Question #1 Milo is required to file a federal tax return?
a) True or b) Fales
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Question #2 What is the most advantageous filing status allowable for Aurora?
a. Single
b. Married Filing Separately
c. Married Filing Jointly
d. Head of Household
Question #3 Milo is a qualifying person for Oscar to claim head of household filing status, credit for other dependents, and the earned income credit
a) True or b)False
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Question #1 Milo is required to file a federal tax return? a) True or b) Fales...
Aurora and Oscar separated in 2017 and divorced in October 2019. She earned $40,000 in wages and paid more than half the cost of keeping up her home in 2019. Aurora and Oscar have a son, Milo, who is 17 years old and unmarried. Aurora signed Form 8332 (Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent) allowing Oscar to claim Milo in 2019. Milo is a full-time student working towards a degree in computer information systems....
Aurora and Oscar separated in 2017 and divorced in October 2019. She earned $40,000 in wages and paid more than half the cost of keeping up her home in 2019. Aurora and Oscar have a son, Milo, who is 17 years old and unmarried. Aurora signed Form 8332 (Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent) allowing Oscar to claim Milo in 2019. Milo is a full-time student working towards a degree in computer information systems....
Aurora and Oscar separated in 2017 and divorced in October 2019. She earned $40,000 in wages and paid more than half the cost of keeping up her home in 2019. Aurora and Oscar have a son, Milo, who is 17 years old and unmarried. Aurora signed Form 8332 (Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent) allowing Oscar to claim Milo in 2019. Milo is a full-time student working towards a degree in computer information systems....
Question 44 of 75. h (35) is divorced from Dan (40). They are the parents of Boyd (12). Boyd lives with his mother, Barb, who pays over half ost of maintaining the home. The divorce decree gives Dan the unconditional right to claim the dependency exemption for filing status is 0 Head of household. O Married filing jointly O Married fling separately O Single tion for Boyd. Boyd meets all of the tests for dependency for Barb as a qualifying...
6. Which one of the following is considered being married for tax purposes? A. Persons living apart and legally separated or divorced. B. Persons whose marriage is annulled. C. A person whose spouse died during the year. 7. Which one of the following statements describes the consequences of using the filing status ‘married filing jointly’? A. A spouse may not be held responsible for tax if that spouse had no income. B. The tax rates are generally more favorable than...
Question 11 (1 point) True or false: A couple cannot claim married filing jointly as their filing status if they were not married more than half of the taxable year. True False Question 12 (1 point) Josh took care of his 5 year old brother for 5 months in 2019. During that time, Josh provided all of the housing and support for his brother. His mother took care of his brother the rest of the year. What would Josh claim...
Marks: 1 Robbie and Cate were divorced in 2012 and neither one has remamed They have one daughter, Amy, age 9, who lives with Cate. Robbie and Cate provide all of Amy's support. Robbie has earned income of $19,500 and his AGI is $22.500. Cate has eamed income of $22,000 and her AGI is $23,000. In 2013 Cate signed Form 8332 to allow Robbie to claim Army as a dependent for all future years. If Robbie and Cate meet the...
Question 32 (1 point) Bill died on February 5, 2016. His wife, Bonnie, and their 20-year-old son, Bob, survive. In 2019, Bob attends college part-time. His taxable wages are $4,500 and he lives with his mother the entire year. Bonnie pays all of the household costs. What is Bonnie's filing status for 2019? 1) Single 2) Qualifying widow(er) 3) Married, filing jointly 4) Head of household 5) None of the above
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports his son and his son's wife, both of whom lived with him for the entire year. His son and daughter-in-law (both age 20) file a joint return to get a full refund, as their gross income was $3,500. Both son and daughter-in-law are full-time students at a local college. QUESTION 2 Identify the best Filing Status for the following taxpayer: Ted is divorced and...
1.) Marietta will use the single filing status for 2019. She owns shares of stock and during the year, she received dividends from this investment. She received a 2019 form 1099 Div from the company reporting a distribution of $1000 in total ordinary dividends, shown in box 1 and qualified dividends of $1000 shown inbox 2. Mariwtta's only other income was from wages. Her taxable income for the year was $36,500. How much tax will she owe on the dividend...