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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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