Query 1A mum or dad might elect to incorporate a baby’s revenue within the mum or dad’s return if:Choose one:a. The entire above have to be met for a mum or dad to elect to incorporate a baby’s revenue within the mum or dad’s return.b. The kid’s gross revenue is greater than $950 and fewer than $9,500c. The kid is below age 18d. The kid’s revenue is just from curiosity and dividend distributionsQuestion 2A tax credit score is allowed for certified adoption bills paid by taxpayersSelect one:a. And an revenue exclusion is allowed for certified adoption bills paid for by taxpayers’ employersb. And an extra credit score is allowed for certified adoption bills paid for by taxpayers’ employersc. And is offered annually qualifying bills are incurredd. And isn’t topic to a phase-out based mostly on adjusted gross incomeQuestion 3Assume Karen is 12 years previous and her solely revenue is $2,500 of curiosity revenue from a checking account with cash her dad and mom have given her to save lots of for school. What are the choices Karen has for submitting her tax return?Choose one:a. Karen can file a separate tax return or her dad and mom can elect to incorporate her of their tax return, paying tax on $600 of her curiosity revenue at their charge of tax.b. Karen should file a separate tax return and report all of her curiosity revenue at her separate charge of tax.c. Karen can file a separate return or her dad and mom can elect to incorporate her of their tax return, paying tax on the total $2,500 of her curiosity revenue at their charge of tax.d. Karen should file a separate tax return and report all of her curiosity revenue at her dad and mom’ charge of tax.Query 4Bob and Carol file their tax returns utilizing the married submitting collectively standing. Their AGI is $131,000. They’ve two kids, ages 11 and seven. How a lot little one tax credit score can Bob and Carol declare for his or her two kids?Choose one:a. $1,000b. $2,000c. $950d. $1,Zero50e. Not one of the above is appropriate.Query 5Carla and Bob finalized an adoption in 2012. Their adoption charges totaled $9,500. They’ve AGI of $205,000 for 2012. What’s their adoption credit score?Choose one:a. $12,650b. $7,402c. $9,500d. $5,869Query 6Choose the proper assertion:Choose one:a. A taxpayer might obtain a 30 p.c credit score for the acquisition of a plug-in electrical car.b. A taxpayer might obtain a 30 p.c credit score for putting in a photo voltaic water-heating panel for his swimming pool.c. A taxpayer might obtain a 30 p.c credit score for putting in a windmill at his trip residence.d. A taxayer might obtain a 30 p.c credit score for putting in energy-efficient window shades..Query 7Clark, a widower, maintains a family for himself and his two dependent preschool kids. For the yr ended December 31, 2012, Clark earned a wage of $36,000. He paid $three,500 to a housekeeper to look after his kids in his residence, and likewise paid $1,500 to a kiddie play camp for little one care. He had no different revenue or bills throughout 2012. How a lot can Clark declare as a baby care credit score in 2012?Choose one:a. $1,440b. $1,200c. Not one of the aboved. $840e. $360Query 8Curly and Rita are married, file a joint return, and have two dependent kids, ages 11 and 13. Their mixed revenue is $116,000. By how a lot is their little one credit score diminished in 2012?Choose one:a. $600b. $300c. $900d. $-Zero-e. $1,200Query 9Denice is divorced and recordsdata a single tax return claiming her two kids, ages 7 and 9, as dependents. Her adjusted gross revenue for 2012 is $79,500. Denice’s Youngster Credit score for 2012 is:Choose one:a. $750b. $1,750c. $1,000d. $250e. $2,000Query 10For 2012, which of the next is a tax adjustment or tax desire merchandise for the person different minimal tax computation?Choose one:a. Deduction of charitable contribution of tangible private propertyb. IRA contribution deductionc. Miscellaneous itemized deductionsd. Not one of the abovee. Shifting expense deductionQuestion 11For the 2012 tax yr, Sally, who’s divorced, reported the next objects of revenue:Curiosity revenue $ 600Wages Four,000Earnings from self-employment three,000She maintains a family for herself and her 1-year-old son who qualifies as her dependent. What’s the earned revenue credit score obtainable to her for 2012, utilizing the tables?Choose one:a. $2,593b. $1,369c. $1,029d. $2,389e. Not one of the aboveQuestion 12Glen and Mary have two kids, Chad (12-years-old) and Linda (Eight-years-old). For 2012, Chad has $Four,000 in web unearned revenue and Linda has web unearned revenue of $1,000. If the full parental tax for 2012 is $1,400, how would the tax be allotted between Chad and Linda?Choose one:a. $1,120 to Chad and $280 to Lindab. $933 to Chad and $467 to Lindac. Not one of the aboved. $700 to Chad and $700 to Lindae. $1,400 to Chad and $Zero to LindaQuestion 13H and W are married taxpayers residing in Louisiana. H earns wages of $40,000 and has $5,000 of dividend revenue from separate property. H and W have curiosity revenue from neighborhood property of $10,000. If