Question
In: Accounting
1. Which of the statements regarding the standard deduction, if any, is correct? a. Some taxpayers...
1. Which of the statements regarding the standard deduction, if any, is correct?
a. Some taxpayers may qualify for two types of standard deductions.
b. The standard deduction is not available to taxpayers who are dependents.
c. The standard deduction may be taken as a for AGI deduction.
d. The basic standard deduction is indexed for inflation but the additional standard deduction is not.
e. None of these.
2. Which of the following statements relating to the standard deduction, if any, is correct?
a. If a taxpayer dies during the year, his or her standard deduction must be prorated.
b. If a taxpayer is claimed as a dependent of another, his or her additional standard deduction is allowed in full (i.e., no adjustment is necessary).
c. If spouses file separate returns, both must claim the standard deduction (rather than itemize their deductions from AGI).
d. If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed.
e. None of these.
Solutions
Expert Solution
| 1. Which of the statements regarding the standard deduction, if any, is correct? | Explanation | |
| a. Some taxpayers may qualify for two types of standard deductions. | correct | a single taxpayer who is age 65 and blind would be entitled to a basic standard deduction and an additional standard deduction |
| b. The standard deduction is not available to taxpayers who are dependents. | incorrect | |
| c. The standard deduction may be taken as a for AGI deduction. | incorrect | The standard deduction may be taken as a from AGI deduction. |
| d. The basic standard deduction is indexed for inflation but the additional standard deduction is not. | incorrect | |
| e. None of these. | incorrect | |
| 2. Which of the following statements relating to the standard deduction, if any, is correct? | ||
| a. If a taxpayer dies during the year, his or her standard deduction must be prorated. | incorrect | |
| b. If a taxpayer is claimed as a dependent of another, his or her additional standard deduction is allowed in full (i.e., no adjustment is necessary). | correct | |
| c. If spouses file separate returns, both must claim the standard deduction (rather than itemize their deductions from AGI). | incorrect | |
| d. If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed. | incorrect | If a taxpayer claimed as a dependent by another taxpayer, his standard deduction for 2019 is limited to the greater of: (1) $1,100, or (2) your earned income plus $350 but the total can't be more than the basic standard deduction for his filing status. |
| e. None of these. | ||
ekkarill92 answered 2 years agoRelated Solutions
Which of the following statements is correct regarding the required substantiation for the deduction of charitable...
Which of the following statements is correct regarding
the required substantiation for the deduction of charitable
contributions?
A cash contribution of less than $250 can be
substantiated by the taxpayers entry in a notebook prepared at the
time of the contribution.
Required substantiation must be obtained within thirty days of the
contribution to meet the contemporaneous requirement.
The acknowledgement for a contribution in excess of
$250 must contain either an estimate of the value of goods or
services provided or...
Which of the following statements regarding the home mortgage interest expense deduction is correct? A. The...
Which of the following statements regarding the home mortgage
interest expense deduction is correct?
A. The limit on acquisition indebtedness depends on filing
staus.
B. Taxpayers who do not itemize deductions can still deduct home
mortage interest as a from AGI deduction.
C. The limit on acquisition indebtedness applies only in the
year of aquisition.
D. The limit on acquisition indebtedness applies to one (not
multiple) loans.
Tax Drill - Computing the Standard Deduction Compute the 2017 standard deduction for the following taxpayers....
Tax Drill - Computing the Standard
Deduction
Compute the 2017 standard deduction for the following taxpayers.
If an amount is zero, enter "0".
Click here to access the standard deduction table to use.
a.
Margie is 15 and claimed as a dependent by her parents. She has
$800 in dividends income and $1,400 in wages from a part-time
job.
$
b.
Ruby and Woody are married and file a joint tax return. Ruby is
age 66 and Woody is 69....
Compute the 2019 standard deduction for the following taxpayers.
Compute the 2019 standard deduction for the following taxpayers.
a. Ellie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 in wages from a part-time job.
b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000.
c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income...
1. which of the following statements is correct regarding the model of the labor market a....
1.
which of the following statements is correct regarding the model of
the labor market
a. in the short- and medium-run models the amount of capital
is fixed, while in the long run model the amount of capital can
vary.
b. capital-intense technology progress raises unemployment in
both the short and long run.
c. in the long run model, firms enter the market shen the
markup (profits) are low.
2. The introduction of a new labour-saving technolofy results
in:
a....
Determine the amount of the standard deduction for each of the following taxpayers for tax year...
Determine the amount of the standard deduction for each of the
following taxpayers for tax year 2019:
Christina, who is single.
Adrian and Carol, who are filing a joint return. Their son is
blind.
Peter and Elizabeth, who are married and file separate tax
returns. Elizabeth will itemize her deductions.
Karen, who earned $1,100 working a part-time job. She can be
claimed as a dependent by her parents.
Rodolfo, who is over 65 and is single.
Bernard, who is a...
Determine the amount of the standard deduction for each of the following taxpayers for tax year...
Determine the amount of the standard deduction for each of the
following taxpayers for tax year 2017:
Christina, who is single.
Adrian and Carol, who are filing a joint return. Their son is
blind.
Peter and Elizabeth, who are married and file separate tax
returns. Elizabeth will itemize her deductions.
Karen, who earned $1,100 working a part-time job. She can be
claimed as a dependent by her parents.
Rodolfo, who is over 65 and is single.
Bernard, who is a...
determine the amount of the standard deduction for each of the following taxpayers for tax year...
determine the amount of the standard deduction for
each of the following taxpayers for tax year 2017
a. Christina, who is single.
b. A drain and Carol, who are filling a joint return. their son is
blind.
c. Peter and Elizabeth, who are married and file separate tax
returns. Elizabeth will itemize her deductions.
d. Karen, who earned $1100 working a part-time job. she can be
claimed as a dependent by her parents.
e. Rodolfo, who is over65 and is...
Which of the following statements is not true regarding the Mortgage Insurance Premiums Deduction? a) homebuyers...
Which of the following statements is not true regarding the
Mortgage Insurance Premiums Deduction?
a) homebuyers who are unable to make at least a 20% down payment
on the purchase price of their home are required to have private
mortgage insurance (PMI).
b) the mortgage insurance tax deduction act of 2017 was passed
by congress on January 3, 2017.
c) the mortgage insurance tax deduction expired December 31,
2016.
d) the pmi deduction applied to policies issued by the federal...
1. Which of the following statements is most CORRECT regarding sunk costs? A) An example of...
1. Which of the following statements is most CORRECT regarding
sunk costs?
A) An example of a sunk cost is the cost associated with restoring
the site of a strip mine once the ore has been depleted
B) Sunk costs must be considered if the IRR method is used but if
not the firm relies on the NPV method
C) A good example of a sunk cost is money that a banking
corporation spent last year to investigate the site...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Use the bond term's below to answer the question Maturity 7 years Coupon Rate 4% Face...
- What experience have you had with Organization Development or with Change Management? Describe the organization, the...
- 1. Renfro Rentals has issued bonds that have a 12% coupon rate, payable semiannually. The bonds...
- Given an array of positive integers a, your task is to calculate the sum of every...
- Define “culture.” Software is defined by the Merriam-Webster Dictionary as "the programs that run on a...
- In humans, hypotrichosis (sparse body hair) is a rare autosomal recessive condition. Let h = hypotrichosis...
- Increase all of the listing prices by 5% for all listings under $500,000 and 10% for...
ADVERTISEMENT