Felix, is a single man who claims an itemized deduction on his state taxes of $180 on his prior year tax return. Total itemized deductions were $12,025. This year, Felix received a $25 state tax refund. What is the amount Felix must report on his tax return for this year?

QUESTION 2

Victoria determined that her taxes payable from her are $6,451. Her employer withheld $6,145 from her paychecks during the year. Victoria's tax return will show:

QUESTION 3

Stella works in her own business as a hairstylist and has a net income of $4,100 per month. She paid the health insurance every month for the previous year. Stella can claim a deduction from her earned income, AGI, for health insurance. Where should she look in the books and accounting records of her business for the amount that was paid for the health insurance?

QUESTION 7

Sam and Edna are married to three dependents. They enrolled in a qualified plan through the Marketplace at a cost of $4,900 per year. Their household income was $67,500. Their premium SLCSP is $5,640. What is their premium tax credit?

QUESTION 8

Sylvio purchased an apartment building as an investment in January 2014 for $383,500 and sold it for $475,000 in 2020. He reported $68,436 of allowed accumulated straight-line depreciation. If Sylvio is in the highest tax bracket for ordinary income, how much of his gain from him qualifies for preferential tax treatment?

QUESTION 9

Carolyne is married, is paid $4,250 biweekly, and claims two dependents. What amount of federal income tax is withheld from her gross wages each pay period using the Percentage Method Tables for Manual Payroll Systems with Forms W-4 From 2020 or Later.

QUESTION 10

Ferris owns an interest in, but does not materially participate in, an activity. He has $30,000 at-risk. The business produced a loss in the current year and Ferris's share of the loss is $45,000. Assuming Ferris has no passive income, how much of the $45,000 loss will be deductible by Ferris?