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accounts data bank with all solutions




Question;1. Harry and Sally were married on December 23, 2011. Their;income for the entire year is reported on a;joint return.;True False;2. A taxpayer who knowingly signs a joint return on which;his spouse has failed to report her income is;liable for any tax assessments made by the IRS on that;income.;True False;3. Mrs. Paley died on July 14, 2010. Her husband has not;remarried. The Paleys' two children, ages 34 and;36, are financially independent. Mr. Paley may file as a;surviving spouse in 2011 and 2012.;True False;4. Charlie is single and provides 100% of the financial;support for his dependent mother, Angela, who lives;with Charlie. Charlie's filing status is head of household.;True False;5. For the taxable year in which a married person dies, the;widow or widower can file a joint return with the;deceased.;True False;6. Mr. Lenz died on May 4, 2010. His widow, Mrs. Lenz;maintains a home for her three children, ages 4, 6;and 11. Mrs. Lenz must file as a head of household in 2011.;True False;7. An individual's taxable income equals adjusted gross;income less the greater of the standard deduction or;itemized deductions and the exemption amount.;True False;8. An individual's taxable income equals adjusted gross;income less the exemption amount.;True False;9. Adjusted gross income equals total income less itemized;deductions.;True False;10. In computing taxable income, an individual is allowed to;deduct the lesser of itemized deductions or the;standard deduction.;True False;11. In computing taxable income, an individual is allowed to;deduct both the standard deduction and any;itemized deduction for the year.;True False;12. Mr. Thomas is age 69, has perfect vision, and files as a;single taxpayer. His standard deduction for 2011;is $7,250.;True False;13. Mr. Andrews is age 58, legally blind, and files as a;single taxpayer. His standard deduction for 2011 is;$5,800.;True False;14. Bill and Afton are married and file a joint tax return.;Bill is 67 and Afton is 66, and neither is legally;blind. Their standard deduction for 2011 is $13,900.;True False;15. The majority of individual taxpayers take the standard;deduction rather than itemizing.;True False;16. The standard deduction for single individuals equals;one-half of the standard deduction for married;individuals filing jointly.;True False;17. An above-the-line deduction reduces both adjusted gross;income and taxable income.;True False;18. An itemized deduction doesn't result in any tax savings;in a year in which an individual taxpayer takes the;standard deduction.;True False;19. An individual who files his own tax return but is;claimed as a dependent on another individual's return is;not allowed any standard deduction or personal exemption.;True False;20. A husband and wife are allowed only one exemption on a;jointly filed return.;True False;21. In order to be claimed as a dependent, an individual;must be either a qualifying child or a qualifying;relative.;True False;22. Only natural and adopted children or stepchildren can be;a qualifying child for tax purposes.;True False;23. Mr. and Mrs. Queen provide 90% of the financial support;for Mrs. Queen's mother, Doreen, who lives in;the couples' home. Doreen's only income this year is a;$7,500 taxable pension from her former employer.;Mr. and Mrs. Queen can't claim Doreen as a dependent this;year.;True False;24. Jay Blount, 26-years old and a full time student, lives;in his parents' home. Although Jay earned $8,400;from a part-time job, his parents provide at least 75% of;his financial support. Jay's parents may claim;him as a dependent on their 2011 return.;True False;25. The tax rates for individuals who qualify as a;head-of-household are lower than the tax rate for single;individuals.;True False


Paper#44718 | Written in 18-Jul-2015

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