income tax chapter 3 quizzes - Marks: 1 Which of the...

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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 e. All of the above could qualify Not allowed to claim the personal exemption for an employee. Correct Marks for this submission: 1/1. Question 2 Marks: 1 Taxpayers are allowed to take the larger of their itemized deductions or the standard deduction. Answer: True False Correct Marks for this submission: 1/1. Question 3 Marks: 1 A taxpayer is allowed an additional standard deduction for a dependent grandmother who is 70 years old. Answer: True False Additional standard deductions are not allowed for dependents. Correct Marks for this submission: 1/1. Question 4 Marks: 1 What is Jerome Jackson's standard deduction for 2011 if he has $20,000 in wages and files married filing separately? He also claims one of the two children. Choose one answer. a. $5,800 b. $4,850 c. $11,600 d. $3,700 e. None of the above The standard deduction for married individuals filing separately is $5,800. Correct Marks for this submission: 1/1.
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Question 5 Marks: 1 Which of the following is considered to be net earnings from self- employment? Choose one answer. a. Capital gains b. Wages received by an employee c. Winning lottery ticket d. Interest income from personal savings account e. None of the above None of the listed items are subject to the self-employment tax. Correct Marks for this submission: 1/1. Question 6 Marks: 1 A minor's income may be included in the parents' return. Answer: True False Correct Marks for this submission: 1/1. Question 7 Marks: 1 To qualify as an abandoned spouse, the taxpayer must furnish more than half the support of a household that is the principal abode of a dependent child. Answer: True False Correct Marks for this submission: 1/1. Question 8 Marks: 1 During the year, Minerva Malcolm was entirely supported by her three sons, Alfred, Bill, and Charles, who provided support in the following percentages: Alfred 8% Bill 45% Charle s 47% Which of the brothers is entitled to claim his mother as a dependent, assuming a multiple support agreement exists? Choose one answer.
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a. Alfred b. Alfred or Charles c. Bill or Charles d. Alfred, Bill, or Charles e. None of the above Alfred is not eligible for the multiple support agreement because he did not contribute over 10 percent of the support. Incorrect Marks for this submission: 0/1. Question 9 Marks: 1 An 18-year-old child may be claimed as a dependent if the child had gross income of $3,800, provided the other dependency tests are met. 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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income tax chapter 3 quizzes - Marks: 1 Which of the...

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