Exam (elaborations)
Ch 1. The Individual Income Tax Return Quiz Questions and Answers Grade A+
- Course
- Institution
Ch 1. The Individual Income Tax Return Quiz Questions and Answers Grade A+
[Show more]
Content preview
1|Page | © copyright 2024/2025 | Grade A+Ch 1. The Individual Income Tax
Return Quiz Questions and Answers
Grade A+
A corporation is a reporting entity but not a tax-paying entity.
✓ False , A corporation is subject to income tax and must report income
annually.
Partnership capital gains and losses are allocated separately to each of the
partners
✓ True
Married taxpayers may double their standard deduction amount by filing
separate returns.
✓ False, The standard deduction for married filing jointly is $12,400, and
the standard deduction for married filing separately is $6,200 each.
An item is not included in gross income unless the tax law specifies that the
item is subject to taxation.
✓ False, Gross income includes all income, unless the tax law provides for
a specific exclusion.
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
For taxpayers who do not itemize deductions, the standard deduction
amount is subtracted from the taxpayer's adjusted gross income
✓ True
A taxpayer with self-employment income of $600 must file a tax return.
✓ True, Net earnings of at least $400 require filing a tax return.
A dependent child with earned income in excess of the available standard
deduction amount must file a tax return.
✓ True, A single dependent child (under 65) is required to file if unearned
income is over $1,000 OR earned income is over $6,200 (which is the
standard deduction amount) OR if gross income is more than the larger
of $1,000 or earned income up to $5,850 + $350.
A single taxpayer, who is not a dependent on another's return, not blind and
under age 65, with income of $8,750 must file a tax return.
✓ False, A single taxpayer, who is not a dependent on another's return,
not blind and under age 65, with income of at least $10,150 must file a
tax return.
If a taxpayer is due a refund, it will be mailed to the taxpayer regardless of
whether he or she files a tax return.
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ False, Whether or not a taxpayer is required to file a tax return, the
taxpayer must file a return in order to obtain a refund.
Taxpayers with self-employment income of $400 or more must file a tax
return.
✓ True
If your spouse dies during the tax year and you do not remarry, you must file
as single for the year of death
✓ False, In the year of one spouse's death, the spouses are considered
married for the full year.
Taxpayers who do not qualify for married, head of household, or qualifying
widow or widower filing status must file as single.
✓ True
If an unmarried taxpayer paid more than half the cost of keeping a home
which is the principal place of residence of a nephew, who is not her
dependent, she may use the head of household filing status.
✓ False, In order to qualify for head of household status, the nephew must
be a dependent.
Master01 | October, 2024/2025 | Latest update
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83100 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
