was $90,300, and;their total tax was $13,988. This year, the couple's;total tax is $14,700. Unless the Warrens paid at least;$13,988 in the form of withholding and quarterly;estimated payments, they will incur an underpayment penalty;this year.;True False;47. Samantha died on January 18, 2010. Her husband Dave;lived by himself for the next three years until he;remarried in 2013. What was Dave's filing status in 2010 and;2011?;A. Married filing jointly in 2010, surviving spouse in 2011.;B. Married filing jointly in 2010, single in 2011.;C. Surviving spouse in 2010 and 2011.;D. Surviving spouse in 2010, single in 2011.;48. Leon died on August 23, 2009, and his wife Mary has not;remarried. Since her husband's death, Mary has;maintained a home for her two dependent children, who were;ages 7 and 4 when their father died. Which;of the following describes Mary's filing status for 2010;2011, and 2012?;A. Surviving spouse for 2010, 2011, and 2012.;B. Surviving spouse for 2010 and 2011, head of household for;2012.;C. Head of household for 2010, 2011, and 2012.;D. Surviving spouse for 2010, head of household for 2011 and;2012.;49. Mr. Jones and his first wife were legally divorced on;February 19, 2011. Mr. Jones remarried the second;Mrs. Jones on December 20, 2011. Which of the following;describes Mr. Jones' filing status in 2011?;A. Married filing jointly with the second Mrs. Jones;B. Married filing jointly with the first Mrs. Jones;C. Married filing separately (can't file jointly with either;spouse);D. None of the above;50. Which of the following statements regarding filing;status is false?;A.;A widow or widower maintaining a home for a dependent child;qualifies as surviving spouse for two;tax years following the year of the spouse's death.;B. Marital status for tax purposes is determined on the last;day of the year.;C. Any unmarried individual with a dependent child qualifies;as head of household.;D. An unmarried individual without children or other;dependents files as a single taxpayer.


Paper#44680 | Written in 18-Jul-2015

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