1. What is reported on Form 1099-K?

Bank check cashing transactions

Payment card transactions

Third-party network transactions

Payment card transactions and third-party network transactions

2.

Maria provides 100% of the support for her 3 children:

Jaime, age 7

Chloe, age 12

Peter, age 17

How many of her children can she potentially claim as a qualifying child for purposes of the child tax credit in 2022?

0

1

2

3

3.

Which of the following is true regarding a qualifying dependent, other than a qualifying child, for purposes of the Credit for Other Dependents enhancement of the child tax credit in 2022?

The Social Security number requirement does not apply.

The taxpayer may claim a $500 refundable credit for each qualifying dependent.

A qualifying dependent must be under age 17 at the end of the tax year.

The qualifying dependent must live with the taxpayer all year as a member of the household.

4.

Rodney, 67, is filing as single. He is diagnosed as legally blind. What amount of standard deduction does Rodney qualify for on his 2022 return?

$15,750

$12,950

$16,450

$14,700

5.

When a child has more than $2,300 of unearned income (income from interest, dividends, or capital gain distributions) in 2022:

the child must file their own return and all of their income is taxed at the rate for estates and trusts

some of the child's income may be subject to the tax rate of the parents

all of the child's income is taxed at a flat 20%

the income of children is not taxed until it exceeds $11,500

6.

For 2022, taxpayers who took coronavirus-related distributions from eligible retirement plans in 2020 use Form 8915-F to report?

Form 8915-F is not used in 2022

Repayments made for the year

The taxable amount of the distributions for the year

Repayments made for the year and the taxable amount of the distributions for the year

7.

John purchases a new car in 2022 for a price of $37,000. If he claims 100-percent bonus depreciation, what is the greatest allowable depreciation deduction he may claim for the vehicle in 2022?

$37,000

$27,000

$11,200

$19,200

8.

What is the maximum age a taxpayer is eligible to contribute to a traditional IRA for 2022?

59.5

70.5

72

There is no age limit on contributions.

9.

Which of the following would prevent a taxpayer with no qualifying children from claiming the Earned Income Credit?

The taxpayer is 25 but younger than 65 years old

The taxpayer's only income is from interest on a CD

The taxpayer only lives in the US for 9 months

The taxpayer does not qualify as a dependent of another person

10.

Which of the following is NOT one of the tax benefits commonly called extenders for tax year 2022?

Section 199A Qualified business income deduction

Itemized deduction for qualified mortgage insurance premiums

Nonbusiness energy property credit

Exclusion of cancellation of debt income from the discharge of qualified principal residence indebtedness

11.

A taxpayer cannot use the standard mileage rate for an automobile used for business purposes_______?

If any mileage for the year is for personal purposes

If the taxpayer claimed bonus depreciation for the automobile

Unless the taxpayer keeps a detailed mileage log on a form provided by the IRS

If the taxpayer leases the automobile used for business

12.

Angela had several expenses in relation to pursuit of her bachelor's degree. Of the following expenses, which is considered a qualified expense for purposes of taking one of the education tax credits?

Fees paid to rent an apartment near campus

Fees paid for public transportation to get to and from school

Fees paid to play on the school's volleyball team

Fees paid to purchase books for required courses

13.

The wash sale rules apply to disallow a loss on a sale of securities_______?

Only when the taxpayer acquires substantially identical securities within 30 days before the sale

Only when the taxpayer acquires substantially identical securities within 60 days after the sale

Anytime the taxpayer acquires substantially identical securities within 60 days either before or after the sale

Anytime the taxpayer acquires substantially identical securities within 30 days either before or after the sale

14.

Taxpayer X is due a refund and has two checking accounts and two savings accounts. With respect to the refund

It must be paid by a check made to Taxpayer X

It can be direct deposited, but only into one of Taxpayer X's accounts

It can be direct deposited, but only into the checking accounts

It can be direct deposited into both checking accounts and one of the savings accounts

15.

A taxpayer who is over the highest capital gain breakpoint will generally pay capital gains tax at a rate of _______?

15%

20%

25%

37%

i need help with this work assigment please be specific and straight to the answers...