ACCT 224 DeVry Week 2 Quiz Latest

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ACCT 224 DeVry Week 2 Quiz Latest

ACCT224

ACCT 224 DeVry Week 2 Quiz Latest

(TCO 3) During 2013, Judy, a single taxpayer, 23 years old, had $48,000 of gross income. Her itemized deductions totaled $6,000. Her 10-year-old brother lived with and was fully supported by her. What is Judy’s taxable income for 2013?

  • 31,250
  • 34,750
  • 32,250
  • 48,050

 

Question 2. Question : (TCO 3) Mr. and Mrs. Airs had taxable income of $114,000 for 2013. He was 27; she was 35. What is their tax liability if they elect to file married filing jointly?

  • 20,357.50
  • 21,400
  • 22,650
  • 26,500

 

Question 3. Question : (TCO 3) Mr. and Mrs. Roberts are joint filers with $90,000 of AGI. The couple has three dependent children: Jacob, their 19-year-old son, Jared, their 16-year-old son, and Robby, their 8-year-old son. For 2013, their child credit is

  • $1,800.
  • $2,000.
  • $1,200.
  • $0.

 

Question 4. Question : (TCO 3) Which of the following statements concerning extensions of time to file an individual tax return is true?

  • The extension extends the time for payment of tax.
  • The first extension is for 6 months.
  • A second extension of 4 additional months is available with the approval of the Internal Revenue Service.
  • An extension prevents the taxpayer from owing interest and penalties.

 

Question 5. Question : (TCO 3) For 2013, Michelle (a single person) had the following tax information:

Wages: $56,000

Itemized deductions: $3,350

Michelle’s taxable income for the year is

  • 46,000.
  • 43,850.
  • 45,350.
  • 40,550.

(General Feedback: Chapter 14. $56,000 -$6,100 – $3,900)