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Posted: December 20th, 2021
A parent may elect to include a child’s income in the parent’s return if:
A parent may elect to include a child’s income in the parent’s return if:Select one:a. All of the above must be met for a parent to elect to include a child’s income in the parent’s return.b. The child’s gross income is more than $950 and less than $9,500c. The child is under age 18d. The child’s income is only from interest and dividend distributionsQuestion 2A tax credit is allowed for qualified adoption expenses paid by taxpayersSelect one:a. And an income exclusion is allowed for qualified adoption expenses paid for by taxpayers’ employersb. And an additional credit is allowed for qualified adoption expenses paid for by taxpayers’ employersc. And is available each year qualifying expenses are incurredd. And is not subject to a phase-out based on adjusted gross incomeQuestion 3Assume
Karen is 12 years old and her only income is $2,500 of interest income
from a bank account with money her parents have given her to save for
college. What are the options Karen has for filing her tax return?Select one:a.
Karen can file a separate tax return or her parents can elect to
include her in their tax return, paying tax on $600 of her interest
income at their rate of tax.b. Karen must file a separate tax return and report all of her interest income at her separate rate of tax.c.
Karen can file a separate return or her parents can elect to include
her in their tax return, paying tax on the full $2,500 of her interest
income at their rate of tax.d. Karen must file a separate tax return and report all of her interest income at her parents’ rate of tax.Question 4Bob
and Carol file their tax returns using the married filing jointly
status. Their AGI is $131,000. They have two children, ages 11 and 7.
How much child tax credit can Bob and Carol claim for their two
children?Select one:a. $1,000b. $2,000c. $950d. $1,050e. None of the above is correct.Question 5Carla
and Bob finalized an adoption in 2012. Their adoption fees totaled
$9,500. They have AGI of $205,000 for 2012. What is their adoption
credit?Select one:a. $12,650b. $7,402c. $9,500d. $5,869Question 6Choose the correct statement:Select one:a. A taxpayer may receive a 30 percent credit for the purchase of a plug-in electric vehicle.b. A taxpayer may receive a 30 percent credit for installing a solar water-heating panel for his swimming pool.c. A taxpayer may receive a 30 percent credit for installing a windmill at his vacation home.d. A taxayer may receive a 30 percent credit for installing energy-efficient window shades..Question 7Clark,
a widower, maintains a household for himself and his two dependent
preschool children. For the year ended December 31, 2012, Clark earned a
salary of $36,000. He paid $3,500 to a housekeeper to care for his
children in his home, and also paid $1,500 to a kiddie play camp for
child care. He had no other income or expenses during 2012. How much can
Clark claim as a child care credit in 2012?Select one:a. $1,440b. $1,200c. None of the aboved. $840e. $360Question 8Curly
and Rita are married, file a joint return, and have two dependent
children, ages 11 and 13. Their combined income is $116,000. By how much
is their child credit reduced in 2012?Select one:a. $600b. $300c. $900d. $-0-e. $1,200Question 9Denice
is divorced and files a single tax return claiming her two children,
ages 7 and 9, as dependents. Her adjusted gross income for 2012 is
$79,500. Denice’s Child Credit for 2012 is:Select one:a. $750b. $1,750c. $1,000d. $250e. $2,000Question 10For
2012, which of the following is a tax adjustment or tax preference item
for the individual alternative minimum tax computation?Select one:a. Deduction of charitable contribution of tangible personal propertyb. IRA contribution deductionc. Miscellaneous itemized deductionsd. None of the abovee. Moving expense deductionQuestion 11For the 2012 tax year, Sally, who is divorced, reported the following items of income:Interest income $ 600Wages 4,000Earnings from self-employment 3,000She
maintains a household for herself and her 1-year-old son who qualifies
as her dependent. What is the earned income credit available to her for
2012, using the tables?Select one:a. $2,593b. $1,369c. $1,029d. $2,389e. None of the aboveQuestion 12Glen
and Mary have two children, Chad (12-years-old) and Linda
(8-years-old). For 2012, Chad has $4,000 in net unearned income and
Linda has net unearned income of $1,000. If the total parental tax for
2012 is $1,400, how would the tax be allocated between Chad and Linda?Select one:a. $1,120 to Chad and $280 to Lindab. $933 to Chad and $467 to Lindac. None of the aboved. $700 to Chad and $700 to Lindae. $1,400 to Chad and $0 to LindaQuestion 13H
