Marks 1 If a taxpayer chooses to have his dividends automatically reinvested in the corporation'sstock,they are not reported on the tax return nor taxed because he did not receive the money Choose one answer a Falseb True Question 36 Marks 1 Scholarships and Fellowships granted to non degree candidates are includedin the taxableincome on line 1of the 1040 as wages Choose one answer a Trueb False Question 37 Marks 1 A taxpayer lost $5,000 his first night in Reno, the second night he won $12,000 He only needs to report $7,000 as income on his tax return Choose one answer a Trueb False Question 38 Marks 1 OnaMFJ return,Social Security benefits may be taxable if of the Social Security, plus AGI (without computations for social security), plus tax exempt interest exceeds $32,000 Choose one answer a Trueb False Question 39 Marks 1 Which of the followingtypesof interest income are subject toFederal income tax Choose one answer a None of the these are subject to Federal tax b Interest on Dover City, Delaware municipal bonds c Interest on US savings bondsd Interest on state of New York bonds Question 40 Marks 1 Upon graduating from High School in 2019, you were granted a $6,000 college scholarship for academic year 2019 2020 As a full time student and degree candidate during the fall term of 2019you received $2,000 and spent $1,200 on tuition and fees, $300 on books and $500 on room and board How much of your scholarship is taxable on your 2019Federal return Choose one answer a $500b $2,000c $6,000d None of thesee $0 Question 41 Marks 1 Don Juanis divorced and under the terms of the2019decree, he pays his ex wife $1,800 inalimony, $2,000 in child support and $8,000 for her share of the Honda On form 1040 he can take an adjustment for Choose one answer a $9,800b $0c None of thesed $3,800e $1,800 Question 42 Marks 1 Allthe following are taxable to the taxpayer except Choose one answer a Accident insurance proceedsb None of thesec Prizesd Unemploymente Bonuses Question 43 Marks 1 Betty earned interest of $430 on a savings account and $90 on a checking account The $90 was withdrawn, but the $430 was left in the savings How much interestincome must Betty report on herreturn Choose one answer a $430b $90c $520d $0e None of these

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Marks: 1 If a taxpayer chooses to have his dividends automatically reinvested in the corporation'sstock,they are not reported on the tax return nor taxed because

Marks: 1

If a taxpayer chooses to have his dividends automatically reinvested in the corporation'sstock,they are not reported on the tax return nor taxed because he did not receive the money.

Choose one answer.

a.Falseb.True

Question

Marks: 1

Scholarships and Fellowships granted to non-degree candidates are includedin the taxableincome on line 1of the 1040 as wages.

Choose one answer.

a.Trueb.False

Question

Marks: 1

A taxpayer lost $5,000 his first night in Reno, the second night he won $12,000.He only needs to report $7,000 as income on his tax return.

Choose one answer.

a.Trueb.False

Question

Marks: 1

OnaMFJ return,Social Security benefits may be taxable if of the Social Security, plus AGI (without computations for social security), plus tax exempt interest exceeds $32,000.

Choose one answer.

a.Trueb.False

Question

Marks: 1

Which of the followingtypesof interest income are subject toFederal income tax?

Choose one answer.

a.None of the these are subject to Federal tax.b.Interest on Dover City, Delaware municipal bonds.c.Interest on US savings bondsd.Interest on state of New York bonds.

Question

Marks: 1

Upon graduating from High School in 2019, you were granted a $6,000 college scholarship for academic year 2019-2020.As a full-time student and degree candidate during the fall term of 2019you received $2,000 and spent $1,200 on tuition and fees, $300 on books and $500 on room and board.How much of your scholarship is taxable on your 2019Federal return?

Choose one answer.

a.$500b.$2,000c.$6,000d.None of thesee.$0

Question

Marks: 1

Don Juanis divorced and under the terms of the2019decree, he pays his ex-wife $1,800 inalimony, $2,000 in child support and $8,000 for her share of the Honda.On form 1040 he can take an adjustment for:

Choose one answer.

a.$9,800b.$0c.None of thesed.$3,800e.$1,800

Question

Marks: 1

Allthe following are taxable to the taxpayer except:

Choose one answer.

a.Accident insurance proceedsb.None of thesec.Prizesd.Unemploymente.Bonuses

Question

Marks: 1

Betty earned interest of $430 on a savings account and $90 on a checking account.The $90 was withdrawn, but the $430 was left in the savings.How much interestincome must Betty report on herreturn?

Choose one answer.

a.$430b.$90c.$520d.$0e.None of these