Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Textbook Question
Chapter 1, Problem 17MCQ
Taxpayers who are blind get the benefit of:
- An additional exemption
- An additional amount added to their standard deduction
- An additional amount added to their itemized deductions
- None of the above
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Mark each statement below as either "True" or "False" regarding the standard deduction and itemized deductions.
a.
The standard deduction is an amount that varies with filing status.
b.
A taxpayer should claim the smaller of the standard deduction or the total allowed itemized deductions.
c.
Total itemized deductions depend on the amount and type of items, with some items having limitations based on AGI.
d.
Taxpayers who are 65 years of age or older or blind are entitled to an additional itemized deduction amount.
Which one of the following is not true of itemized deductions of an individual taxpayer?
Deductions for AGI are generally preferable to itemized deductions.
Itemized deductions are deductible only if they exceed a taxpayer's standard deduction.
Residential interest is a common example of an itemized deduction.
All employee trade or business expenses are itemized deductions.
Which of the following is an “above-the-line” deduction?
(A) State and local taxes
(B) Mortgage interest
(C) Charitable contributions if a taxpayer takes the standard deduction.
(D) Gambling losses
Chapter 1 Solutions
Income Tax Fundamentals 2020
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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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.arrow_forwardAll are true except: a. OSD is a substitute for itemized deduction. b. The OSD relieves the taxpayer of the responsibility to deduct withholding taxes. c. Taxpayers who choose OSD are not required to submit their financial statements with their ITR. d. The option to claim OSD must be signified in the income tax return, otherwise, itemized deduction is presumedarrow_forwardTaxpayers with large amounts of deductions may claim extra withholding allowances on their Form W-4s? True or Falsearrow_forward
- Which of the following is an adjustment that will generally result in lower tax liability for an eligible taxpayer because it directly reduces the taxpayer's total income? An education credit. The health savings account deduction. Medical and dental expenses deduction. The retirement savings contributions credit (Saver's Credit)arrow_forwardWhich of the following statements is incorrect? Assume that the rental activity is classified as ‘production-of-income.’ If the taxpayer sells the rental property later at a loss, the loss will be treated as a capital loss (i.e., $3,000/$1,500 deduction limit in the current year). An amount that would have been paid in an arm’s-length transaction is considered a reasonable amount as deduction. Payment (except for medical or educational expense) of another person’s obligation does not result in a tax deduction for the payer. Regarding the start-up costs, if the new business is in the same line of business as the existing one and if the new business is not launched, then none of the start-up costs are deductible. Payments for a speeding ticket are nondeductible. HELParrow_forwardWhat AMT adjustment items are likely to affect all taxpayers who itemize their deductions? Please give examples. Thank you.arrow_forward
- In lieu of itemizing deductions, a taxpayer can elect to use or claim: a. deduction for AGI b. The standard deduction. c. Itemized deduction. d. Gross deduction.arrow_forwardDescribe the difference between the standard deduction and itemized deductions. How should a taxpayer decide whether to take the standard deduction or claim itemized deductions?arrow_forward
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