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Exam 4: Individual Income Tax Overview,dependents,and Filing Status

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Question 71

Multiple Choice

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Jasmine and her husband,Arty,have been married for 25 years.In May of this year,the couple divorced.During the year,Jasmine provided all the support for herself and her 22-year-old child,Dexter,who lived in the same home as Jasmine for the entire year.Dexter is employed full time,earning $29,000 this year.What is Jasmine's most favorable filing status for the year?

A) Single.
B) Married filing separately.
C) Surviving spouse.
D) Head of household.

E) A) and D)
F) None of the above

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Question 72

True/False

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If no one qualifies as the dependent of an unmarried taxpayer,the unmarried taxpayer may still be able to qualify for the head of household filing status.

A) True
B) False

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Question 73

Multiple Choice

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Charlotte is the Lucas family's 22-year-old daughter.She is a full-time student at an out-of-state university but plans to return home when the school year ends.During the year,Charlotte earned $4,000 of income working part time.Her support totaled $30,000 for the year.Of this amount,Charlotte paid $7,000 with her own funds,her parents paid $14,000,and Charlotte's grandparents paid $9,000.Which of the following statements most accurately describes whether Charlotte's parents can claim Charlotte as a dependent?

John Maylor is a self-employed plumber of John's John Service,his sole proprietorship.In the current year,John's John Service had revenue of $120,000 and $40,000 of business expenses. John also received $2,000 of interest income from corporate bonds. What is John's adjusted gross income,assuming he had no other income or expenses? (ignore any deduction for self-employment tax.)

Katy has one child,Dustin,who is 18 years old at the end of the year.Dustin lived at home for three months during the year before leaving home to work full time in another city.During the year,Dustin earned $15,000.Katy provided more than half of Dustin's support for the year.Which of the following statements regarding whether Katy may claim Dustin as a dependent for the current year is accurate?