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

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Question 61

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It is generally more advantageous from a tax perspective for a married couple to file separately than it is for them to file jointly.

A) True
B) False

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Question 62

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An individual receiving $5,000 of tax-exempt income during the year could qualify as a qualifying child of another taxpayer but could not qualify as a qualifying relative of another taxpayer.

A) True
B) False

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Question 63

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It is generally more advantageous for liability protection purposes for a married couple to file separately than it is for them to file jointly.

Which of the following statements regarding for AGI tax deductions is true?

In certain circumstances,a taxpayer who provides less than half the support of another may still be able to claim that person as a dependent as a qualifying relative.

Eric and Josephine were married in Year 1.In Year 2,Eric dies.The couple did not have any children.Assuming Josephine does not remarry,she may file as a qualifying widow in Year 3.

From AGI deductions are generally more valuable to taxpayers than for AGI deductions.

Madison's gross tax liability is $9,000.Madison had $3,000 of tax credits available and she had $8,000 of taxes withheld by her employer.What are Madison's taxes due (or taxes refunded) with her tax return?

Mason and his wife,Madison,have been married for five years.Jaxon,who is 18 years old and unrelated to Mason and Madison,has been living with Mason and Madison for the last two years.In May of Year 1,Mason and Madison divorced.Mason and Jaxon stayed in the home and Madison moved out.During Year 2,Mason provided all of Jaxon's support,and Jaxon lived in the home for all of Year 2.Jaxon did not earn any income during Year 2.What is Mason's most favorable filing status for Year 2?

The relationship requirement for qualifying relative includes cousins.

The relationship requirement is more broadly defined (includes more relationships)for a qualifying relative than for a qualifying child.

The only from AGI deductions are the standard deduction and itemized deductions.

Char and Russ Dasrup have one daughter,Siera,who is 16 years old.In November of last year,the Dasrups took in Siera's 16-year-old friend Angela,who has lived with them ever since.The Dasrups have not legally adopted Angela but Siera often refers to Angela as her "sister." The Dasrups provide all of the support for both girls,neither girl receives any income during the year,and both girls live at the Dasrups' residence.Which of the following statements is true regarding whom Char and Russ may claim as dependents for the current year?

For filing status purposes,the taxpayer's marital status is determined at what point during the year?

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

Which of the following shows the correct relationship among standard deduction amounts for the respective filing statuses?

The standard deduction amount for married filing separately taxpayers (MFS)is less than the standard deduction amount for married filing jointly taxpayers.

Which of the following statements regarding dependents is false?

In addition to the individual income tax,individuals may be required to pay taxes imposed on tax bases other than the individual's regular taxable income.

Inventory is a capital asset.