Questions from General Taxation

Q: Marc’s brother, Phillip, who is a 20-year-

Marc’s brother, Phillip, who is a 20-year-old French citizen, lives in France for the full year. Marc supports Phillip while he attends college. Can Marc claim Phillip as a dependent? Why or why not?...

Q: Describe the difference between the standard deduction and itemized deductions.

Describe the difference between the standard deduction and itemized deductions. How should a taxpayer decide whether to take the standard deduction or claim itemized deductions?

Q: Rachel is single and has wages of $150,000 and

Rachel is single and has wages of $150,000 and dividend income of $90,000. She has no investment expenses. Calculate the amount of the 3.8 percent net investment income tax she must pay.

Q: 1. The current income tax system was: a.

1. The current income tax system was: a. Designed solely to raise money to run the government b. Authorized by the founding fathers when the government was formed c. Not designed with social objective...

Q: 1. Arthur is 65 years old. He supports his father

1. Arthur is 65 years old. He supports his father, who is 90 years old, blind, and has no income. For 2016, how many exemptions should Arthur claim on his tax return? a. 1 b. 2 c. 3 d. 4 e. 5 2. Taxp...

Q: Leslie is a single taxpayer who is under age 65 and in

Leslie is a single taxpayer who is under age 65 and in good health. For 2016, she has a salary of $24,000 and itemized deductions of $1,000. Leslie is entitled to one exemption on her tax return. a. H...

Q: In 2016, Lou has a salary of $53,300

In 2016, Lou has a salary of $53,300 from her job. She also has interest income of $1,600 and dividend income of $400. Lou is single and has no dependents. During the year, Lou sold silver coins held...

Q: What is the formula for computing taxable income as summarized in the

What is the formula for computing taxable income as summarized in the textbook?

Q: Diego, age 28, married Dolores, age 27, in

Diego, age 28, married Dolores, age 27, in 2016. Their salaries for the year amounted to $47,230 and they had interest income of $3,500. Diego and Dolores’ deductions for adjusted gross income amounte...

Q: Ulysses and Penelope are married and file separate returns for 2016.

Ulysses and Penelope are married and file separate returns for 2016. Penelope itemizes her deductions on her return. Ulysses’ adjusted gross income was $17,400, his itemized deductions were $2,250, an...