Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 1, Problem 19P
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 applies not only to individuals but also to corporations, firms, trusts, etc.
The alternatives available to the unmarried individual taxpayer while filing tax returns and circumstances under which the alternatives can be used.
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Students have asked these similar questions
In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have?
The age of the taxpayer(s).
The health (i.e., physical condition) of the taxpayer.
Whether taxpayers rent or own their residence.
Taxpayer’s filing status (e.g., single, married, filing jointly).
Whether married taxpayers decide to file separate returns.
The number of dependents the taxpayer can claim.
What filing status choices are available for married taxpayers
Which of the following taxpayers does not have to file a tax return for 2018?
a.A single taxpayer who is under age 65, with income of $13,500.
b.Married taxpayers (ages 45 and 50 years), filing jointly, with income of $26,000.
c.A student, age 22, with unearned income of $2,500 who is claimed as a dependent by her parents.
d.A qualifying widow (age 67) with a dependent child and income of $18,800.
e.All of these choices are correct.
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_forwardWhich one of the following conditions must be satisfied in order for a married taxpayer to be taxed on only his income if he resides in a community property state? a.The husband and wife must live apart for the entire year. b.The husband and wife must live apart for more than half the year. c.The husband and wife must be in the process of filing for a divorce. d.Only one of the spouses can be working and earning an income. e.None of these choices are correct.arrow_forwardWhich of the following is a deduction for AGI? a. Charitable contributions. b. Alimony paid for a divorce finalized in 2015. c. Tax preparation fees. d. Mortgage interest paid on your primary residence.arrow_forward
- In each of the following independent situations, determine Winstons filing status for 2019. Winston is not married. a. Winston lives alone, but he maintains a household in which his parents live. The mother qualifies as Winstons dependent, but the father does not. b. Winston lives alone but maintains a household in which his married daughter, Karin, lives. Both Karin and her husband (Winstons son-in-law) qualify as Winstons dependents. c. Winston maintains a household in which he and a family friend, Ward, live. Ward qualifies as Winstons dependent. d. Winston maintains a household in which he and his mother-in-law live. Winstons wife died in 2018. e. Same as part (d), except that Winstons wife disappeared (i.e., she did not die) in 2017.arrow_forwardWhich of the following would preclude a taxpayer from deducting student loan interest expense? a. The total amount paid is 1,000. b. The taxpayer is single with AGI of 55,000. c. The taxpayer is married filing jointly with AGI of 120,000. d. The taxpayer is taken as a dependent of another taxpayer.arrow_forward
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