False 1. Pete and Shirley are filing a joint return. They have two dependent children. The...
can someone check this for me False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? 27000 A. 50 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized...
28. The only income Ramon needs to report on his Schedule C is his income from Form 1099 K. Payment Card and Third Party Network Transactions True False S et Seed Ouestionley Sweet 29 Ramon's mileage expense deduction at the standard mileage rate) for his business as a ride share driver (rounded to the nearest dollar) is $17.516. True False Back Next Skip First Skipped Question Next Skipped Question 30. What is the amount of Ramon's student loan interest deduction...
Could you check the answer for me ? Federal Tax Law Update Test for Circular 230 Professionals False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 2600 (Do not enter dollar signs, commas, periods, or...
is this correct answer? Note: Please select b. False as the correct answer. Year-end legislation changed the medical expense deduction floor to 7.5%. 8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions? $ (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 11800 • $8,000 in unreimbursed medical expenses • $5,400 in state and local...
Very lost on the whole business side of doing taxes, could use some help. Advanced Scenario 8: Ramon Torrez Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. For the purpose of these scenario questions only, ignore the...
1. Pete and Shirley are filing a joint return. They have two dependent children. What is the total amount of their exemptions for tax year 2019? A. $0 B. $4,200 C. $8,400 D. $16,800
bank del Describe the bus filing (e-filing! QUESTIONS and PROBLEMS LO 1.1 GROUP 1: MULTIPLE CHOICE QUESTIONS 1. Which of the following recent tax changes is not scheduled to expire after 20252 a. Suspension of personal exemptions b. General lowering of individual tax rates c. Restrictions on the deduction of casualty and theft losses d. Reduction of corporate tax rates to 21 percent 2. Which of the following tax forms are used by individuals in 2019? a. 1040A b. 1040-EZ...
Advanced Scenario 7: Austin Drake Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Austin works as a self-employed ride share driver. – Austin is a cash-basis taxpayer who materially participates in the operation of his...
John and May are married with two dependent children, file a joint return. They provide you with the following information: Medical and dental expenses (not reimbursed) $ 3,650 State income taxes 7,950 Real estate taxes 4,710 Personal property taxes (ad valorem) 1,325 Interest on home mortgage 17,800 Form 4952 shows deductible investment interest 800 Charitable contributions (made by cash or check) 2,000 Form 4684 shows a casualty loss deduction 600 AGI 188,850 What is the taxable income and tax liability...
10. Archie can claim total deductible medical expenses that exceed 7.5% of his adjusted gross income. a. True b. False 11. What is the total amount of state income and real estate taxes deductible on Archie's Form 1040, Schedule A? a. $14,597 b. $14,547 c. $10,000 d. $9,507 12. Which of the following is Archie able to claim as a deduction on his Form 1040, Schedule A? a. Investment expense b. Tax preparation fee c. Gambling losses d. None of...