Topic
Q:
8.2 An asset has depreciated in value by a quarter of its original value in 9 years
using the reducing balance method. Determine the depreciation rate of this
asset per annum.
Q:
Trudy's taxable income last year was \( \$ 99,650 \). According to the tax table
below, how much tax does she have to pay if she files with the Single status?
Q:
A broker had a taxable income of \( \$ 77,050 \) last year. If she paid \( 10 \% \) of her
income between \( \$ 0 \) and \( \$ 8350,15 \% \) of her income between \( \$ 8350 \) and
\( \$ 33,950 \), and \( 25 \% \) of her income between \( \$ 33,950 \) and \( \$ 77,050 \) in federal
income tax, how much did the broker pay in federal income tax last year?
A. \( \$ 10,775 \)
B. \( \$ 3840 \)
C. \( \$ 835 \)
D. \( \$ 15,450 \)
Q:
Mandy is itemizing deductions on her federal income tax return and had
\( \$ 6200 \) in medical expenses last year. If her AGI was \( \$ 66,000 \), and if medical
expenses are deductible to the extent that they exceed \( 7.5 \% \) of a taxpayer's
AGI, how much can Mandy deduct for medical expenses?
A. \( \$ 1250 \)
B. \( \$ 4950 \)
C. \( \$ 465 \)
D. \( \$ 4485 \)
Q:
A part-time receptionist made \( \$ 9101.99 \) last year. If he claimed himself as an
exemption for \( \$ 3650 \) and had a \( \$ 5700 \) standard deduction, what was his
taxable income last year?
A. \( \$ 5451.99 \)
B. \( \$ 3401.99 \)
C. \( \$ 248.01 \)
D. \( \$ 0 \)
Q:
A single person who wishes to claim a standard deduction and no additional
adjustments on his or her federal tax return should use which tax form?
A. 1040
B. \( 1040 E Z \)
C. \( W-2 \)
D. \( W-4 \)
Q:
According to the Income section shown below from the 1040 EZ form, if
\( \$ 4675 \) were entered on which line would the taxpayer be ineligible to use the
form?
Q:
Last year, a married couple had their first child. Should they file their federal
income tax return using the 1040 EZ form instead of the 1040 form?
A. Yes, partly because they will not be able to claim a dependent.
B. No, partly because they will be able to claim a dependent.
C. No, partly because they will not be able to claim a dependent.
D. Yes, partly because they will be able to claim a dependent.
Q:
Spencer is a single father of two kids. He made \( \$ 50,000 \) last year, and
received \( \$ 1,00 \) in interest from a CD he has. He plans to file his federal
income tax return using the Head of Household filing status. Which factor
makes him ineligible to use a \( 1040 E Z \) form?
A. His income
B. The interest he earned from a CD
C. His filing status
D. None of the above
Q:
Which individual is eligible to use a 1040EZ form when filing a federal income
tax return?
A. Head of a household
B. Single person, with no dependents
C. Single person, with no dependents, who made \$150,000 last year
D. Married person filing separately
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