Reference no: EM132979

Question :

Q1 A couple, age 50, 52, file a joint return for 2012, the couple claims their son as a dependent. The wife is officially blind. For purposes of the need to file a tax return, the gross income threshold for the couple is__________

Q2 Taxpayer can't take the earned income credit if they have qualified income in excess of ___________

Q3 Taxpayers report state income tax refunds as income only if they get a ____________ from its deduction in a prior year.

Q4 Under an adoption assistance program, employees can exclude up to _______ Of employer paid adoption expense for a healthy child.

Q5 A taxpayer pays $2400 in points when taking out a 15year loan to purchase a vacation home. If the purchase of the home take place on Sept.1 2012, the taxpayer deducts______ as points on his 2012schedule

Q6 Activities are usually treated as a business if over a 5year period they can show a profit in __________years.

Q7 An__________reimbursement plan needs that employees return any excess reimbursement to their employer.

Q8 Rusty received a $35,000 salary in the current year. In additon, Rusty had a long-term capital loss of $3100, a long-term capital profit of $2000 and a short-term capital loss of $100, what is Rusty's adjust gross income if they are the only item to consider

A 21,800

B 33800

C none of the other choices

D 35000

E 23000

Q9 Bobby( unmarried, age66) maintains a household where his elderly father( age88) lives. Bobby will not claim his father as a dependent because his father does not pass the gross income test. Bobby's 2012 standard deduction is

A 7100

B 5950

C 10150

D 8700

E 7400

Q10 A dependent's only income for 2012 is $5800 of taxable wages and $640 of taxable interest on a saving account. The dependent's 2012 taxable income is

A 340

B 940

C none of the other choices

D 490

E 0