16)Income may be realized in the form of: A) Property. B) Cash. Services. All of these.
16)Income may be realized in the form of: A) Property. B) Cash. Services. All of these.
Chapter1: The Individual Income Tax Return
Section: Chapter Questions
Problem 13P
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Transcribed Image Text:A) Single.
B) Married Filing Separately.
Married Filing Jointly.
D Qualifying Widow(er).
12) Elisa is 21 years of age and a full-time student living with her parents. She had wages of
$680 ($75 of income tax withholding) for 2018. Can Elisa file a tax return even though her
parents will claim her as a dependent on their tax return?
A) Elisa's parent can report the income on their tax return.
B) No, Elisa is a dependent of her parents.
C) Yes, Elisa can file a tax return.
D) No, Elisa cannot file a tax return.
13) The basic standard deduction in 2018 for a taxpayer, under 65 and not blind, filing married
filing jointly is:
A) $12,000.
B) $18,000.
$24,000.
D) $25,300.
14) The basic standard deduction in 2018 for a taxpayer, 67 and not blind, filing head of
household is:
A) $24,000.
B) $19,600.
C) $12,000.
$18,000.
For tax purposes, one of the requirements to recognize income is:
The income can be tax-exempt.
B) The transaction must occur but it's not necessary to complete it.
C) There must be an economic benefit.
D) All of these.
16)Income may be realized in the form of:
A) Property.
B) Cash.
Services.
All of these.
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