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  3. Fundamentals of Taxation 2017
  4. Quiz 1: Introduction to Taxation,the Income Tax Formula,and Form 1040ez

Peter and Penelope Are Married and Have Combined W-2 Income

Question 73
Multiple Choice

Peter and Penelope are married and have combined W-2 income of $76,861.They paid an additional $529 when they filed their taxes.How much income tax did their employers withhold during the year? A)$10,232. B)$6,970. C)$8,028. D)$11,290.

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Q 74
Taxpayers who do not have qualifying health care insurance coverage can receive an exemption.Which of the following is NOT a permitted exemption? A)The cost of the lowest-cost coverage exceeds 8% of household income. B)Income is below the level required to file an income tax return. C)Gross income greater than $10,350 for single taxpayers. D)If the taxpayer went without coverage for one month during the year.
Q 75
Carla is age 64 and Xavier is age 66.They file their tax return as married filing jointly.During all of 2016 they did not have qualifying health coverage nor were they eligible for an exemption.Their household income was $84,990.What is the amount of shared responsibility payment they must report on their 2016 income tax return? A)$695 B)$2,125 C)$1,390 D)$1,576
Q 76
Which of the following trial courts hear tax cases? A)U)S.Court of Federal Claims. B)U)S.Tax Court. C)U)S.District Court. D)All of these.
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