Question :
41. Amended individual returns filed on:
a.Form 1040X
b.Form 1120S
c.Form 1041
d.Form 1040Amend
42. Depending the : 1313484
41. Amended individual returns are filed on:
a.Form 1040X
b.Form 1120S
c.Form 1041
d.Form 1040Amend
42. Depending on the amounts of income and other tax information, some individuals may report their income on:
a.Form 1040A
b.Form 1065
c.Form 1120
d.Form 1041
43. If an individual wishes to amend his individual tax return, he will make the amendment using what form?
a.Form 1040A
b.Form 1040X
c.Form 1120
d.Schedule K-1
e.None of the above
44. Eugene and Velma are married. For 2014, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns and are each entitled to claim one personal exemption. They have no deductions for adjusted gross income. Eugene’s itemized deductions are $11,200 and Velma’s are $4,000. Assuming Eugene and Velma do not live in a community property state, what is Velma’s taxable income?
a.$19,850
b.$22,050
c.$23,800
d.$26,000
e.None of the above
45. An individual is a head of household. What is her standard deduction?
a.$6,200
b.$9,100
c.$12,400
d.$14,800
e.None of the above
46. Eugene and Velma are married. For 2014, Eugene earned $25,000 and Velma earned $30,000. They have decided to file separate returns and are each entitled to claim one personal exemption. They have no deductions for adjusted gross income. Eugene’s itemized deductions are $11,200 and Velma’s are $4,000. Assuming Eugene and Velma do not live in a community property state, what is Eugene’s taxable income?
a.$9,850
b.$13,800
c.$14,850
d.$18,800
e.None of the above
47. Oscar and Mary have no dependents and file a joint income tax return for 2014. They have adjusted gross income of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2014 income tax return?
a.$97,600
b.$102,100
c.$105,200
d.$110,000
e.$127,600
48. Which of the following taxpayers does not have to file a tax return for 2014?
a.A single taxpayer who is under age 65, with income of $10,500.
b.Married taxpayers (ages 45 and 50 years), filing jointly, with income of $21,000.
c.A student, age 22, with unearned income of $1,200 who is claimed as a dependent by her parents.
d.A qualifying widow (age 67) with a dependent child and income of $14,500.
e.All of the above.
49. In which of the following situations is the taxpayer not required to file a 2014 income tax return?
a.When an individual has a current year income tax refund and would like to obtain it.
b.When the taxpayer is a single 67-year-old with wages of $9,800.
c.When the taxpayer is a 35-year-old head of household with wages of $16,800.
d.When the taxpayer is a 79-year-old widow with wages of $16,500.
e.When the taxpayers are a married couple with both spouses under 65 years old with wages of $23,000.
50. All of the following factors are important in determining whether an individual is required to file an income tax return, except:
a.The taxpayer’s filing status.
b.The taxpayer’s gross income.
c.The taxpayer’s total itemized deductions.
d.The availability of the additional standard deduction for taxpayers who are elderly.
e.None of the above.
