Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)
38th Edition
ISBN: 9780357108239
Author: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
Publisher: Cengage Learning
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Chapter 1, Problem 11MCQ
To determine
Introduction: Income tax law enables individuals to pay taxes to the government for the social and economic benefits of the public and it allows the government to collect and spend revenues in creating value for the society at large. Income tax law applicability is not limited to individuals only but also corporations, firms, trusts, etc.
To choose: The best option for M, if M provides 40% of the mother’s support.
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Ella, Emma, Erin, and Emily are all siblings. Between them they provide 100% of the support for their father. Each of them contributes the following amounts:
Ella: 46%, $14,720.
Emma: 39%, $12,480.
Erin: 8%, $2,560.
Emily: 7%, $2,240.
Who may claim the dependent exemption for their father on their return?
Either Ella or Emma may claim the dependent exemption. The one who does not claim their father must sign Form 2120, Multiple Support Declaration, or a statement waiving their right to claim their father.
Ella and Emma may split the dependent exemption.
Only Ella may claim the dependent exemption, as she paid the most toward their father's support.
They must decide between the four of them who will claim the dependent exemption. The others must sign a statement agreeing not to take an exemption for their father.
During the current year, Freda was entirely supported by her three children, Michelle, Brian, and John, who provided support in the following percentages:
Michelle 43%
John 48%
Brian 9%
Which of the children is entitled to claim their mother as a dependent, assuming a multiple support agreement exists?
Michelle or Brian
Brian or John
Michelle or John
Michelle, Brian, or John
Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are employed outside the home and, during 2021, earn salaries as follows: $130,000 (Jim) and $5,200 (Mary Jean). To care for their children while they work, they pay Eleanor (Jim's mother) $5,600. Eleanor does not qualify as a dependent of Jim and Mary Jean.
Assuming that Jim and Mary Jean file a joint tax return, what, if any, is their credit for child and dependent care expenses?
$???
Chapter 1 Solutions
Income Tax Fundamentals 2020 (with Intuit Proconnect Tax Online)
Ch. 1 - Prob. 1MCQCh. 1 - Which of the following tax forms are used by...Ch. 1 - Prob. 3MCQCh. 1 - Prob. 4MCQCh. 1 - Which of the following is a deduction for adjusted...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Prob. 8MCQCh. 1 - Joan, who was divorced in 2019, had filed a joint...Ch. 1 - Prob. 10MCQ
Ch. 1 - Prob. 11MCQCh. 1 - Margaret, age 65, and John, age 62, are married...Ch. 1 - Prob. 13MCQCh. 1 - Robin and Howie file married filing jointly and...Ch. 1 - Prob. 15MCQCh. 1 - Prob. 16MCQCh. 1 - Taxpayers who are blind get the benefit of: An...Ch. 1 - Which of the following is not a capital asset to...Ch. 1 - Jayne purchased General Motors stock 6 years ago...Ch. 1 - Prob. 20MCQCh. 1 - Shannon, a single taxpayer, has a long-term...Ch. 1 - Prob. 22MCQCh. 1 - Access the Internet and go to www.irs.gov and...Ch. 1 - Prob. 24MCQCh. 1 - List three major purposes the tax system is meant...Ch. 1 - Jason and Mary are married taxpayers in 2019. They...Ch. 1 - Leslie is a single taxpayer who is under age 65...Ch. 1 - In 2019, Lou has a salary of $53,300 from her job....Ch. 1 - Diego, age 28, married Dolores, age 27, in 2019....Ch. 1 - Ulysses and Penelope are married and file separate...Ch. 1 - Prob. 7PCh. 1 - Prob. 8PCh. 1 - Prob. 9PCh. 1 - Prob. 10PCh. 1 - Christine is a single 50 -year-old taxpayer with...Ch. 1 - Prob. 12PCh. 1 - Prob. 13PCh. 1 - Determine from the tax table in Appendix A the...Ch. 1 - Prob. 15PCh. 1 - Melissa and Aaron are married taxpayers with...Ch. 1 - Jessica and Carl were married on July 1,2019. What...Ch. 1 - Prob. 18PCh. 1 - Prob. 19PCh. 1 - Prob. 20PCh. 1 - Prob. 21PCh. 1 - What is the total dollar amount of personal and...Ch. 1 - Prob. 23PCh. 1 - Prob. 24PCh. 1 - Prob. 25P
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