Describe the different entities subject to tax

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Reference no: EM133335458

Assignment:

Question 1. Which of the following recent tax changes will not expire after 2025?

a. Suspension of personal exemptions

b. General reduction of individual tax rates

c. Restrictions on the deduction of casualty and theft losses

d. Reduced corporate tax rates to 21 percent

Question 2. Which of the following tax forms are used by natural persons in 2019?

a. 1040A

b. 1040-EZ

c. 1040-SR

d. 1120

Question 3. Describe the different entities subject to tax and reporting requirements. The income of the company is reported in:

a. Form 1040

b. Form 1120

c. Form 1040X

d. Form 1065

Question 4. On which of these would wage income be reported?

a. Schedule 1

b. Schedule 2

c. Schedule 3

d. Form 1040

Question 5. Which of the following is a deduction for adjusted gross income in 2019?

a. Personal losses due to acts of God

b. Medical expenses

c. student loan interest

d. charitable contributions

e. None of the above

Question 6. Glenda, a single taxpayer from Kansas, paid more than half of the support for her mother, Dorothy. Dorothy did not live with Glenda in Kansas, instead she had lived in a nursing home in an adjacent state since Dorothy's husband died three years ago. Glenda's marital status must be:

a. Single

b. Married filing separately

c. qualifying widow

d. head of household

e. dependent on parents

Reference no: EM133335458

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