| OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
FEDERAL INCOME TAX EXAM 1
QUESTIONS LATEST 2024-2025 AND
CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+
Robert is a single taxpayer who has AGI of $145,000 in 2014; his taxable income is
$122,000. What is his federal tax liability for 2014, rounded to the nearest dollar?
ANS:
✓ 122000 x .28 - 6824.25 = 27335.75
Which of the following forms may be filed by individual taxpayers?
ANS:
✓ Form 1040
Examstudy - Stuvia US | Wednesday, 18 December 2024
, | OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
Mr. and Mrs. Vonce, both age 62, file a joint return for 2014. They provided all the
support for their daughter who is 19 years old, legally blind, and who earns no
income. Their son, age 21 and a full-time student at a university, had $4,200 of
income and provided 70 percent of his own support during 2014. How many
exemptions may Mr. and Mrs. Vonce claim on their 2014 tax return?
ANS:
✓ 3
Which of the following is not a goal of the tax law?
ANS:
✓ Encourage Small Families
Oscar and Mary have no dependents and file a joint income tax return for 2014.
They have adjusted gross income of $145,000 and itemized deductions of $32,000.
What is the amount of taxable income that Oscar and Mary must report on their
2014 income tax return?
ANS:
✓ $105,100
Which of the following taxpayers does not have to file a tax return for 2014?
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+
Robert is a single taxpayer who has AGI of $145,000 in 2014; his taxable income is
$122,000. What is his federal tax liability for 2014, rounded to the nearest dollar?
ANS:
✓ 122000 x .28 - 6824.25 = 27335.75
Which of the following forms may be filed by individual taxpayers?
ANS:
✓ Form 1040
Examstudy - Stuvia US | Wednesday, 18 December 2024
, | OnlineExams | TestPrep | StudyResources | AcademicSuccess | ExamPreparation | QuizTime | LearningTools | Education | StudentSupport
5.0
Mr. and Mrs. Vonce, both age 62, file a joint return for 2014. They provided all the
support for their daughter who is 19 years old, legally blind, and who earns no
income. Their son, age 21 and a full-time student at a university, had $4,200 of
income and provided 70 percent of his own support during 2014. How many
exemptions may Mr. and Mrs. Vonce claim on their 2014 tax return?
ANS:
✓ 3
Which of the following is not a goal of the tax law?
ANS:
✓ Encourage Small Families
Oscar and Mary have no dependents and file a joint income tax return for 2014.
They have adjusted gross income of $145,000 and itemized deductions of $32,000.
What is the amount of taxable income that Oscar and Mary must report on their
2014 income tax return?
ANS:
✓ $105,100
Which of the following taxpayers does not have to file a tax return for 2014?
Examstudy - Stuvia US | Wednesday, 18 December 2024
