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Principles of Taxation

Business

Quiz 14 :

The Individual Tax Formula

Quiz 14 :

The Individual Tax Formula

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For the taxable year in which a married person dies,the widow or widower can file a joint return with the deceased.
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True

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In order to be considered a dependent,an individual must be either a qualifying child or a qualifying relative.
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True

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The majority of individual taxpayers take the standard deduction rather than itemizing their deductions.
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True

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Jay Blount,26-years old and a full-time student,lives in his parents' home.Although Jay earned $8,400 from a part-time job,his parents provide at least 75% of his financial support.For tax purposes,this year Jay is considered a dependent of his parents.
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Mr.and Mrs.Queen provide 90% of the financial support for Mrs.Queen's mother,Doreen,who lives in the couple's home.Doreen's only income this year is a $7,500 taxable pension from her former employer.Doreen is not considered a dependent of Mr.and Mrs.Queen this year for tax purposes.
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The standard deduction for single individuals equals one-half of the standard deduction for married individuals filing jointly.
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In computing taxable income,an individual is allowed to deduct both the standard deduction and any itemized deduction for the year.
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Only natural children,adopted children,and stepchildren can be a qualified dependent for tax purposes.
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In computing taxable income,an individual will deduct the lesser of itemized deductions or the standard deduction.
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A taxpayer who knowingly signs a joint return on which his spouse has failed to report her income is liable for any tax assessments made by the IRS on that income.
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An individual's taxable income equals adjusted gross income less the QBI deduction.
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Adjusted gross income equals total income less itemized deductions.
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Mr.Andrews is age 58,legally blind,and files as a single taxpayer.His standard deduction for 2019 is $12,200.
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An individual's taxable income equals adjusted gross income less the greater of the standard deduction or itemized deductions less the QBI deduction.
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Harry and Sally were married on December 23,2019.Should they choose to file jointly,their income for the entire year is reported on a joint return.
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Mr.Lenz died on May 4,2018.His widow,Mrs.Lenz,maintains a home for her three children,ages 4,6,and 11.Mrs.Lenz must file as a head of household in 2019.
True False
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Charlie is single and provides 100% of the financial support for his dependent mother,Angela,who lives with Charlie.Charlie's filing status is head of household.
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Bill and Afton are married and file a joint tax return.Bill is 67 and Afton is 66,and neither is legally blind.Their standard deduction for 2019 is $27,000.
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Mrs.Paley died on July 14,2018.Her husband has not remarried.The Paleys' two children,ages 34 and 36,are financially independent.Mr.Paley may file as a surviving spouse in 2018 and 2019.
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Mr.Thomas is age 69,has perfect vision,and files as a single taxpayer.His standard deduction for 2019 is $13,850.
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