Dependents
Exemptions
Filing Status
Standard Deduction
Wild Card
100
What are two of the tests you have to pass to claim a dependency exemption for a qualifying child?
Dependent Taxpayer Test, Joint Return Test, Citizen or Resident Test, Relationship Test, Age Test, Residency Test, Support Test
100
What are the two types of exemptions?
Personal and dependency
100
What are the 5 filing statuses?
Single, married jointly, married separately, head of household, qualifying widow(er) with child
100
What does a standard deduction do to your taxes?
takes $ off your taxable income
100
What is a W4 and when/why do you have to complete one?
When you apply for a job so that the government can estimate how much to take out of your paycheck in taxes.
200
What are two of the tests you have to pass to claim a dependency exemption for a qualifying relative?
Dependent Taxpayer Test, Joint Return Test, Citizen or Resident Test, Not a Qualifying Child Test, Member of Household or Relationship Test, Gross Income Test, Support Test
200
What was the exemption amount in 2014?
$3950
200
Which filing status have the lowest tax rate?
Married filing jointly/ qualifying widow(er)
200
What is the standard deduction for a single person?
$6,200
200
What information do you receive on a W2?
tips, wages, and other compensation, federal income tax withheld, medicare tax withheld, social security tax withheld
300
What was the dependency exemption for 2014?
$3,950
300
Can you claim a personal exemption for a deceased spouse?
Yes, if they died within the last year and you have not remarried
300
Which filing status has the highest tax rates?
Single/married filing separately
300
What is the standard deduction for married filing jointly?
$12,400
300
What is the 1040EZ? What is it for?
It's to file a tax return.
400
What are the two conditions of the citizen or resident test?
US Citizen or Resident or Mexico/Canada
400
Dr. and Mrs. Fernandez are married, live in North Carolina and file a joint return. The Fernandezes cannot be claimed as dependents on anyone else's tax return. Their daughter, Nanita, is 19 years old, single and a full-time student away at college. Nanita earned $4,500 during the year, but her parents provided more than half of her support. Which of the following statements is true?
Parents: 3 Daughter: 0
400
What are the conditions for “head of household”
Unmarried, provide more than half the cost of keeping up a home for more than half the year.
400
Brian and Sylvia have an adjusted gross income of $63,000. They are married filing jointly. They have no dependents but are claiming 2 personal exemptions. What is their total taxable income?
$42,700
400
What are the two types of taxes you have to file?
state and federal
500
What are the three conditions of the age test for a qualifying child?
Under 19, b.) under 24 and a full-time student, c.) permanently disabled.
500
If you claim one personal exemption and one dependency exemption, how much money is taken off your taxable income?
$7,900
500
A taxpayer has dependent children. The taxpayer's spouse died in 2013. Prior to the death of the spouse, the taxpayer was eligible to use the married filing jointly filing status. Which filing status will the taxpayer probably use this year?
Qualifying widow(er) with dependent child
500
Ben and Sylvia have an adjusted gross income of $60,000. They are married filing jointly. They have 5 exemptions. What is their total taxable income?
30,850
500
Why would you get a tax refund?
If the amount of money taken out of your paycheck for taxes was greater than the amount actually owed for taxes.
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