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Business
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Federal Taxation
Quiz 3: Computing the Tax
Path 4
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Question 101
Essay
Mel is not quite sure whether an expenditure he made is a deduction for AGI or a deduction from AGI.Since he plans to choose the standard deduction option for the year,does the distinction matter? Explain.
Question 102
Essay
Gene is single and for 2010 has AGI of $40,000.He is age 65 and has no dependents.For 2010,he has itemized deductions from AGI of $7,000.Determine Gene's taxable income for 2010.
Question 103
Essay
In applying the gross income test in the case of dependents that are married,could the application of community property laws have any effect? Explain.
Question 104
Essay
In meeting the criteria of a qualifying child for dependency exemption purposes,when if ever,might the child's income become relevant?
Question 105
Essay
Heloise,age 74 and a widow,is claimed as a dependent by her daughter.For 2010,she had income as follows: $2,500 interest on municipal bonds;$3,200 Social Security benefits;$3,000 income from a part-time job;and $2,800 dividends on stock investments.What is Heloise's taxable income for 2010?
Question 106
Essay
In satisfying the support test and the gross income test for claiming a dependency exemption,a scholarship received by the person being claimed is handled the same way for each test.Do you agree or disagree with this statement? Why?