and W are married taxpayers living in Louisiana. H earns wages of
$40,000 and has $5,000 of dividend income from separate property. H and W
have interest income from community property of $10,000. If H and W
file separate income tax returns, what amount of income must be included
on H’s separate tax return?Select one:a. $50,000b. None of the abovec. $27,500d. $25,000e. $30,000Question 14Hal
is enrolled for one class at a local community college; tuition cost
him $250. Hal’s AGI is $20,000. Hal can take a lifetime learning credit
of:Select one:a. $150b. $100c. $-0-d. $250e. $50Question 15In
2012, Alex has income from wages of $16,000, adjusted gross income of
$18,000, and tax liability of $300 before the earned income credit. What
is the amount of Alex’s earned income credit for 2012, assuming his
5-year old dependent son lived with him for the full year?Select one:a. $0b. None of the abovec. $3,019d. $3,169e. $300Question 16In 2012, the child tax credit available to married taxpayers filing jointly is phased out, beginning at:Select one:a. $95,000b. $110,000c. $75,000d. $55,000Question 17In 2012, which of the following children would have income taxed at their parents’ rates?Select one:a. A non-student child with net unearned income of $12,000 (age 19)b. A child with net unearned income of $2,000 (age 12)c. All of the aboved. A child with salary income of $1,000 (age 9)e. A child with salary income of $12,000 (age 13)Question 18In
the case of the adoption of a child who is not a U.S. citizen or
resident of the U.S., the credit for qualified adoption expenses is
available:Select one:a. Each year expenses are paidb. In the year the adoption becomes finalc. In the first year the expenses are paidd. In the last year expenses are paidQuestion 19Jessica
and Robert have two young children. They have $7,000 of qualified child
care expenses and an AGI of $24,000 in 2012. What is their allowable
child care credit?Select one:a. $6,000b. $7,000c. $900d. $1,800e. $2,100Question 20Jim
has foreign income. He earns $25,000 from Country A which taxes the
income at a 20 percent rate. He also has income from Country B of
$15,000. Country B taxes the $15,000 at a 10 percent rate. His U.S.
taxable income is $90,000, which includes the foreign income. His U.S.
income tax on all sources of income before credits is $19,000. What is
his foreign tax credit?Select one:a. $12,346b. Jim does not qualify for a foreign tax credit.c. $8,444d. $6,500e. $5,846Question 21Keith
has a 2012 tax liability of $2,250 before taking into account his
American Opportunity credit. He paid $2,700 in qualifying expenses, was a
full-time student, was not claimed as a dependent on his parents’
return, and his American Opportunity credit was not subject to phase
out. What is the amount of his American Opportunity credit allowed?Select one:a. $2,175b. $1,350c. $1,500d. $2,700e. $-0-Question 22Molly
and Steve are married and live in Texas. Molly earns a salary of
$50,000 and Steve owns a rental property that gives him $35,000 of
income. If they filed separate tax returns, what amount of income would
Steve report?Select one:a. None of the above.b. $85,000c. $35,000d. $60,000e. $42,500Question 23Robert
and Mary file a joint tax return for 2012, with adjusted gross income
of $33,000. Robert and Mary earned income of $20,000 and $12,000
respectively, during 2012. In order for Mary to be gainfully employed,
they pay the following child care expenses for their 4-year-old son,
John:Union Day Care Center $1,500Wilma, baby sitter (Robert’s mother) 1,000What is the amount of the child and dependent care credit they should report on their tax return for 2012?Select one:a. $650b. $260c. None of the aboved. $625e. $390Question 24Steve
goes to Tri-State University and pays $40,000 in tuition. Steve works a
part-time job to pay for his schooling and has an AGI of $17,000. How
much is his American Opportunity Credit?Select one:a. $2,000b. He does not qualify for the American Opportunity Credit.c. $1,000d. $2,500e. $4,000Question 25Taxpayer
Q has net taxable income of $30,000 from Country Y which imposes a 40
percent income tax. In addition to the income from Country Y, taxpayer Q
has net taxable income from U.S. sources of $120,000, and U.S. tax
liability, before the foreign tax credit, of $41,750. What is the amount
of Q’s foreign tax credit?Select one:a. $2,400b. $30,000c. None of the aboved. $12,000e. $8,350Question 26Taxpayers are allowed two tax breaks for adoption expenses. They are allowed:Qualified ExpensesPaid personally Paid by employerSelect one:a. Exclusion Exclusionb. Credit Creditc. Credit Exclusiond. Exclusion CreditQuestion 27The American Opportunity creditSelect one:a.
