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Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). Have a valid social security number. A combined due ...

Which of the following is considered earned income? C a) Interest from a bank b) Unemployment compensation c) Income from farming d) Gambling winnings The tax on income that comes entirely from wages under $100,000 is determined according to the: A a) Tax Tables b) Tax Computation Worksheet c...

Tony (28) and Adam (27) are cousins and lived in the same home throughout 2017. Adam only earned $2,500 in 2017. Tony earned $25,000 in 2017. What test does he meet? Adam meets the relationship and member of household test for Tony, since Adam lived with Tony the entire year. Tony may be able t...

What is the standard deduction for a taxpayer filing single? $6200 What is the standard deduction for a taxpayer filing married filing joint? $12400 What is the standard deduction for a taxpayer filing married filing separate? $6200 What is the standard deduction for a taxpayer filing qualifying ...

Where should unemployment compensation be reported on Form 1040? Schedule 1, line 7 What form is used to report long-term disability benefits to the taxpayer? 1099-R Which of the following nondependent taxpayers is NOT eligible to claim the student loan interest deduction? A taxpayer filing ma...

Which of the following dependent relatives does not have to live in the same household with the taxpayer at any time during the year to qualify the taxpayer for head of household status? Aunt,mother,brother, married child? Mother Ronald and Sue Dobbins, a married couple, were both 61 years old wh...

Why is the Payroll Calculator helpful in determining the effect of a 401K contribution on net pay? 401(k) contributions reduce the federal tax owed. What minimum balance must be maintained in the emergency fund in order to earn the trophy? $500 How can a participant earn the Perfect Pay trophy? ...

How does credit utilization affect your credit score? Keeping credit utilization below 30% increases your score. Which would not be identifying information included in a credit report? Marital status What would be the most likely difference between loans offered to someone with a good credit sco...

Carolyn earned $52,000 as a full-time employee in 2018. Due to procrastination and denial, she did not prepare her 2018 income tax return until June 23, 2019. Carolyn did not file the return until August 1, 2019. She did not request an extension of time to file. Her return showed a balance due of...

An IRS examination and verification of a taxpayer's return or other transactions with tax consequences. A correspondence audit is a tax audit that the IRS performs by mail. An office audit is an audit by the IRS which is conducted in the agent's office. A field audit is conducted by the IRS on ...

Some types of income do not need to be reported anywhere on a federal tax return. This includes all of the following EXCEPT: A.) Most medical insurance proceeds B.) Worker's compensation paid to an employee who was injured on the job. C.) Welfare benefits D.) Unemployment compensation D.) Unem...

Frank's electric bill has a cycle day of the 3rd and a due date 8 days later with a one day grace period. What happens if Frank pays his electric bill on the 12th of the month? His payment is received after the due date but he will not be assessed a late fee because of the grace period. On the B...

A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed...