Questions and Answers of Fundamentals Of Taxation

In 2021, Joseph and Patricia Jefferson redeemed $8,000 of Series EE U.S. savings bonds (principal of $5,500 and interest of $2,500), the proceeds from which were used to pay for qualified higher
In 2017, Ming incurred a loan to pay for qualified higher education expenses for her 20-year-old granddaughter who was a dependent. In 2021, her granddaughter graduated from college, moved away to
Explain who qualifies for the deductibility of moving expenses in 2021.
Define the two key criteria necessary for a service member to deduct their moving expenses.
As a result of the COVID 19 pandemic, are there any special allowances in regard to the types of expenses that qualify for the educator expense deduction?
In 2017 through 2020, Tanisha, who is single, borrowed a total of $25,000 for higher education expenses on qualified education loans. In 2021, while still living at home and being claimed by her
For 2021, the maximum aggregate annual contribution that taxpayer, under age 55, can make to a Health Savings Account (HSA) for family coverage is:a. $1,400.b. $3,600.c. $7,200d. $ 14,000.
The Renfros were granted a decree of divorce in 2018 that was substantially revised in 2020. In accordance with the decree, Josh Renfro is to pay his ex-wife $24,000 a year until their only child,
Sebastian has received a 1099-INT from his financial institution showing $167 in box 2 of the form. How should he handle this on his 2021 tax return and why?
Jennifer and Paul, who file a joint return, have taxable income of $94,475 and the following tax liability:Their average tax rate is:a. 10%.b. 12%.c. 13%.d. 22%. $19,990 × 10%
Sandra, a single taxpayer, has taxable income of $79,293. Using the tax tables, she has determined that her tax liability is:a. $9,115.b. $11,737.c. $13,189.d. $13,193.
Miremba is single and has taxable income of $92,616. For that income, determine tax liability using the Tax Tables and using the Tax Rate Schedule. Why is there a difference between the two amounts?
Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places) in each of the following cases. Use the tax tables to determine tax liability.a. Single
Determine the tax liability, marginal tax rate, and average tax rate (rounded to two decimal places) in each of the following cases. Use the tax tables to determine tax liability.a. Married
George and Debbie were legally married on December 31, 2021. Can they file their 2021 income tax return using the status of married filing jointly? Why or why not? What other filing status choices do
Which Schedule must the taxpayer use to claim a payment made for alimony if the taxpayer was divorced in 2021?a. Schedule 1.b. Schedule 2.c. Schedule 3.d. The taxpayer does not need to
Raphael and Martina are engaged and are planning to travel to Las Vegas during the 2021 Christmas season and get married around the end of the year. In 2021, Raphael expects to earn $45,000 and
A taxpayer’s spouse died on December 31, 2020. He has no qualifying child. Which status should the taxpayer select when filing his 2021 tax return? a. Qualifying widow(er).b. Married
Victoria’s 2021 tax return was due on April 15, 2022, but she did not file it until June 12, 2022. Victoria did not file an extension. The tax due on the tax return when filed was $8,500.In 2021,
A married couple, both of whom are under 65 years old, decided to file as married filing separately. One of the spouses is going to itemize deductions instead of taking the standard
Employers are required to withhold social security taxes from wages paid to employees. What is the amount of the social security wage limitation for
Donald is a 21-year-old full-time college student. During 2021, he earned $2,550 from a part-time job and $1,150 in interest income. If Donald is a dependent of his parents, what is his standard
For tax year 2019 what proportion of individual income tax returns was electronically filed?
What is the definition of interest?

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