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Exam 4: Individual Income Tax Overview, Dependents, and Filing Status

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Question 71

True/False

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Taxpayers may prepay their tax liability through withholdings and through estimated tax payments.

A) True
B) False

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Question 72

Multiple Choice

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Joanna received $73,200 compensation from her employer, the value of her stock in ABC company appreciated by $11,000 during the year (but she did not sell any of the stock) , and she received $40,200 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items?

A) $73,200.
B) $84,200.
C) $124,400.
D) $113,400.

E) A) and D)
F) A) and B)

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Question 73

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Sheri and Jake Woodhouse have one daughter, Emma, who is 16 years old. They also have taken in Emma's friend, Harriet, who has lived with them since February of the current year and is also 16 years of age. The Woodhouses have not legally adopted Harriet but Emma often refers to Harriet as her "sister." The Woodhouses provide all of the support for both girls, and both girls live at the Woodhouse residence. Which of the following statements is true regarding whom Sheri and Jake may claim as dependents for the current year?

For AGI deductions are commonly referred to as deductions "below the line."

Which of the following series of inequalities is generally most accurate?

By the end of Year 1, Harold and Jamie Allred had been married for 30 years and have filed a joint return every year of their marriage. Their three sons, Jacob, Larry, and Andi, are ages 13, 16, and 23, respectively, and all live at home and are fully supported by their parents. Andi is employed full time, earning $17,000 in Year 1. Whom can the Allreds claim as dependents?

All of the following are tests for determining qualifying child status except the _____.

Tax credits reduce taxable income dollar for dollar.

An individual may never be considered as both a qualifying relative and a qualifying child of the same taxpayer.

A taxpayer who is claimed as a dependent on another's tax return may not claim any dependents on his or her tax return.