Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all 14. Barry is age 45 & a single taxpayer. In 2016, he has gross income of $17,000 & itemized deductions of $6,500.

please answer all

14. Barry is age 45 & a single taxpayer. In 2016, he has gross income of $17,000 & itemized deductions of $6,500. If Barry claims one exemption on his 2016 income tax return, What is his personal exemption amount? (Points : 1)
$4,000 $3,900 $4,050 $3,950

Question 15.15. Mary is age 33 & a single taxpayer with adjusted gross income for 2016 of $29,400. Mary maintains a home for three dependent children and has itemized deductions of $3,000. What are the number of exemptions she can claim? (Points : 1)
4 5 6 None of the above

Question 16.16. Betty, age 39 & Steve, age 50, are married with 2 dependent children. They file a joint return for 2016. Their income from salaries totals $155,000; they receive $1,000 in taxable interest and $2,000 in royalties. Their deductions for adjusted gross income amount to $3,100; they have itemized deductions totaling $41,000. What is their adjusted gross income? (Points : 1)
$158,000 $154,900 $97,700 None of the above

Question 17.17. Melissa is a 35-year-old single taxpayer with adjusted gross income of $49,600. She uses the standard deduction and has no dependents. What is her adjusted gross income? (Points : 1)
$39,250 $39,300 $39,400 None of the above

Question 18.18. Theodore, age 74, & Maureen, age 59, are married taxpayers with 2 dependents. Their adjusted gross income for the 2016 tax year is $43,600, & they have itemized deductions of $7,800. What the number of exemptions for their 2016 income tax return? (Points : 1)
4 5 6 2

Question 19.19. The standard deduction is a flat amount, varying based on a taxpayers filing status, age, and vision which is deducted from adjusted gross income along with a taxpayers exemptions to arrive at taxable income. (Points : 1)
True False

Question 20.20. Debra, age 68, & Jerry, age 70, are married & file a joint return. They received $24,000 in interest income from a savings account. Are they required to file a tax return for 2016? (Points : 1)
Yes No

Question 21.21. Margie is a single taxpayer with wages in 2015 of $8,400 & interest income of $200. Is she required to file a tax return for 2016? (Points : 1)
Yes No

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions