intro to management quiz_10[1]

intro to management quiz_10[1] - All of the following items...

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All of the following items are included in gross income except (Points: 5) alimony received. rent income. interest earned on a bank account. child support payments received. 2. Which of the following types of itemized deductions are included in the category of miscellaneous expenses that are deductible only if the aggregate amount of such expenses exceeds 2% of the taxpayer's adjusted gross income? (Points: 5) unreimbursed employee business expenses charitable contributions medical expenses home mortgage interest expense 3. Which of the following types of itemized deductions are included in the category of miscellaneous expenses that are deductible only if the aggregate amount of such expenses exceeds 2% of the taxpayer's adjusted gross income? (Points: 5) unreimbursed employee business expenses charitable contributions medical expenses home mortgage interest expense 4. The following information for 2010 relates to Emma Grace, a single taxpayer, age 18: Salary$6,500 Interest income1,200 Itemized deductions 500 Compute Emma Grace's taxable income assuming she is self-supporting. (Points: 5) 2,650 5,150 0 2000 5. Kevin is a single person who earns $70,000 in salary for 2010 and has other income from a variety of investments, as follows: Bank savings account interest$5,500 State of Missouri Bonds3,500 Dividends from XYZ Corp.7,000 Kevin received refunds when he filed his 2009 tax returns in April of 2010. His federal refund was $600 and his state refund was $300. Kevin's 2009 federal itemized deductions totaled $13,000. In 2010 his itemized deductions total only $3,700, and the amount of
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withholding for Federal income taxes is $16,900. (Points: 5) 68,450 70,540 67,950 73,450 6. Sarah receives a $15,000 scholarship from City University. The university specifies that $8,000 is for tuition, books, supplies, and equipment for classes. The other $7,000 is for room and board. Sarah works ten hours per week as a grader, for which she is paid $7,500 for the year. Of the total amount received, Sarah must include the following amount in gross income: (Points: 5) $7,000. $7,500. $14,500. $22,500. 7. In 2009 Bronwyn loaned her son, Juan, $10,000 to help him buy a new computer. In 2010, before he repaid the $10,000, Bronwyn told Juan that she was "tearing up" the $10,000 note as a graduation present. How should Juan treat the amount forgiven? (Points: 5) taxable income in year of loan taxable income in year of forgiveness excludable gift in year of loan excludable gift in year of forgiveness 8. For a taxpayer who is not insolvent nor under bankruptcy proceedings, the discharge of debt is generally: (Points: 5) taxable. nontaxable partially taxable. none of the above. 9.
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This note was uploaded on 11/21/2011 for the course KAPLAN UNI MT 140 taught by Professor Thum during the Spring '10 term at Kaplan University.

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intro to management quiz_10[1] - All of the following items...

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