Is available for qualifying expenses paid on behalf of the taxpayer and
his or her spouse, in addition to those paid for dependentsb. Is 50 percent of the first $1,200 of tuition and fees paid and 100 percent of the next $1,200c. Is available for 2 years of post-secondary educationd. Is fully refundable even if the credit exceeds the tax liabilityQuestion 28The child and dependent care provisions:Select one:a. Are available only to single parentsb. Are available for spouses incapable of self-carec. Are allowed only for taxpayers earning less than $43,000d. Apply only to children under age 15Question 29The earned income credit:Select one:a. Is available to married taxpayers who file separate returnsb. Must be calculated on adjusted gross income as well as earned income in some casesc. Can not exceed the amount of the tax liabilityd. Is available only if the taxpayer has qualifying childrenQuestion 30Which of the common deductions below are allowed for both regular tax purposes and for Alternative Minimum Tax (AMT) purposes?Select one:a. Personal and dependency exemptionsb. Mortgage interest from the acquisition of a residence costing less than $1 millionc. Miscellaneous itemized deductions taken on Schedule Ad. The standard deductione. State income taxes, property taxes, and all other taxes deducted on Schedule AQuestion 31Which of the common deductions below are allowed for regular tax purposes but not for Alternative Minimum Tax (AMT) purposes?Select one:a. Moving expensesb. Cash charitable contributionsc.
The interest deduction for up to $100,000 of home equity debt which is
not used to purchase or improve part of a principal residenced. IRAsQuestion 32Which of the following is not a true statement regarding community property law?Select one:a. For a married couple living in Texas, income derived from separate property produces community incomeb. In all community property states, the salary of married spouses is allocated one-half to each spousec. Colorado, Ohio, and Florida are community property statesd. Property acquired before marriage in a community property state continues to be separate propertye. For a married couple living in California, income derived from separate property is taxable to the owner of the propertyQuestion 33Which
of the following is not an adjustment or tax preference item for 2012
for purposes of the individual alternative minimum tax?Select one:a. All of the above are adjustment or tax preference items for AMTb. State income tax refundsc. Cash charitable contributionsd. Certain passive lossese. Miscellaneous itemized deductionsQuestion 34Which of the following is true of the alternative minimum tax?Select one:a. None of the above are trueb. For 2012, the alternative minimum tax rates are 20 percent and 30 percent, depending on the taxpayer’s incomec. The amount of a taxpayer’s state income tax may not be deducted for the purpose of computing the alternative minimum taxd. The alternative minimum tax is designed to ensure that high income taxpayers do not pay excessive amounts of income taxe. All tax-exempt interest is a tax preference item for the alternative minimum taxQuestion 35Which of the following itemized deductions may not be deducted in computing the individual alternative minimum tax?Select one:a. Medical expenses (limited to 10 percent of AGI)b. Qualified home mortgage interestc. Charitable deductionsd. All of the abovee. State income taxesQuestion 36Which of the following tax credits is not available for the 2012 tax year?Select one:a. Child and dependent care creditb. Earned income creditc. Foreign tax creditsd. Adoption credite. All of the above are available creditsQuestion 37Which of the following types of income is not subject to the “kiddie tax?”Select one:a. Interest incomeb. Salary incomec. Dividend incomed. All of the above are subject to the “kiddie tax”e. Capital gains on stock salesQuestion 38Which
one of the following conditions must be satisfied in order for a
married taxpayer to be taxed on only his income if he resides in a
community property state?Select one:a. The husband and wife must live apart for more than half the year.b. The husband and wife must live apart for the entire year.c. None of the above.d. Only one of the spouses can be working and earning an income.e. The husband and wife must be in the process of filing for a divorce.Question 39Which one of the following taxpayers qualify for the earned income credit?Select one:a. A couple who have a combined AGI of $17,000 and three children but file separately.b. An 18-year-old college student who earns $8,000 at a part-time job.c. None of the above qualifies for the earned income credit.d. A 70-year-old doctor whose practice had a net loss and who has an AGI of $5,000 in 2012e. A 31-year-old construction worker with $22,000 of AGI and two children.Question 40William
and Irma have two children, Tom (age 13) and Sara (age 8). For 2012,
Tom and Sara have a total parental tax of $5,600. Tom’s net unearned
income is $15,000, while Sara’s net unearned income is $5,000. How much
of the parental tax would be allocated to Sara on her 2012 tax return?Select one:a. $0b. $2,800c. $1,866d. None of the abovee. $1,400
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