Which of the following disqualifies an individual from the earned income credit?
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1 .Mr. and Mrs. Sloan incurred the following expenses during the year when they adopted a child:Child's medical expensesUSD5,000Legal expenses8,000Agency fee3,000Without regard to the limitation of the credit, what amount of the above expenses are qualifying expenses for the adoption credit?
A USD5,000 B USD11,000 C USD10,160 D USD16,000
2 .How may taxes paid by an individual to a foreign country be treated?
A As an adjustment to gross income. B As an itemized deduction subject to the 2% floor. C As a nondeductible expense. D As a credit against federal income taxes due.
3 .Which of the following statements about the child and dependent care credit is correct?
A The maximum credit is USD600. B The child must be under the age of 18 years. C The child must be a direct descendant of the taxpayer. D The credit is nonrefundable.
4 .Frank and Mary Wood have 2 children, Becky, age 10, and Matt, age 14. The Woods incur expenses of USD4,000 for after school-care for each child. Their only income is from wages. Frank's wages are USD60,000, and Mary's wages are USD2,500. What amount of Child and Dependent Care Credit may the Woods claim on their joint tax return?
A USD1,600 B USD500 C USD1,200 D USD800
5 .Which of the following credits can result in a refund even if the individual had no income tax liability?
A Adoption Credit. B Child and Dependent Care Credit. C Earned Income Credit. D Credit for the Elderly or Permanently Disabled.
7 .Which of the following is not a refundable tax credit?
A Excess social security paid. B Earned income credit. C Child tax credit. D Retirement savings contribution credit.
8 .An employee who has had social security tax withheld in an amount greater than the maximum for a particular year, may claim:
A The excess as a credit against income tax, if that excess resulted from correct withholding by two or more employers. B Reimbursement of such excess from his employers, if that excess resulted from correct withholding by two or more employers. C Such excess as either a credit or an itemized deduct...
9 .Don Mills, a single taxpayer, had $70,000 in taxable income before personal exemptions in the current year. Mills had no tax preferences. His itemized deductions were as follows:State and local income taxes$5,000Home mortgage interest on loan to acquire residence6,000Miscellaneous deductions that exceed 2% of adjusted gross income2,000What amount did Mills report as alternative minimum taxable income before the AMT exemption?
A USD72,000 B USD83,000 C USD75,000 D USD77,000
10 .Alternative minimum tax preferences include:I. Tax exempt interest from private activity bondsII. Charitable contributions of appreciated capital gain property
A Neither I nor II. B I only. C II only. D Both I and II.
