Which of the following is considered earned income? C correct answer: a) Interest from a bank
b) Unemployment compensation
c) Income from farming
d)
... [Show More] Gambling winnings
The tax on income that comes entirely from wages under $100,000 is determined according to the: A correct answer: a) Tax Tables
b) Tax Computation Worksheet
c) Qualified Dividends and Capital Gain Tax Worksheet
d) Schedule D Tax Worksheet
Which of the following shows these numbers rounded correctly: $31.43, $143.57, $369.22, $1,547.88. B correct answer: a) $32. $142. $368. $1,547.
b) $31. $144. $369. $1,548.
c) $31. $142. $369. $1,547.
d) $32. $144. $368. $1,547.
Which form is used by employers to report wages earned by their employees? A correct answer: a) Form W-2
b) Form W-4
c) Form 1040
d) Form 1040A
What is the exemption amount for 2017? B correct answer: a) $3,850
b) $4,050
c) $5,050
d) $6,050
The following three factors determine the filing requirement for nondependents: B correct answer: a) Marital status, age, and residency
b) Marital status, age, and gross income
c) Marital status, age, and taxable income
d) Marital status, age, and total deductions
The standard deduction on an income tax return is determined by: C correct answer: a) Citizenship
b) Residency
c) Filing status
d) Gross income
The head of household filing status requires that a taxpayer maintain a household for: A correct answer: a) A qualifying child, qualifying relative, or a parent whom the taxpayer is allowed to claim as an exemption on their tax return
b) At least one other person
c) A beloved family pet
d) Maintaining a household for another person is not a requirement of the HOH filing status.
For tax purposes, when is a person's marital status determined? D correct answer: a) On the first day of the tax year.
b) On the taxpayer's birthday.
c) On the day the person files their tax return.
d) On the last day of the tax year.
Under what circumstances might a taxpayer who does not meet the federal filing requirement want to file a return anyway? A correct answer: a) If there was any federal tax withheld or they are entitled to any refundable credits.
b) If there was any federal tax withheld or they are entitled to any nonrefundable credits.
c) To claim itemized deductions.
d) If there was any state tax withheld or they are enti [Show Less]