Term
| Andy who is 17 years old had Wages of $2,475, interest of $495, dividends of $107. What is Andy's Standard deduction, and what is is taxable income? |
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Definition
Standard Deduction $2,725
$2,475 + $250
Taxable Income $352
$2,475 + $495, + $107 - $2,725 |
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Term
| T or F - Your brother's child, who lives with you and whom you claim as a dependent, can qualify you for HOH status? |
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Definition
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Term
| T or F - Your wife died in 2003. During 2004 you 20 year old son earned $3,100 at odd jobs but lived in the home you maintained and received the majority of his support from you. For 2004 you can file as QW |
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Definition
| False...he is not your dependent. Pub 17 pg 29 under gross income test |
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Term
| Mr & Mrs James are filing MFJ for 2004. Mr James is 68 years old and MRs James is 59 years old and totally blind. They have no dependents. Their AGI for 2004 is $65,000. The amount of their standard deduction is? |
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Definition
| $9,700 + $1,900=$11,600 Federal and $3,445 + $2,000=$5,445 State |
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Term
| Mr Green's son who could be claimed as a dependent on his return, earned $1,900 for a summer job and received $1,200 interest on his savings account. What is the son's taxable income |
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Definition
| $1,900 - $1,200=$700 + $250=$950 |
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Term
| T or F - An Oregon resident whose only income is $750 net self-employment is required to file an Oregon return |
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Definition
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Term
| What is the maximum federal tax liability subtraction for an individual who is MFS on the Oregon return? |
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Definition
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Term
| T or F -A taxpayer may file MFS in Oregon even though he/she filed MFJ on the Federal return if one spouse is a full resident and the other is a part year resident |
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Definition
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Term
| Sally is a 66 year old single person who qualifies for HOH because she provides over half of the support of her 13 year old granddaughter. Sally must file a Federal and Oregon return if her gross income is? |
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Definition
| $7,150 + $3,100 + $1,200=$11,455 Federal and State $6,990 |
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Term
| T or F - Is a single taxpayer (age 64) with income of $4,750 is required to file a tax return? |
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Definition
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Term
| T or F - A student with unearned income of $700, who is claimed as a dependent by his parents is required to file a tax return? |
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Definition
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Term
| T or F - Married taxpayers (age 30 and 40) lived together all year, filing a joint return, with income of $12,550 are required to file a tax return? |
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Definition
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Term
| T or F - Married filing separate (MFS) age 59 with income of $3,100 and a spouse age 65 itemizes |
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Definition
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Term
| Mr Black is a widower. His wife died in February of 2004 and he continued to maintain a home for his unmarried son, who does not qualify to be his dependent. Mr Black's filing status in 2004 is? |
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Definition
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Term
| T or F - Your niece/nephew must qualify as your dependent in order for you to use HOH filing status |
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Definition
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Term
| Name the six tests that must be met to claim a dependent |
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Definition
| Joint return, member of the household, citizenship, gross income, support, identity |
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Term
| All of the following relatives may qualify an unmarried taxpayer for HOH filing status except: A)adopted child B)brother in law C)step sister D)great grandmother D)second cousin |
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Definition
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Term
| Which relative does not have to live in the same household as taxpayer claiming HOH filing status: A)daughter B)uncle C)grandfather D)mother |
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Definition
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Term
| What four things do you need to know about a taxpayer to determine whether he or she is required to file a tax return? |
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Definition
| Marital status, age, income and dependents |
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Term
| T or F - One requirement a person must have is to file a separate return from his/her spouse to be considered unmarried for tax purposes? |
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Definition
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Term
| T or F - to be considered unmarried to tax purposes the home must have been the principal residence for his/her dependent child (or a child who could be a dependent except the exemption was given to the other spouse or allowed the other spouse under a pre |
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Definition
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Term
| T or F - The board of tax service examiners may revoke a Consultant's or Preparer's license for gross negligence or incompetence in the preparation of a tax return or conviction of any crime in which dishonesty, fraud or deception is an essential element |
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Definition
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Term
| T or F - The board of Tax Service Examiners may revoke a Consultant's or Preparer's license for failure to comply with the continuing education requirments or any violation of the Code of Professional Conduct prescribed by the board |
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Definition
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Term
| T or F - For tax purposes, Marital Status is determined as the date of a divorce |
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Definition
| False, stauts is determined at the end of the tax year |
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Term
| T or F - State law governs whether a person is married, divorced or legally separated |
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Definition
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Term
| To be recognized as married to file a joint return, common law marriages are recognized only if the marriage is recognized in the state in which the taxpayer now lives. |
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Definition
| False...state where established |
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Term
| T or F -Fred and Carold began living together in Tiller, OR and have lived together for the past 12 years. They are considered married for tax purposes under the common law rules. |
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Definition
| False...Oregon not a common law state |
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Term
| Costs of maintaining a household includes: A)transportation B)Taxes and insurance on the home C)rental value of the home D)clothing cost of dependent |
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Definition
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