Homework Answers
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| Answer 51 | ||
| Option b | $2,500 | |
| Answer 52 | ||
| Option a | Gross Income | |
| Because net taxable income is considered and not Gross Income. | ||
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The student loan interest deduction is the smaller of the interest paid on Marks 1 Choose...
The student loan interest deduction begins to phase out for taxpayers who are married filing jointly...
The student loan interest deduction begins to phase out for taxpayers who are married filing jointly with MAGI of __________. * $120,000 $130,000 $140,000 $145,000
Miranda prepared a tax return for Fred and Carol. Before e-filing their return, who must sign...
Miranda prepared a tax return for Fred and Carol. Before e-filing their return, who must sign Form 88797 49 Marks: 1 Choose one answer a Miranda b. Fred and Carol c. Miranda and either Fred or Carol d. Miranda. Fred, and Carol Which of the following three factors determine most taxpayers' filing requirements? 50 Marks: 1 Choose one answer. a Gross income, filing status and dependents b. Age, occupation, and gross income c Fling status, age, and dependents d. Gross...
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks:...
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks: 1 Choose one answer Which of the following statements is not true about limits on 2018 itemized deductions? Marks: 1 Choose one answer a Qualified medical expenses must be reduced by 75% of the AGI b. The deduction of state and local taxes paid is limited to $10,000 c. Depending on the type of contribution and recipient of the contribution, the deduction for charitable...
Tor F 1. For 2018, the amount of the student loan interest deduction is limited to...
Tor F 1. For 2018, the amount of the student loan interest deduction is limited to $3,500. Tor F 2. Under a divorce agreement executed in 2018, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony. Tor F 3. With a Health Savings Account (HSA), contributions grow tax free and distributions used for to pay for medical expenses are non-taxable. Tor F 4 . The cost of aspirin and over-the-counter cough...
Interest that is tax-exempt is reported on: Marks: 1 Choose one answer. O a. Form 1040...
Interest that is tax-exempt is reported on: Marks: 1 Choose one answer. O a. Form 1040 3a b. Form 1040 36 c. Form 1040 2a d. Form 1040 2b 10 Which of the following is not true of Qualified Business Income Deduction (QBID)? Marks: 1 Choose one answer. O O o b c d Before any limits QBID is 20% of the qualified business income of all qualified business activities QBID can never be claimed for Specified Service Business Activities...
Tax Prep 1 (Tax course 101 Final) Back . < $250 000 d. None of these...
Tax Prep 1 (Tax course 101 Final) Back . < $250 000 d. None of these Marks 1 John is a single taxpayer His taxable income on Form 1040, line 10 is $21,810 John will use which method to figure the tax on his taxable income Choose one answer a Tax table Tax rate schedule Percentage od Tax calculation works O O d Glenn's AG $34 500 He had $4,222 in medical and dental expenses. How much can he deduct...
Marks: 1 Robbie and Cate were divorced in 2012 and neither one has remamed They have...
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...
69 Marks 1 The medical mileage rate for 2018 is cents per mile. Choose one answer...
69 Marks 1 The medical mileage rate for 2018 is cents per mile. Choose one answer a 15 16 17 70 Marks: 1 Wayne supported his daughter Carol age 21, until her marriage in August 2018 Carol was a full-time student for 5 months of 2018 Carol and her husband both had part time jobs and had federal income tax withheld Their total AGI was $10,000 in 2018. Can Wayne claim Carol as a dependent on his 2018 return? Choose...
I need help with the following questions: 1) 2)3) 4) 5) During 2019, Murray, who is...
I need help with the following questions:
1)
2)3)
4)
5)
During 2019, Murray, who is 60 years old and unmarried, provided all of the support of his elderly mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2019, and how many dependents should he report on his tax return? X a. Head of household and 2 dependents b. Single and 2 dependents...
can someone check this for me False 1. Pete and Shirley are filing a joint return....
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...
Miranda prepared a tax return for Fred and Carol. Before e-filing their return, who must sign Form 88797 49 Marks: 1 Choose one answer a Miranda b. Fred and Carol c. Miranda and either Fred or Carol d. Miranda. Fred, and Carol Which of the following three factors determine most taxpayers' filing requirements? 50 Marks: 1 Choose one answer. a Gross income, filing status and dependents b. Age, occupation, and gross income c Fling status, age, and dependents d. Gross...
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks: 1 Choose one answer Which of the following statements is not true about limits on 2018 itemized deductions? Marks: 1 Choose one answer a Qualified medical expenses must be reduced by 75% of the AGI b. The deduction of state and local taxes paid is limited to $10,000 c. Depending on the type of contribution and recipient of the contribution, the deduction for charitable...
Tor F 1. For 2018, the amount of the student loan interest deduction is limited to $3,500. Tor F 2. Under a divorce agreement executed in 2018, periodic payments of either cash or property must be made at regular intervals to be deductible as alimony. Tor F 3. With a Health Savings Account (HSA), contributions grow tax free and distributions used for to pay for medical expenses are non-taxable. Tor F 4 . The cost of aspirin and over-the-counter cough...
Interest that is tax-exempt is reported on: Marks: 1 Choose one answer. O a. Form 1040 3a b. Form 1040 36 c. Form 1040 2a d. Form 1040 2b 10 Which of the following is not true of Qualified Business Income Deduction (QBID)? Marks: 1 Choose one answer. O O o b c d Before any limits QBID is 20% of the qualified business income of all qualified business activities QBID can never be claimed for Specified Service Business Activities...
Tax Prep 1 (Tax course 101 Final) Back . < $250 000 d. None of these Marks 1 John is a single taxpayer His taxable income on Form 1040, line 10 is $21,810 John will use which method to figure the tax on his taxable income Choose one answer a Tax table Tax rate schedule Percentage od Tax calculation works O O d Glenn's AG $34 500 He had $4,222 in medical and dental expenses. How much can he deduct...
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...
69 Marks 1 The medical mileage rate for 2018 is cents per mile. Choose one answer a 15 16 17 70 Marks: 1 Wayne supported his daughter Carol age 21, until her marriage in August 2018 Carol was a full-time student for 5 months of 2018 Carol and her husband both had part time jobs and had federal income tax withheld Their total AGI was $10,000 in 2018. Can Wayne claim Carol as a dependent on his 2018 return? Choose...
I need help with the following questions:
1)
2)3)
4)
5)
During 2019, Murray, who is 60 years old and unmarried, provided all of the support of his elderly mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2019, and how many dependents should he report on his tax return? X a. Head of household and 2 dependents b. Single and 2 dependents...
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...
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