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FEDERAL INCOME TAX EXAM 1
QUESTIONS LATEST 2024-2025 AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
Bob provides more than half of his mother's support. His mother earns $6,000 per
year as a hairdresser. She lives in an apartment across town. Bob is unmarried and
has no children. What is Bob's most advantageous filing status?
ANS:
✓ Single
Jane is 20 years old and is a sophomore at Lake University. She is a full-time
student and does not have any gross income. Jane spends the holidays and
summers at home with her parents. Her total support for the current tax year is
$30,000, including a scholarship for $5,000 to cover her tuition. Jane used $12,000 of
Examstudy - Stuvia US | Wednesday, 18 December 2024
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her savings, and her grandparents provided $13,000. Which of the following
statements is true regarding identifying Jane as a dependent?
ANS:
✓ Jane's grandparents cannot claim her as a dependent because
Jane provided more than half of her own support.
In the current tax year, Blake Smith provided more than half of the support for his
cousin Nico, niece Summer, and Marilyn, a close family friend. Blake lives alone
and sends a monthly support check to each person. None of the individuals whom
Blake supports has any income or file a tax return. All three individuals are U.S.
citizens. Which of the three people Blake supports qualifies as a dependent on his
Federal income tax return?
ANS:
✓ Summer
Which of the following taxpayers may file as a head of household in 2018?
Marco provides all the support for his mother, Sienna, who lives by herself in an
apartment in Fort Lauderdale. Marco pays the rent and other expenses for the
apartment and properly claims his mother as a dependent.
Examstudy - Stuvia US | Wednesday, 18 December 2024
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Tammy provides over one-half the support for her 18-year old brother, Dan. Dan
earned $4,200 in 2018 working at a fast food restaurant and is saving his money to
attend college in 2019. Dan lives in Tammy's home.
Juan's wife left him late in December of 2017. No legal action was taken and Juan
has not heard from her in 2018. Juan supported his 6-year-old son, who lived with
him throughout 2018.
ANS:
✓ Marco, Tammy, and Juan
Jeremy is married to Amy, who abandoned him in 2017. He has not seen or
communicated with her since April of that year. He maintains a household in
which their son, Evan, lives. Evan is age 25 and earns over $6,000 each year. For tax
year 2018, Jeremy's filing status is:
ANS:
✓ Married, filing separately.
Kirby is in the 12% tax bracket and had the following capital asset transactions
during 2018:
Examstudy - Stuvia US | Wednesday, 18 December 2024
5.0
FEDERAL INCOME TAX EXAM 1
QUESTIONS LATEST 2024-2025 AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
Bob provides more than half of his mother's support. His mother earns $6,000 per
year as a hairdresser. She lives in an apartment across town. Bob is unmarried and
has no children. What is Bob's most advantageous filing status?
ANS:
✓ Single
Jane is 20 years old and is a sophomore at Lake University. She is a full-time
student and does not have any gross income. Jane spends the holidays and
summers at home with her parents. Her total support for the current tax year is
$30,000, including a scholarship for $5,000 to cover her tuition. Jane used $12,000 of
Examstudy - Stuvia US | Wednesday, 18 December 2024
,| OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
her savings, and her grandparents provided $13,000. Which of the following
statements is true regarding identifying Jane as a dependent?
ANS:
✓ Jane's grandparents cannot claim her as a dependent because
Jane provided more than half of her own support.
In the current tax year, Blake Smith provided more than half of the support for his
cousin Nico, niece Summer, and Marilyn, a close family friend. Blake lives alone
and sends a monthly support check to each person. None of the individuals whom
Blake supports has any income or file a tax return. All three individuals are U.S.
citizens. Which of the three people Blake supports qualifies as a dependent on his
Federal income tax return?
ANS:
✓ Summer
Which of the following taxpayers may file as a head of household in 2018?
Marco provides all the support for his mother, Sienna, who lives by herself in an
apartment in Fort Lauderdale. Marco pays the rent and other expenses for the
apartment and properly claims his mother as a dependent.
Examstudy - Stuvia US | Wednesday, 18 December 2024
, | OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
Tammy provides over one-half the support for her 18-year old brother, Dan. Dan
earned $4,200 in 2018 working at a fast food restaurant and is saving his money to
attend college in 2019. Dan lives in Tammy's home.
Juan's wife left him late in December of 2017. No legal action was taken and Juan
has not heard from her in 2018. Juan supported his 6-year-old son, who lived with
him throughout 2018.
ANS:
✓ Marco, Tammy, and Juan
Jeremy is married to Amy, who abandoned him in 2017. He has not seen or
communicated with her since April of that year. He maintains a household in
which their son, Evan, lives. Evan is age 25 and earns over $6,000 each year. For tax
year 2018, Jeremy's filing status is:
ANS:
✓ Married, filing separately.
Kirby is in the 12% tax bracket and had the following capital asset transactions
during 2018:
Examstudy - Stuvia US | Wednesday, 18 December 2024
