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Individual Income Tax Accounting Review

front 1

Which of the following is not a deduction for AGI on an individual taxpayer’s tax return?

back 1

Charitable contributions

front 2

Ann’s husband died last year. Ann maintains a household where she and her 8-year-old daughter reside for the tax year. On her tax return, she properly claims her daughter as a dependent. For the current year, Ann should file her tax return as:

back 2

Qualifying widow(er)

front 3

Carol is 20 years old and single. Her parents properly claim her as a dependent on their joint tax return. During 2013, Carol had the following income and expense items:

  • Wages from a part-time summer job $3,000
  • Interest income from her own savings account 2,500
  • State and local income taxes paid 800
  • State and local sales tax paid 200

Carol’s 2013 taxable income is:

back 3

Wages $3,000

Int. 2,500

Income 5,500

Std. ded. (3,350)

Taxable $2,150

front 4

The minimum percentage of support that a member of a multiple support group must provide to claim a dependency exemption for the supported person is more than:

back 4

10%

front 5

Dorsey and Thelma Packard (ages 42 and 45) file a joint return. They claim Dorsey’s blind mother (age 67) as a dependent. The Packards’ 2013 standard deduction is:

back 5

$12,200

  • Basic standard deduction (MFJ) = $12,200
  • No deduction for Dorsey’s blind mother

front 6

Education tax credits are reported on:

back 6

Form 8863

front 7

The full child tax credit is available to unmarried taxpayers whose AGI does not exceed:

back 7

$75,000

front 8

A 25-year-old files Form 1040EZ and indicates that another taxpayer can claim him as a dependent. This taxpayer may not:

back 8

Claim an earned income credit.

Claim an exemption for him or himself.

front 9

Which of the following is a refundable credit?

back 9

The earned income credit

front 10

Is Head of Household the most advantageous filing system Teresa can use?

back 10

No, filing as a qualifying widow(er) is the more favorable filing status.

front 11

Because Zach is disabled and meets the other tests, Teresa can claim him as a qualifying child for the earned income credit.

back 11

True

front 12

What is Teresa’s total federal income tax withholding?

back 12

$2,500

+ 150

+ 260

$2,910

front 13

What is the credit for child and dependent care expenses on Form 2441, line 11?

back 13

  • Amount paid is $2,800
  • Income is $41,800

$2,800

x .21

$588

front 14

Teresa has three qualifying children for the child tax credit.

back 14

False. Because Zack is over the age of 17, Teresa has only two qualifying children.

front 15

Teresa must pay a 10% additional tax on the distribution from her 401(k) because she is under 59 ½ years old and does not qualify for an exemption.

back 15

True