tax quiz 3 - The period of time for which support is...

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The period of time for which support is furnished, not the total cost of support, is the deciding factor in determining if over 50 percent of total support is provided. Answer: TrueFalse Support is determined by the amount of money spent. Incorrect Marks for this submission: 0/1. Question 2 Marks: 1 If a child is a full-time student, an exemption may be claimed for the child regardless of the amount of student's gross income if he or she meets all the other tests for dependency. Answer: TrueFalse A child, who is a full-time student, must be under age 24 if he or she has gross income over the personal exemption amount. Incorrect Marks for this submission: 0/1. Question 3 Marks: 1 Even though a person is legally married he or she may be considered not married for tax purposes if certain conditions are met. Answer: TrueFalse Incorrect Marks for this submission: 0/1. Question 4 Marks: 1 Which of the following individuals would most likely not qualify as a dependent? Choose one answer. a. Foster child b. Stepfather c. Housekeeper employed by taxpayer d. Ex-wife's mother
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e. All of the above could qualify Not allowed to claim the personal exemption for an employee. Incorrect Marks for this submission: 0/1. Question 5 Marks: 1 Marvin Miller, who is claimed as a dependent by his parents, received income of $3,100 from a trust fund and $500 from wages. Marvin had $1,050 in itemized deductions. What is Marvin's taxable income? Choose one answer. a. $2,650 b. $3,600 c. $2,550 d. $1,700 e. None of the above Since Marvin is claimed as a dependent by his parents, he is not allowed a personal exemption. His itemized deductions exceed his $950 standard deduction. Trust fund income $3,100 Wages 500 Less: Itemized deductions 1,050 Taxable income $2,550 Incorrect Marks for this submission: 0/1. Question 6 Marks: 1 The primary distinction between deductions for AGI and deductions from AGI is that the latter are primarily: Choose one answer. a. nonbusiness deductions.
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b. business deductions. c. standard deductions. d. None of the above Deductions from AGI are primarily nonbusiness deductions. Incorrect Marks for this submission: 0/1. Question 7 Marks: 1 A person who is widowed on February 1 may qualify to file a joint return for that year. Answer:
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This note was uploaded on 09/15/2011 for the course INCOME TAX 4404 taught by Professor Bulie during the Spring '11 term at University of Minnesota Duluth.

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tax quiz 3 - The period of time for which support is...

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