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Question;51. Mrs. Raines died on June 2, 2010. Mr. Raines has not;remarried and has no children or other dependents.;What is his filing status for 2010 and 2011?;A. Surviving spouse for 2010 and 2011.;B. Surviving spouse for 2010, single for 2011.;C. Married filing jointly for 2010, surviving spouse for;2011.;D. Married filing jointly for 2010, single for 2011.;52. Which of the following taxpayers can't use the tax rates;for married filing jointly in 2011?;A. Mr. Lane died on August 10, 2011. Mrs. Lane has not;remarried and has no dependent children.;B.;Mrs. Holden died on January 15, 2010. Mr. Holden has not;remarried and maintains a home for two;dependent children.;C.;Mr. and Mrs. West were legally divorced on December 21;2011. Mrs. West has not remarried and;maintains a home for three dependent children.;D. All of the above taxpayers qualify for married filing;jointly filing status.;53. Marie, an unmarried taxpayer, is 26 years old. This;year, Marie earned $50,000 gross income. Her;itemized deductions totaled $5,100. Marie maintained a home;for her 12-year-old sister who qualifies as;Marie's dependent. Compute Marie's taxable income.;A. $41,200;B. $34,100;C. $36,800;D. None of the above;54. Mr. and Mrs. Liddy, ages 39 and 41, file a joint return;and have no dependents for the year. Here is their;relevant information.;Compute their adjusted gross income (AGI) and taxable;income.;A. AGI $50,200, taxable income $31,200;B. AGI $47,000, taxable income $31,200;C. AGI $47,000, taxable income $39,600;D. AGI $50,200, taxable income $39,600;55. Mr. and Mrs. Dell, ages 29 and 26, file a joint return;and have no dependents for the year. Here is their;relevant information.;Compute their adjusted gross income (AGI) and taxable;income.;A. AGI $44,700, taxable income $37,300;B. AGI $58,700, taxable income $37,300;C. AGI $58,700, taxable income $39,700;D. AGI $58,700, taxable income $44,700;56. Which of the following statements regarding the;calculation of taxable income is false?;A. The first step in the calculation of taxable income is determining;the taxpayer's total income.;B. Adjusted gross income is equal to total income less;above-the-line deductions.;C. Adjusted gross income can be reduced by the greater of;the standard deduction or itemized deductions.;D.;Taxpayers are allowed to deduct the greater of itemized;deductions or above-the-line deductions in;calculating taxable income.;57. Julie, an unmarried individual, lives in a home with her;13-year-old dependent son, Oscar. This year;Julie had the following tax information.;Compute Julie's adjusted gross income (AGI) and taxable;income.;A. AGI $118,000, taxable income $105,800;B. AGI $118,000, taxable income $95,200;C. AGI $118,000, taxable income $102,100;D. AGI $111,100, taxable income $97,900;58. Julie, an unmarried individual, lives in a home with her;13-year-old dependent son, Oscar. This year;Julie had the following tax information.;Compute Julie's adjusted gross income (AGI) and taxable;income.;A. AGI $97,800, taxable income $70,300;B. AGI $97,800, taxable income $76,800;C. AGI $91,300, taxable income $77,700;D. AGI $91,300, taxable income $70,300;59. Tamara and Todd Goble, ages 72 and 58, file a joint;return. Todd is legally blind. Compute their standard;deduction.;A. $10,000;B. $11,600;C. $12,750;D. $13,900;60. In determining the standard deduction, which of the;following statements is true?;A. The standard deduction is a function of filing status.;B.;An individual who is both blind and age 65 by the last day;of the taxable year is entitled to one;additional standard deduction amount.;C.;An individual who is claimed as a dependent on another;person's tax return is not allowed a standard;deduction.;D. All of the above statements are true.;61. Mr. and Mrs. Kay, ages 68 and 66, file a joint return.;Mrs. Kay is legally blind. Compute their standard;deduction.;A. $11,600;B. $15,050;C. $13,900;D. $12,750;62. Melissa, age 16, is claimed as a dependent on her;parents' tax return. This year, Melissa earned $2,000;from babysitting and $1,280 interest income from a savings;account. Compute Melissa's standard;deduction.;A. $5,800;B. $2,300;C. $2,000;D. $950;63. Melissa, age 16, is claimed as a dependent on her;parents' tax return. This year, Melissa earned $510 from;babysitting and $220 interest income from a savings account.;Compute Melissa's standard deduction.;A. $730;B. $810;C. $520;D. $950;64. Hunter, age 17, is claimed as a dependent on his;parents' tax return. This year, Hunter earned $8,500 for;appearing in a television commercial. Compute Hunter's;standard deduction.;A. $950;B. $8,800;C. $5,800;D. $0;65. Mr. and Mrs. Upton's marginal tax rate on their joint;return is 33%. This year, their itemized deductions;totaled $13,100, and their standard deduction (MFJ) was;$11,600. Compute their incremental tax savings;from their itemized deductions.;A. 0;B. $495;C. $3,762;D. $4,257;66. Which of the following statements describing individual;tax deductions is false?;A. Individuals can take both above-the-line and the standard;deduction in the same year.;B.;Individuals elect to itemize deductions in a tax year in;which total itemized deductions exceed the;standard deduction.;C.;In a year in which an individual takes the standard;deduction, any itemized deductions yield no tax;benefit.;D. Individuals who pay self-employment tax can deduct the;tax as an itemized deduction.;67. Which of the following statements describing individual;tax deductions is false?;A.;In a year in which an individual takes the standard;deduction, any itemized deductions yield no tax;benefit.;B. The majority of individual taxpayers itemize rather than;taking the standard deduction.;C.;Individuals elect to itemize deductions in a tax year in;which total itemized deductions exceed the;standard deduction.;D.;Individuals who pay self-employment tax can deduct a portion;of the tax as an above-the-line;deduction.;68. Kent, an unmarried individual, invited his elderly;widowed father, Martin, to move into his home in;January of this year. Martin's only income item was a;$14,000 taxable pension from his former employer.;Kent provides about 75% of his father's financial support.;What is Kent's filing status and number of;exemptions for the year?;A. Single and one exemption;B. Single and two exemptions;C. Head of household and one exemption;D. Head of household and two exemptions;69. Ms. Dolan, an unmarried individual, invited her elderly;widowed uncle, Martin, to move into her home;in January of this year. Martin's only income item was;$2,390 of taxable interest on a savings account.;Ms. Dolan provides over 90% of her uncle's financial;support. What is Ms. Dolan's filing status and;number of exemptions for the year?;A. Single and one exemption;B. Single and two exemptions;C. Head of household and one exemption;D. Head of household and two exemptions;70. Mr. and Mrs. Anderson file a joint return. They provide;more than 50% of the financial support of their;two children, Dana, age 26, and John, age 17. Both children;live in the Andersons' home. Dana earned;$7,100 from a part-time job, while John earned no income;this year. Which of the following statements is;true?;A. Both Dana and John are qualifying children of the;Andersons.;B. Dana is a qualifying relative and John is a qualifying;child of the Andersons.;C. John is a qualifying child of the Andersons.;D. Neither Dana nor John is a qualifying child of the;Andersons.;71. Ms. Lewis' maintains a household which is the principal;place of residence for Kathy. Ms. Lewis;provides more than 50% of Kathy's financial support. In;which of the following cases can Ms. Lewis;claim Kathy as a qualifying child?;A. Kathy is age 8 and the child of Ms. Lewis' best friend;who died three years ago.;B. Kathy is Ms. Lewis' 15 year old niece.;C. Kathy is Ms. Lewis' 30 year old unmarried sister.;D. Both b. and c.;72. Mr. and Mrs. Jelk file a joint return. They provide 65%;of the financial support for David, the 14-year old;son of a friend who died three years ago. David lives in the;home of his aunt Sarah, who provides 35% of;his financial support. Which of the following statements is;true?;A. David is a qualifying child of the Jelks.;B. If David earns less than $3,700 gross income this year;he is a qualifying child of the Jelks.;C. If David earns less than $3,700 gross income this year;he is a qualifying relative of the Jelks.;D. David is neither a qualifying child nor a qualifying;relative of the Jelks.;73. Which of the following statements regarding exemptions;is false?;A. Taxpayers can claim a dependency exemption for a;qualifying child or a qualifying relative.;B. A qualifying child must be the natural child, the adopted;child, or the stepchild of the taxpayer.;C.;A qualifying relative includes an unrelated individual who;is a member of the taxpayer's household for;the year.;D. There is no limit on the amount of gross income that a;qualifying child may earn in a year.;74. Which of the following statements regarding a qualifying;child is false?;A. The child must have been alive at least 180 days during;the tax year.;B. The child must be a U.S. citizen or resident of the;United States, Canada, or Mexico.;C. The child must not have provided more than 50% of his or;her own financial support during the year.;D.;The child must not have filed a joint return with a spouse;unless the return was filed only as a refund;claim.;75. Mr. and Mrs. Steel, who file a joint return, have;$513,200 taxable income in 2011. Compute their regular;tax liability.;A. $101,086;B. $149,492;C. $179,620;D. None of the above

 

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