H and W file separate revenue tax returns, what quantity of revenue have to be included on H’s separate tax return?Choose one:a. $50,000b. Not one of the abovec. $27,500d. $25,000e. $30,000Query 14Hal is enrolled for one class at a area people school; tuition price him $250. Hal’s AGI is $20,000. Hal can take a lifetime studying credit score of:Choose one:a. $150b. $100c. $-Zero-d. $250e. $50Query 15In 2012, Alex has revenue from wages of $16,000, adjusted gross revenue of $18,000, and tax legal responsibility of $300 earlier than the earned revenue credit score. What’s the quantity of Alex’s earned revenue credit score for 2012, assuming his 5-year previous dependent son lived with him for the total yr?Choose one:a. $0b. Not one of the abovec. $three,019d. $three,169e. $300Query 16In 2012, the kid tax credit score obtainable to married taxpayers submitting collectively is phased out, starting at:Choose one:a. $95,000b. $110,000c. $75,000d. $55,000Query 17In 2012, which of the next kids would have revenue taxed at their dad and mom’ charges?Choose one:a. A non-student little one with web unearned revenue of $12,000 (age 19)b. A toddler with web unearned revenue of $2,000 (age 12)c. The entire aboved. A toddler with wage revenue of $1,000 (age 9)e. A toddler with wage revenue of $12,000 (age 13)Query 18Within the case of the adoption of a kid who will not be a U.S. citizen or resident of the U.S., the credit score for certified adoption bills is offered:Choose one:a. Every year bills are paidb. Within the yr the adoption turns into finalc. Within the first yr the bills are paidd. Within the final yr bills are paidQuestion 19Jessica and Robert have two younger kids. They’ve $7,000 of certified little one care bills and an AGI of $24,000 in 2012. What’s their allowable little one care credit score?Choose one:a. $6,000b. $7,000c. $900d. $1,800e. $2,100Query 20Jim has international revenue. He earns $25,000 from Nation A which taxes the revenue at a 20 p.c charge. He additionally has revenue from Nation B of $15,000. Nation B taxes the $15,000 at a 10 p.c charge. His U.S. taxable revenue is $90,000, which incorporates the international revenue. His U.S. revenue tax on all sources of revenue earlier than credit is $19,000. What’s his international tax credit score?Choose one:a. $12,346b. Jim doesn’t qualify for a international tax credit score.c. $Eight,444d. $6,500e. $5,846Query 21Keith has a 2012 tax legal responsibility of $2,250 earlier than making an allowance for his American Alternative credit score. He paid $2,700 in qualifying bills, was a full-time pupil, was not claimed as a depending on his dad and mom’ return, and his American Alternative credit score was not topic to part out. What’s the quantity of his American Alternative credit score allowed?Choose one:a. $2,175b. $1,350c. $1,500d. $2,700e. $-Zero-Query 22Molly and Steve are married and reside in Texas. Molly earns a wage of $50,000 and Steve owns a rental property that provides him $35,000 of revenue. In the event that they filed separate tax returns, what quantity of revenue would Steve report?Choose one:a. Not one of the above.b. $85,000c. $35,000d. $60,000e. $42,500Query 23Robert and Mary file a joint tax return for 2012, with adjusted gross revenue of $33,000. Robert and Mary earned revenue of $20,000 and $12,000 respectively, throughout 2012. To ensure that Mary to be gainfully employed, they pay the next little one care bills for his or her Four-year-old son, John:Union Day Care Heart $1,500Wilma, child sitter (Robert’s mom) 1,000What’s the quantity of the kid and dependent care credit score they need to report on their tax return for 2012?Choose one:a. $650b. $260c. Not one of the aboved. $625e. $390Query 24Steve goes to Tri-State College and pays $40,000 in tuition. Steve works a part-time job to pay for his education and has an AGI of $17,000. How a lot is his American Alternative Credit score?Choose one:a. $2,000b. He doesn’t qualify for the American Alternative Credit score.c. $1,000d. $2,500e. $Four,000Query 25Taxpayer Q has web taxable revenue of $30,000 from Nation Y which imposes a 40 p.c revenue tax. Along with the revenue from Nation Y, taxpayer Q has web taxable revenue from U.S. sources of $120,000, and U.S. tax legal responsibility, earlier than the international tax credit score, of $41,750. What’s the quantity of Q’s international tax credit score?Choose one:a. $2,400b. $30,000c. Not one of the aboved. $12,000e. $Eight,350Query 26Taxpayers are allowed two tax breaks for adoption bills. They’re allowed:Certified ExpensesPaid personally Paid by employerSelect one:a. Exclusion Exclusionb. Credit score Creditc. Credit score Exclusiond. Exclusion CreditQuestion 27The American Alternative creditSelect one:a. Is out there for qualifying bills paid on behalf of the taxpayer and his or her partner, along with these paid for dependentsb. Is 50 p.c of the primary $1,200 of tuition and charges paid and 100 p.c of the following $1,200c. Is out there for two years of post-secondary educationd. Is absolutely refundable even