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Exam 9: Individuals As the Taxpayer

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Question 61

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For tax purposes, married persons filing separate returns are treated the same as single taxpayers.

A) True
B) False

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Question 62

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Under the Federal income tax formula for individuals, the determination of adjusted gross income (AGI) precedes that of taxable income (TI).

A) True
B) False

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Question 63

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Adjusted gross income (AGI) appears on page 2 of Form 1040.

Evan and Eileen Carter are husband and wife and file a joint return for 2019.Both are under 65 years of age.They provide more than half of the support of their daughter, Pamela (age 25) , who is a full-time medical student.Pamela receives a $5,000 scholarship covering her tuition at college.Evan and Eileen furnish all of the support of Belinda (Evan's grandmother) , who is age 80 and lives in a nursing home.They also support Peggy (age 66) , who is a friend of the family and lives with them.How many dependents may the Carters claim?

Kim, a resident of Oregon, supports his parents who are residents of Canada but citizens of Korea.Kim can claim a dependent tax credit for his parents.

Matching Regarding classification as a dependent, classify each statement in one of the four categories: a. Could be a qualifying child. b. Could be a qualifying relative. c. Could be either a qualifying child or a qualifying relative. d. Could be neither a qualifying child nor a qualifying relative. -A daughter who does not live with taxpayer.

Claude's deductions from AGI exceed the standard deduction allowed for the current year.Under these circumstances, Claude cannot claim the standard deduction.

Match the statements that relate to each other.Note: Choice k.may be used more than once. a.Available to a 70-year-old father claimed as a dependent by his son. b.Equal to tax liability divided by taxable income. c.The highest income tax rate applicable to a taxpayer. d.Not eligible for the standard deduction. e.No one qualified taxpayer meets the support test. f.Taxpayer's ex-husband does not qualify. g.A dependent child (age 18) who has only unearned income. h.Highest applicable rate is 37%. i.Applicable rate could be as low as 0%. j.Maximum rate is 28%. k.No correct match provided. -Long-term capital gains

Since an abandoned spouse is treated as not married and has one or more dependent children, he or she qualifies for the standard deduction available to head of household.

A child who is married cannot be subject to the kiddie tax.

Tony, age 15, is claimed as a dependent by his grandmother.During 2019, he had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $800.Tony's taxable income is:

During 2019, Enrique had the following transactions: Enrique's AGI is:

Kyle, whose wife died in December 2016, filed a joint tax return for 2016.He did not remarry but has continued to maintain his home in which his two dependent children live.What is Kyle's filing status in 2019?

Which the following, if any, of is a correct statement relating to the kiddie tax in 2019?

In terms of the tax formula applicable to individual taxpayers, which of the following statements, if any, is correct?

Under the income tax formula, a taxpayer must choose between deductions for AGI and the standard deduction.

A decrease in a taxpayer's AGI could increase the amount of medical expenses that can be deducted.

Matching Regarding classification as a dependent, classify each statement in one of the four categories: a. Could be a qualifying child. b. Could be a qualifying relative. c. Could be either a qualifying child or a qualifying relative. d. Could be neither a qualifying child nor a qualifying relative. -A stepdaughter who does not live with taxpayer.

Matching Regarding classification as a dependent, classify each statement in one of the four categories: a. Could be a qualifying child. b. Could be a qualifying relative. c. Could be either a qualifying child or a qualifying relative. d. Could be neither a qualifying child nor a qualifying relative. -A family friend who is supported by and lives with the taxpayer.

Harpreet, whose husband died in December 2018, maintains a household in which her dependent mother lives. Which (if any) of the following is her filing status for the tax year 2019? (Note: Harpreet is the executor of her husband's estate.)