The American Opportunity credit is calculated per taxpayer and the lifetime learning credit is available eligible student d. Continuing education expenses do not qualify for either education credit e. None of these statements is true 11. Which of the following, if any, cornewly describes the camed income credit? a. Would be available regardless of the amount of the taxpayer's adjusted gross income b. Is not available to a surviving spouse. c. Requires a taxpayer to have a qualifying child to take advantage of the credit d. is a refundable credit. 12 Section 152 of the Code contains two sets of tests, qualifying child and qualifying relative either of which may be applied to determine whether an individual has dependency status and may therefore be claimed as a dependent by a taxpayer. Which of the following is NOT a test under both classifications? Which of the following statements is NOT true regarding tax benefits for education? A Citizenship test B. Residence test C. Joint return test. D. Gross income test A The AOC may be claimed for tuition expenses incurred in the first 4 years of post-secondary education B. The dollar limitations for the AOC me calculated on a per student basis c The Lifetime Loaming Credit is allowed for Tuition paid for graduate program studies D. Room and board are qualifying expenses for the AOC 16. JH and John, married filing jointly, have provided more than 50% of the support for two minor children and Jill's mother. The children each had interest income of less than $700. IS mother received a taxable pension of $2.700 dividends of $1,500 and interest of $1,000. How many dependents can the taxpayers claim on their 2018 tax return? John and Unda Smith are a childless married couple who lived apart for all of the current year. On December 31 of the current year, they were legally separated under a decree of separate maintenance. Based on the facts, which of the following is the only filing-status choice available to them for the current year? A 1 B. 3 C. 2 DO A Married fling joint return B. Married Sling separate return. C. Head of household D. Single 14 Ruth had wages of $34,000, and her husband John's wages were $27.000. They have three children ages 3, 6, and 9. They paid a total of $7.200 to Creative Child Care School, Inc. Assuming a 20% credit rate, what will be their Child Care Credit? A. $1,440 B. $1,200 C. $6,000 D. $7,200 b. Surviv 1. In terms of the tax formula applicable to individual ta s which of the following statements, if any, is correr? a. In arriving at taxable income, a taxpayer must choose between the standard deduction and itemized deductions. b. In arriving at AGI, personal and dependency exemptions are subtracted from gross income c. In arriving at taxable income, a taxpayer must choose between the standard deduction and the deduction for qualified business income. d. The tax formula does not apply if a taxpayer elects to claim the standard deduction e. None of these 2. During 2019, Enrique had the following transactions: $70,000 Salary Interest income on Xerox bonds Inheritance from uncle Contribution to traditional IRA Capital losses 2,000 - 40,000 5,5007 2,500 Enrique's AGI is a. $62,000 b. $64,000. c. $67,000. d. $102,000. e. $104,000. 3. Tony, age 15, is claimed as a dependent by his grandmother. During 2019. he had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $800. Tony's taxable income is: a. $1,800. b. $1,800 - $800 - $1,100 = ($100). c. $1,800 - $1,150 = $650. d. $1,800 - $1,100 = $700. e. None of these 4. A qualifying child cannot include: a. A nonresident alien. b. A married son who files a joint return. c. A daughter who is away at college. d. A brother who is 28 years of age and disabled. e. A grandmother. 5. Kyle, whose wife died in December 2016, filed a joint tax return for 2016. He did not remarry but has continued to maintain his home in which his two dependent children live. What is Kyle's filing status in 20197 a. Head of household b. Surviving spouse The American Opportunity credit is calculated per taxpayer and the lifetime learning credit is available eligible student d. Continuing education expenses do not qualify for either education credit e. None of these statements is true 11. Which of the following, if any, cornewly describes the camed income credit? a. Would be available regardless of the amount of the taxpayer's adjusted gross income b. Is not available to a surviving spouse. c. Requires a taxpayer to have a qualifying child to take advantage of the credit d. is a refundable credit. 12 Section 152 of the Code contains two sets of tests, qualifying child and qualifying relative either of which may be applied to determine whether an individual has dependency status and may therefore be claimed as a dependent by a taxpayer. Which of the following is NOT a test under both classifications? Which of the following statements is NOT true regarding tax benefits for education? A Citizenship test B. Residence test C. Joint return test. D. Gross income test A The AOC may be claimed for tuition expenses incurred in the first 4 years of post-secondary education B. The dollar limitations for the AOC me calculated on a per student basis c The Lifetime Loaming Credit is allowed for Tuition paid for graduate program studies D. Room and board are qualifying expenses for the AOC 16. JH and John, married filing jointly, have provided more than 50% of the support for two minor children and Jill's mother. The children each had interest income of less than $700. IS mother received a taxable pension of $2.700 dividends of $1,500 and interest of $1,000. How many dependents can the taxpayers claim on their 2018 tax return? John and Unda Smith are a childless married couple who lived apart for all of the current year. On December 31 of the current year, they were legally separated under a decree of separate maintenance. Based on the facts, which of the following is the only filing-status choice available to them for the current year? A 1 B. 3 C. 2 DO A Married fling joint return B. Married Sling separate return. C. Head of household D. Single 14 Ruth had wages of $34,000, and her husband John's wages were $27.000. They have three children ages 3, 6, and 9. They paid a total of $7.200 to Creative Child Care School, Inc. Assuming a 20% credit rate, what will be their Child Care Credit? A. $1,440 B. $1,200 C. $6,000 D. $7,200 b. Surviv 1. In terms of the tax formula applicable to individual ta s which of the following statements, if any, is correr? a. In arriving at taxable income, a taxpayer must choose between the standard deduction and itemized deductions. b. In arriving at AGI, personal and dependency exemptions are subtracted from gross income c. In arriving at taxable income, a taxpayer must choose between the standard deduction and the deduction for qualified business income. d. The tax formula does not apply if a taxpayer elects to claim the standard deduction e. None of these 2. During 2019, Enrique had the following transactions: $70,000 Salary Interest income on Xerox bonds Inheritance from uncle Contribution to traditional IRA Capital losses 2,000 - 40,000 5,5007 2,500 Enrique's AGI is a. $62,000 b. $64,000. c. $67,000. d. $102,000. e. $104,000. 3. Tony, age 15, is claimed as a dependent by his grandmother. During 2019. he had interest income from Boeing Corporation bonds of $1,000 and earnings from a part-time job of $800. Tony's taxable income is: a. $1,800. b. $1,800 - $800 - $1,100 = ($100). c. $1,800 - $1,150 = $650. d. $1,800 - $1,100 = $700. e. None of these 4. A qualifying child cannot include: a. A nonresident alien. b. A married son who files a joint return. c. A daughter who is away at college. d. A brother who is 28 years of age and disabled. e. A grandmother. 5. Kyle, whose wife died in December 2016, filed a joint tax return for 2016. He did not remarry but has continued to maintain his home in which his two dependent children live. What is Kyle's filing status in 20197 a. Head of household b. Surviving spouse