Question 6 (1 point)
The full child tax credit is available to unmarried taxpayers whose AGI does not exceed:
$55,000.
$11,000.
$75,000.
$150,000.
$125,000.
Question 7 (1 point)
For tuition expenses paid during the year for a student attending graduate school, an education credit is available that is equal to:
100% of up to $2,500 of such expenses.
20% of up to $2,500 of such expenses.
20% of up to $10,000 of such expenses.
50% of up to $10,000 of such expenses.
$2,000 plus 25% of the next $2,000 of such expenses.
Question 8 (1 point)
The maximum child and dependent care credit that a married couple with three qualifying children can claim is:
Question 8 options:
$2,100.
$1,800.
$3,150.
$1,200.
$2,400.
Question 9 (1 point)
The additional child tax credit is claimed on:
Question 9 options:
Form 2441.
Schedule 8812.
Form 8863.
Schedule EIC.
Form 1116.
Question 10 (1 point)
Which of the following taxpayers cannot file Form 1040EZ?
A taxpayer with more than $99,999 of taxable income
A taxpayer receiving unemployment compensation
A taxpayer with taxable scholarship income
None of the above taxpayers can file Form 1040EZ
All of the above taxpayers can file Form 1040EZ
Question 16 (1 point)
John pays his former wife Rose $3,100 in alimony and $400 in child support each month. Assuming John makes all 12 payments during the year, how much of the $42,000 must Rose include in gross income:
$37,200.
$42,000.
$4,800.
$0.
None of the above.
Question 17 (1 point)
As part of their divorce agreement, Harry transfers to Mary, his former spouse, GM stock with a market value of $30,000. Harry had $20,000 invested in the stock. How does this transfer affect Harry, and what is Mary’s basis in the stock?
Harry has no gain or loss, and Mary’s basis is $20,000.
Harry has no gain or loss, and Mary’s basis is $30,000.
Harry has a gain of $10,000, and Mary’s basis is $20,000.
Harry has a gain of $10,000, and Mary’s basis is $30,000.
None of the above.
Question 18 (1 point)
Employees are required to report the amount of tips they receive to their employer when their tips for the month exceed:
$0.
$20.
$25.
$100.
None of the above.
Question 19 (1 point)
On January 1, 2014, Ron pays $92,550 for corporate bonds that have a $100,000 face value. The bonds were originally issued 10 years earlier for $94,660. Prior to January 1, 2014, the previous owner had included $3,100 of original issue discount (OID) in gross income. The amount of Ron’s market discount on the bonds is:
$2,110.
$7,450.
$5,340
$5,210.
$4,350.
Question 20 (1 point)
In computing the taxable amount of social security benefits, the (first-tier) base amount for a married person who files jointly with her spouse is:
$0.
$16,000.
$25,000.
$32,000.
$50,000.
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