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T12S-Chp-08-2-Homework-Sol - Page 1 of 5 Name Home...

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aec65aa018e5b496f211daa28bb3ce3ef0f55cb5.doc. Page 1 of 5 Name: Home work-Chapter 8. (Tax year is 2011, unless you have different information. ) Part-1. Exemptions – Personal, Dependency 1 Rachael is a single parent who maintains a home in Boston in which she and her 16-year-old daughter reside. She also provides most of the support for her son, Stockton, age 25, who is a full-time student at Harvard Law School, lives at home, and earns $2,000 as a part-time waiter at a local diner. How many personal and dependency exemptions can Rachael claim? a. 1 b. 2 c. 3 d. 4 e. Other C 2 Anita was entirely supported by her sons Bart, Bill and Bob who provided this support: Bart 42%; Bill 49%; Bob 9% Which brother is entitled to claim Anita as a dependent, assuming a multiple support agreement exists? a. Bart b. Bart or Bill c. Bill or Bob d. Bart, Bill or Bob B 3 Laura and Michael were divorced last year. Michael has custody of their two children. Laura pays $8,600 in child support payments during the current year. The total cost of supporting the children is $12,500. Michael and Laura do not have any special agreement about dependency exemptions. How many total exemptions may Michael claim for the current year? a. 1 b. 2 c. 3 d. 4 e. Other C 4 In October of the current year, Brandy and her husband Ben split up and do not speak to each other. Neither individual will cooperate with the other on anything including finalizing the divorce. Ben supports their two children after the split up and maintains their household. What is Ben's filing status for the current year? a. Single. b. Married filing separately. c. Head of household. d. Surviving Spouse. B Part-2. Filing Status – Joint, Separate, Single, Head of Household 5 Nell Brown's husband died in 2010. Nell did not remarry, and continued to provide a home and support for herself and her dependent infant child during 2010, 2011, and 2012. For 2012, Nell's filing status is: a. Single. b. Married filing joint return. c. Head of household. d. Qualifying widow. D Part-3. Deductions From AGI – Std. Deduction, Various itemized deduction 6 Which type of deductions is not deductible in arriving at adjusted gross income? a. Alimony b. Exemption c. Expenses of rental property d. IRA Contributions B 7 Mr. and Mrs. Smith have combined salaries of $62,000. Their only expenditures affecting the tax return are state income taxes of $6,000 and real estate taxes amounting to $2,000. They have two small children whom they support, and file a joint return. They have taxable income for the current year of: a. Not more than 36,000 b. More than $36,000, but not more than $37,000 A c. More than $38,000 d. More than $37,000, but not more than $38,000 8 Bob and Pam are both age 67 and legally blind. What is their standard deduction on a joint return for current year?
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