Questions from Individual Taxation

Q: Tiffany is unmarried and has a 15-year-old qualifying

Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to be $3,525, and her employer has withheld $1,500 of federal taxes from her paycheck. Tiffany is...

Q: Marc and Michelle are married and earned salaries this year of $

Marc and Michelle are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corpo...

Q: Demarco and Janine Jackson have been married for 20 years and have

Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000...

Q: Why are some deductions called “above-the-line”

Why are some deductions called “above-the-line” deductions and others are called “below-the-line” deductions? What is the “line”?

Q: What is the difference between a tax deduction and a tax credit

What is the difference between a tax deduction and a tax credit? Is one more beneficial than the other? Explain.

Q: Several judicial doctrines limit basic tax planning strategies. What are they

Several judicial doctrines limit basic tax planning strategies. What are they? Which planning strategies do they limit?

Q: What types of federal income-based taxes, other than the

What types of federal income-based taxes, other than the regular income tax, might taxpayers be required to pay? In general terms, what is the tax base for each of these other taxes on income?

Q: Identify three ways taxpayers can pay their income taxes to the government

Identify three ways taxpayers can pay their income taxes to the government.

Q: If a person is considered to be a qualifying child or qualifying

If a person is considered to be a qualifying child or qualifying relative of a taxpayer, is the taxpayer automatically entitled to claim a dependency exemption for the person?

Q: Emily and Tony are recently married college students. Can Emily qualify

Emily and Tony are recently married college students. Can Emily qualify as her parents’ dependent? Explain.