1. Which, if any, of the following qualify for the medical expense deduction? a. Maternity clothes b. Cost of nonprescribed insulin c. Weight reduction program to keep in shape d. Unnecessary cosmetic surgery e. None of the above 2. The cost of which of the following expenses is NOT deductible as a medical expense on Schedule A, before the 7.5% of adjusted gross income limitation? (Means not a medical expenses for tax purpose) a. Marriage counseling b. a psychiatrist c. Dentures d. Birth Control Prescriptions 3. Which of the following gifts is a deductible contribution a. A gift of $1,500 to the Republican National Committee b. A gift of $200 to a homeless person c. A $350 contribution to the federal government to pay down the national debt d. $500 spend on church Bingo games 4. Which of the following taxes paid by Justin, a self-employed individual during the current year, that can not be deducted from on schedule A ? a. State income taxes b. Personal property taxes c. Real estate tax d. Local income taxes e. All of the above are tax deductible 5. For 2022 Eugene and Linda had adjusted gross income of $40,000. Additional information for 2018 are as follows: Cash contribution to church $2,500 Tuition paid to a parochial school 4,200 Contribution to a Salvation Army (a qualify charity) 500 Cash contribution to a needy family 500 What is the maximum amount that they can use as a deduction for charitable contributions for 2022 ? a. $3,000 b. $3,500 c. $1,850 d. $7,700 e. None of the above 6. Which of the following types of interest is not deductible in 2022 ? a. Qualified mortgage interest on residence b. Qualified mortgage interest on second residence c. Credit card interest d. All of the above 7. Which of the following is not considered as deductible medical expense? a. A face lift b. Eye exams c. Prescription drugs d. Medical insurance 8. In 2022, which of the following early (before age 591/2 ) withdrawals from an IRA may be made without penalty? Da. For a second home (up to $10,000 ) D b. For adoption expenses (up to $5,000 ) v c. For home improvement expenses c d. For job-related moving expenses 9. Which of the following is an exception to the 10 percent early withdrawal penalty of a traditional IRA? Da. Withdrawing up to $30,000 for first-time homebuying expenses D b. The recipient has received six weeks of unemployment compensation and must pay medical insurance premiums for dependents. D c. Using the withdrawals for medical expenses up to 7.5 percent of their AGI, for persons younger than 591/2 years old c d. Paying the costs of higher education, including tuition fees, books, and room and board for a dependent child 10. Which of the following statements about health savings accounts (HSAs) is false? D a.Taxpayers qualifying for Medicare do not qualify to make HSA contributions. D b.Distributions from HSAs which are used for qualifying medical expenses are not subject to tax or penalty. D c.Deductible contributions to HSAs are unlimited. o d.HSAs must be paired with qualifying high-deductible health insurance. 11. Which of the following types of income not subject to the "kiddie Tax"? a. Interest income b. Dividends income c. Salary income d. Capital gains on stock sales e. All of the above are subject to the "Kiddie tax" 12. Brabdon and Sabrina are married, and Sabrina has self-employment income of $240,000. Brandon is retired. How much additional 0.9 pereent Medicare tax will Brandon and Sabrina owe with their 2022 income tax retarn? c. a. 52.160 ab. They will receive a 590 refund c. 5,50 ed. $360 13. Sarah, a cash-basis sole proprietor, had the following receipts and disbursements for 2022: For 2022, what amount should Sarah report as net eamings from self-employment? a 37+100 h. 5ta,100 c. staroe a. si9.sot 14. Which of the following is not an acceptable method of accounting inder the tax law? a Tur mirual mevleal o. The calk inhod 5. The bobwit mathod d. Mit af the abeve ant ancoptulle 4. Wrene of the diwe 15. Jerry and Julie are brother and sister. Jerry sold sock to Julie for $5,000, its fait market value. The stock cost Jerry $10,0005 years ago, Also, Jerry sold Carol (an unrelaied party) stock for $2,000 that cost $10,0003 years ago. What is Jerry's recognized loss before the $3,000 capital loss limitation? a mi A. 5800 4. Ssioce a) Rine af iter dow. 16. Which of the following taxpaycrs is absolutely required to report on a calendar year-end basis? a trilisitual b. Partacmitipt e. 5 oveputinion AC copperation . Wuecer af ite abias 17. Mary sells to her father, Robert, her shares in A.A Corp for $55,000. The shares cost Mary $80,000. How mech loss may Mary claim from the sale? a $800.000 b. $55,000 c. 50 d. 525,000 16. Which of the following taxpayers is absolutely required to report on a calendar year-end basis? i. Incivituals b. Recustakige c. S cuaperiena dC oorporatione 5. Nhane of the abuve 17. Mary sells to her father, Robert, her shares in AA Corp for $55,000. The shares cost Mary $80,000. How much loss may Mary claim from the sale? a. $80.0000 b. $55.000 c. $0 d. $25,000 18. What is the deadline for making a contribution to traditional IRA or a Roth IRA for 2022? a. April 18, 2022 b. April 18, 2023 c. December 31, 2022 d. January 15,2023 19. Doris, a 55-year-old married taxpayer, has salary of $65,000 and interest income of $1,000. What is the maximam amoant Doris can contribute to a Roth IRA? a. $6,000 b. $6,$00 c. $3,000 d. $7,000 20. In 2018 employee may clect to make an annual Contribution to a Section 401(k) plan you to is they are 50 year old and above a. $20,500 b. $24,000 c. $18,500 d. $26,500 21. Jane has a Roth IRA held longer than 10 yeurs to which she has contributed $55,000. The IRA has a current value of $98,000, lane is 45 years old and she takes a distribution of $70,000 after retiring on disability. How much of the distribution will be taxable to Janc? a. $15,000 b. 570,000 c. 598,000 d. 50 22. Kcvin and Ann paid the following amounts desien the numont anse. What is the maximum amount they can use as interest expease in calculating atmizod deductions for the current ycar? E a. 53,150 mb,58,150 E 2.54,650 ti. d,96,500 23. Johnson has a Roth IRA held more than 10 years to which be has contributed 540,000 . The IRS has a current value of 584,000 . Johnson is 55 ycars old and she takes a distribution of $49,000. How much of the distribution will be taxable to Johnsoe? a. $0 b. 38.000 c. 39,000 d. 540.000 c. 549,000 24. Johnson has a Roth IRA held more than 10 years to which le has contributed 540,000 . The IRS has a current valuc of 584,000 . Johnson is 65 years old and she takes a distribution of $49,000 How mesth of the distribetion will be tasable to Johnson? C. $0 g. $8,000 f. $9,000 i. $40,000 j. $49,000 25. Johnson and Mary, a married couple, under 55 years of age, have adjusted gross income of their 2022 jointed income tax return of 555,000 , before consideration of any IRS deduction. Johnson and Mary have no carming inconc. What is the amount of Johnson's maximum deductible IRS contribution? d. $0 b. $5,500 c. $6,500 d. $11,000 c. $45,000 25. Which of the following employecs would NOT be evemyt from Social Security and Medicare takes on wages paid for hotashold work? a. The taxpayer's 16 -year-0ld san b. The taxpayer's 21 year-year-old sister e. The taxpaycr's husband 4. The 13-year-old babysitner from down the strect