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QUESTION 1 Most taxpayers may deduct the standard deduction amount or the amount of their itemized...

QUESTION 1 Most taxpayers may deduct the standard deduction amount or the amount of their itemized deductions, whichever is higher. True False 1 points QUESTION 2 If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of whether he or she files a tax return. True False 1 points QUESTION 3 Schedule 1 of Form 1040 is used to report: a. Joint return status. b. Salary income. c. Self-employment income. d. Withholding on wages. 1 points QUESTION 4 John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,200 of wages from a part-time job at the college book store. What is Ann's filing status for 2018? a. Head of household b. None of the above c. Single d. Qualifying widow(er) e. Married, filing separately 1 points QUESTION 5 Which of the following is not a capital asset? a. Inventory b. Land c. Stocks d. Gold e. A personal automobile

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Answers are highlighted in yellow: All five are individual questions. Although ahave been answered:) Answer 1) TRUE Explanation: It is standardized. Exception: In case of marriage filing separately, both spouse will use a same deduction, either Standard or itemized. 2) FALSE To cliam the tax refund it is mandatory to file the tax return for the same period. 3) c. self-employment income.It is standardized. It is a new Schedule from 2018. 4) c. Single Because, person with gross income S$4150 cant be claimed as dependent. 5) a. Inventory It is an operating asset.

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