Basic Exam Questions And Answers

Basic Exam Questions And Answers Interview Notes - Tom is 36 years old and has never been married. - Frank, age 13, is Tom's nephew who lived with him all year. Tom provided all of his support and provided over half the cost of keeping up the home. - Tom earned $44,000 in wages. • Tom is blind and cannot be claimed as a dependent by another taxpayer. - Tom and Frank are U.S. citizens, have valid Social Security numbers, and lived in the U.S. the entire year. 1. What is the most advantageous filing status allowable that Tom can claim on his tax return for 2022? a. Single b. Head of Household c. Qualifying Surviving Spouse (QSS) d. Married Filing Jointly 2. Tom can claim a higher standard deduction because he is blind. a. True b. False 1. Head of Household - unmarried - dependent lives with Tom for >50% of the year - dependent is family 2. True $1,750 (increase of $50) Lewis, age 26, and Oneida, age 25, are married and will file a joint return. - They cannot be claimed as dependents by another taxpayer. - Lewis and Oneida have no children or other dependents. - Both work and neither are full-time students. Lewis earned wages of $15,400 and Oneida earned wages of $5,600. - Lewis and Oneida are U.S. citizens and have valid Social Security numbers. - Lewis and Oneida have investment income of $5,000. 1. Lewis and Oneida are eligible to claim the Earned Income Tax Credit (EITC). a. True b. False 2. Lewis and Oneida's investment income of $5,000 disqualifies them for the Earned Income Tax Credit (EITC). a. True b. False 1. True Earned Income Tax Credit Provisions - Have worked and earned income under $59,187 - Have investment income below $10,300 in the tax year 2022 - Have a valid Social Security number by the due date of your 2022 return (including extensions) - Be a U.S. citizen or a resident alien all year - Not file Form 2555, Foreign Earned Income - Meet certain rules if you are separated from your spouse and not filing a joint tax return 2. False They have investment income below $10,300