when the credit score exceeds the tax liabilityQuestion 28The kid and dependent care provisions:Choose one:a. Can be found solely to single parentsb. Can be found for spouses incapable of self-carec. Are allowed just for taxpayers incomes lower than $43,000d. Apply solely to kids below age 15Query 29The earned revenue credit score:Choose one:a. Is out there to married taxpayers who file separate returnsb. Have to be calculated on adjusted gross revenue in addition to earned revenue in some casesc. Cannot exceed the quantity of the tax liabilityd. Is out there provided that the taxpayer has qualifying childrenQuestion 30Which of the frequent deductions under are allowed for each common tax functions and for Different Minimal Tax (AMT) functions?Choose one:a. Private and dependency exemptionsb. Mortgage curiosity from the acquisition of a residence costing lower than $1 millionc. Miscellaneous itemized deductions taken on Schedule Advert. The usual deductione. State revenue taxes, property taxes, and all different taxes deducted on Schedule AQuestion 31Which of the frequent deductions under are allowed for normal tax functions however not for Different Minimal Tax (AMT) functions?Choose one:a. Shifting expensesb. Money charitable contributionsc. The curiosity deduction for as much as $100,000 of residence fairness debt which isn’t used to buy or enhance a part of a principal residenced. IRAsQuestion 32Which of the next will not be a real assertion relating to neighborhood property regulation?Choose one:a. For a married couple residing in Texas, revenue derived from separate property produces neighborhood incomeb. In all neighborhood property states, the wage of married spouses is allotted one-half to every spousec. Colorado, Ohio, and Florida are neighborhood property statesd. Property acquired earlier than marriage in a neighborhood property state continues to be separate propertye. For a married couple residing in California, revenue derived from separate property is taxable to the proprietor of the propertyQuestion 33Which of the next will not be an adjustment or tax desire merchandise for 2012 for functions of the person different minimal tax?Choose one:a. The entire above are adjustment or tax desire objects for AMTb. State revenue tax refundsc. Money charitable contributionsd. Sure passive lossese. Miscellaneous itemized deductionsQuestion 34Which of the next is true of the choice minimal tax?Choose one:a. Not one of the above are trueb. For 2012, the choice minimal tax charges are 20 p.c and 30 p.c, relying on the taxpayer’s incomec. The quantity of a taxpayer’s state revenue tax is probably not deducted for the aim of computing the choice minimal taxd. The choice minimal tax is designed to make sure that excessive revenue taxpayers don’t pay extreme quantities of revenue taxe. All tax-exempt curiosity is a tax desire merchandise for the choice minimal taxQuestion 35Which of the next itemized deductions is probably not deducted in computing the person different minimal tax?Choose one:a. Medical bills (restricted to 10 p.c of AGI)b. Certified residence mortgage interestc. Charitable deductionsd. The entire abovee. State revenue taxesQuestion 36Which of the next tax credit will not be obtainable for the 2012 tax yr?Choose one:a. Youngster and dependent care creditb. Earned revenue creditc. International tax creditsd. Adoption credite. The entire above can be found creditsQuestion 37Which of the next kinds of revenue will not be topic to the “kiddie tax?”Choose one:a. Curiosity incomeb. Wage incomec. Dividend incomed. The entire above are topic to the “kiddie tax”e. Capital positive aspects on inventory salesQuestion 38Which one of many following circumstances have to be happy to ensure that a married taxpayer to be taxed on solely his revenue if he resides in a neighborhood property state?Choose one:a. The husband and spouse should reside aside for greater than half the yr.b. The husband and spouse should reside aside for all the yr.c. Not one of the above.d. Solely one of many spouses could be working and incomes an revenue.e. The husband and spouse have to be within the strategy of submitting for a divorce.Query 39Which one of many following taxpayers qualify for the earned revenue credit score?Choose one:a. A pair who’ve a mixed AGI of $17,000 and three kids however file individually.b. An 18-year-old school pupil who earns $Eight,000 at a part-time job.c. Not one of the above qualifies for the earned revenue credit score.d. A 70-year-old physician whose apply had a web loss and who has an AGI of $5,000 in 2012e. A 31-year-old building employee with $22,000 of AGI and two kids.Query 40William and Irma have two kids, Tom (age 13) and Sara (age Eight). For 2012, Tom and Sara have a complete parental tax of $5,600. Tom’s web unearned revenue is $15,000, whereas Sara’s web unearned revenue is $5,000. How a lot of the parental tax could be allotted to Sara on her 2012 tax return?Choose one:a. $0b. $2,800c. $1,866d. Not one of the abovee. $1,400
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