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Question;76. Benjamin, who files as a single taxpayer, has $359,900;taxable income in 2011. Compute his regular tax;liability.;A. $103,664;B. $110,551;C. $118,767;D. None of the above;77. Alice is an unmarried individual. She has $182,340;taxable income in 2011. Compute Alice's regular tax;liability if she files as a single taxpayer and if she files;as a head of household.;A. Single $41,827, head of household $39,892;B. Single $60,172, head of household $51,055;C. Single $45,119, head of household $42,230;D. None of the above;78. Ms. Kilo is an unmarried individual. She has $219,344;taxable income in 2011. Compute Ms. Kilo's;regular tax liability if she files as a single taxpayer and;if she files as a surviving spouse.;A. Single $57,500, surviving spouse $61,924;B. Single $57,281, surviving spouse $54,174;C. Single $43,896, surviving spouse $49,838;D. None of the above;79. Which of the following statements regarding the;calculation of regular tax liability is false?;A. The rate schedule for calculating regular tax liability;depends on the taxpayer's filing status.;B.;All taxpayer, regardless of the amount of their taxable;income, pay a 10% tax on their first bracket of;income.;C. The individual tax rate schedules are adjusted annually;for inflation.;D.;The tax brackets in the single rate schedule are one-half of;the brackets in the married-filing-jointly;rate schedule.;80. Which of the following statements regarding the;calculation of regular tax liability is false?;A. Regardless of filing status, the highest marginal rate;for individual taxpayers is 35%.;B. The individual tax rate schedules are adjusted annually;for inflation.;C.;The tax brackets in the married-filing-separately rate;schedule are one-half of the brackets in the;married-filing-jointly rate schedule.;D. None of the above is false.;81. Mr. and Mrs. David file a joint tax return. They have;$169,300 taxable income in 2011, $120,300 of;which is ordinary income and $49,000 of which is taxed at a;15% preferential rate. Compute their tax;savings from the preferential rate.;A. $6,370;B. $5,799;C. $4,900;D. None of the above.;82. Mr. and Mrs. Daniels had the following income items in;2011;Mr. and Mrs. Daniels have no dependents and claim the standard;deduction. Compute their income tax;liability on a joint return.;A. $20,585;B. $21,363;C. $22,248;D. $23,559;83. Linda and Raj are engaged to be married. Linda's 2011;taxable income as a single individual would;$83,500. Raj's 2011 taxable income as a single individual;would be $118,000. When they marry before;the end of 2011, how much of a marriage penalty will they;incur?;A. $0;B. $388;C. $833;D. None of the above;84. Which of the following situations result in a marriage;penalty for federal income tax purposes?;A.;Mr. and Mrs. Gooding, who have filed a joint return for 11;years, divorce before the end of the tax;year.;B.;Mr. Dylan, who is a head of household, marries Ms. Boyle;who has no taxable income, before the end;of the tax year.;C.;Mr. and Mrs. Small, who have filed a joint return for 20;years, elect to file separate tax returns this;year.;D.;Mr. Langley, a single taxpayer, marries Ms. Nuyen, also a;single taxpayer. Both individuals earn a;salary in excess of $100,000.;85. Mr. and Mrs. Kain reported $80,000 AGI on their joint;return. The couple has four dependent children;Beatrice, age 19, Bruce, age 16, Angie, age 11, and Arnold;age 8. Compute the Kains' child credit.;A. $1,000;B. $2,000;C. $3,000;D. $4,000;86. Mr. and Mrs. Cox reported $115,900 AGI on their joint;return. The couple has three dependent children;under age 17. Compute their child credit.;A. $0;B. $2,100;C. $2,700;D. $3,000;87. Mr. and Mrs. Lansing, who file a joint tax return, have;four dependent children under age 17. Which of;the following statements is false?;A. If the Lansings' AGI is $77,900, their child credit is;$4,000.;B. If the Lansings' AGI is $127,300, their child credit is;$3,100.;C. If the Lansings' AGI is $196,000, their child credit is;zero.;D. None of the above is false.;88. Lennie and Margo spent $2,800 for child care for their;7-year-old son. Lennie's earned income was;$41,000, Margo's earned income was $24,800, and the AGI on;their joint return was $71,200. Calculate;their dependent care credit.;A. $0;B. $560;C. $980;D. $2,800

 

Paper#44720 | Written in 18-Jul-2015

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