Homework Answers
| QUESTION I | |||||||||||||||
| Beginning January 1, 2019 Alimony or separate maintenance payments are not deductible from the income of the payer spouse. | |||||||||||||||
| In case of a divorce or separation agreement executed after December 31, 2018, Alimony or separate maintenance payments are not deductible | |||||||||||||||
| Answer: January 1, 2019 | |||||||||||||||
| QUESTION II | Tax Payer must file a tax return when income earned exceeds $12,200 in 2019 If taxpayers filing single below 65, | ||||||||||||||
| In this case Tax Payer age is 32 | |||||||||||||||
| Answer: $12,200 | |||||||||||||||
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Section 4 Question 12 of 15. Alimony or separate maintenance payments are not...
Alimony or separate maintenance payments are not deductible from the income of the payer spouse beginning with which dat...
Alimony or separate maintenance payments are not deductible from the income of the payer spouse beginning with which date? January 1, 2018 January 1, 2019 December 31, 2017 December 31, 2019
federal income tax question Mark for follow up Question 6 of 12 Which of the following...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
federal income tax question Mark for follow up Question 3 of 12 Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
es gov Section 1 Question 1 of 15. Which of the following is NOT a necessary...
es gov Section 1 Question 1 of 15. Which of the following is NOT a necessary expense? Food and clothing. College tuition. Housing. Vehicle maintenance. Mark for follow up Question 2 of 15 Which of the following affects your client's equity in assets? Loans against the asset. Appraisal. How long the asset has been owned. Both 1 and 2 Mark for follow up Question 3 of 15. The difference in the lump-sum and periodic payment plan calculation is: assels nut...
Time Remaining Return Next 3 1 point Taxpayer, who is single, purchased 350 shares of XYZ...
Time Remaining Return Next 3 1 point Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2019, Taxpayer sold all 350 shares for a price of $22 per shares (total sales price of $7,700). By 10 January 2020, market conditions had changed, and Taxpayer decided to purchase another 350 shares of XYZ Corporation at a cost of $23 per share (total cost...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited to 80% of taxable income (determined without regard to the deduction), in losses that arvsem tax years beginning after December 31, 2017 O Beginning in tax years after December 31, 2017, taxpayers may take 100% of an NOL in the year following the loss. Taxpayers will need to make a distinction between NOLs that occurred before January 1,...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount of his pension. Which of the following statements is true: The tax-free portion of Leo's distribution is determined using his age and the age of any survivor beneficiary as of December 31 of starting date. The tax-free part of the payment will remain the same each year, even if the amount of the distribution changes. The tax-free portion of Leo's distribution is determined using...
federal income tax question Mark for follow up Question 3 of 12. Which statement is TRUE...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports...
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...
Bon course Question 71 of 75. Why would a taxpayer need to file Form 1040X, Amended...
Bon course Question 71 of 75. Why would a taxpayer need to file Form 1040X, Amended U.S. Individual Income Tax Return? o To correct errors and omissions on the original return that result in a change to the original tax liability, refund, or balance due To report original information before the end of the tax year when a return has not been filed previously To report information from a corrected income document before the original return has been filed. To...
federal income tax question
Mark for follow up Question 6 of 12 Which of the following education expenses are NOT qualified expenses for the education savings bond program? O Contributions to a qualified tuition program or to a Coverdell Education Savings Account. Tuition and fees required to attend an eligible educational institution for the taxpayer or spouse. Tuition and fees required to attend an eligible educational institution for a dependent. Room and board needed to attend an eligible educational institution...
federal income tax question
Mark for follow up Question 3 of 12 Which statement is TRUE regarding the redesigned 2020 Form W.4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
es gov Section 1 Question 1 of 15. Which of the following is NOT a necessary expense? Food and clothing. College tuition. Housing. Vehicle maintenance. Mark for follow up Question 2 of 15 Which of the following affects your client's equity in assets? Loans against the asset. Appraisal. How long the asset has been owned. Both 1 and 2 Mark for follow up Question 3 of 15. The difference in the lump-sum and periodic payment plan calculation is: assels nut...
Time Remaining Return Next 3 1 point Taxpayer, who is single, purchased 350 shares of XYZ Corporation in January 2015 at a cost of $30 per share (total cost of $10,500). On 15 December 2019, Taxpayer sold all 350 shares for a price of $22 per shares (total sales price of $7,700). By 10 January 2020, market conditions had changed, and Taxpayer decided to purchase another 350 shares of XYZ Corporation at a cost of $23 per share (total cost...
Question 69 of 75. Which of the following is a correct statement in regard to an NOL? The NOL deduction is limited to 80% of taxable income (determined without regard to the deduction), in losses that arvsem tax years beginning after December 31, 2017 O Beginning in tax years after December 31, 2017, taxpayers may take 100% of an NOL in the year following the loss. Taxpayers will need to make a distinction between NOLs that occurred before January 1,...
Section 1 Question 1 of 15. Leo uses the simplified method to determine the taxable amount of his pension. Which of the following statements is true: The tax-free portion of Leo's distribution is determined using his age and the age of any survivor beneficiary as of December 31 of starting date. The tax-free part of the payment will remain the same each year, even if the amount of the distribution changes. The tax-free portion of Leo's distribution is determined using...
federal income tax question
Mark for follow up Question 3 of 12. Which statement is TRUE regarding the redesigned 2020 Form W-4, Employee's Withholding Certificate? The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, the 2020 Form W-4 does not refer to withholding allowances. The Tax Cuts and Jobs Act of 2017 eliminated personal and dependency exemptions. As a result, a standard deduction amount is multiplied by the number of individuals (taxpayer, spouse,...
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...
Bon course Question 71 of 75. Why would a taxpayer need to file Form 1040X, Amended U.S. Individual Income Tax Return? o To correct errors and omissions on the original return that result in a change to the original tax liability, refund, or balance due To report original information before the end of the tax year when a return has not been filed previously To report information from a corrected income document before the original return has been filed. To...
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