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

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Question 71

Multiple Choice

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Which of the following is not a filing status?

A) Married filing jointly.
B) Qualifying widow or widower.
C) Head of household.
D) Unmarried.

E) All of the above
F) A) and B)

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Question 72

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An individual may never be considered as both a qualifying relative and a qualifying child of the same taxpayer.

A) True
B) False

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Question 73

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Kabuo and Melinda got married on December 15, year 1. Kabuo's salary for the year was $54,000, and Melinda's was $62,000. In addition, Kabuo received $250 of interest income, ($100 of which was from municipal bonds), and Melinda received $10,000 of alimony from a former spouse. If Kabuo and Melinda choose to file jointly, what is their year 1 gross income?

Sam and Tacy have been married for 25 years. They have filed a joint return every year of their marriage. They have two sons Christopher and Zachary. Christopher is 19 years old and Zachary is14 years old. Christopher lived in his parents' home from January through August and he lived in his own apartment from September through December. During the year, Christopher attended college for one month before dropping out. Christopher's living expenses totaled $12,000 for the year. Ofthat, Christopher paid $5,000 from income he received while working a part time job. Sam and Tacy provided the remaining $7,000 of Christopher's support. Zachary lived at home the entire year and did not earn any income. How many personal and dependency exemptions are Sam and Tacyentitled to claim for the year and for whom are they allowed to claim the exemption(s)?

Jasmine and her husband Arty have been married for 25 years. In May of this year, the couple divorced. During the year, Jasmine provided all the support for herself and her22-year-old child Dexter who lived in the same home as Jasmine for the entire year. Dexter is employed full-time, earning $29,000 this year. What is the Jasmine's most favorable filing status for the year?

Jane and Ed Rochester are married with a two-year-old child who lives with them and whom they support financially. In 2017, Ed and Jane realized the following items of income and expense: They also qualified for a $1,000 tax credit. Their employers withheld $1,800 in taxes from their paychecks (in the aggregate). Finally, the 2017 standard deduction amount for MFJ taxpayers is $12,700 and the 2017exemption amount is $4,050.What is the couple's adjusted gross income?