Final Exam > Results Page
final exam score:
final exam status:
100%PASSED
Final Exam > Question 1 What is the top tax rate on individuals in 2015?What is the top tax rate on individuals in 2015?
28%
33%
35%
XXX39.6%
Final Exam > Question 2 The tax tables may be used to figure tax on taxable income only up to ___________.The tax tables may be used to figure tax on taxable income only up to ___________.
$50,000
XXX$100,000
$150,000
$500,000
Final Exam > Question 3 The Tax Computation Worksheet is used if:The Tax Computation Worksheet is used if:
The taxpayer used the tax computation worksheet in the prior year
The taxpayer has any capital gains
XXXTaxable income is $100,000 or more
The taxpayer opts to use it
Final Exam > Question 4 Which of the following rates is not a rate applicable to a long-term capital gain?Which of the following rates is not a rate applicable to a long-term capital gain?
0%
15%
XXX35%
28%
Final Exam > Question 5 Max Healy has taxable income of $65,000 that includes a long-term capital gain from a collectible of $20,000. What forms or schedules are required to figure the tax?Max Healy has taxable income of $65,000 that includes a long-term capital gain from a collectible of $20,000. What forms or schedules are required to figure the tax?
The Qualified Dividends and Capital Gain Tax Worksheet
XXXBoth the Schedule D Tax Worksheet and the Tax Tables
Both the Qualified Dividends and Capital Gain Tax Worksheet and the Tax Table
The Tax Tables
Final Exam > Question 6 A commercial fisherman who qualifies to use income averaging can average his income from fishing activities over how many years?A commercial fisherman who qualifies to use income averaging can average his income from fishing activities over how many years?
XXX3
4
5
10
Final Exam > Question 7 Which of the following is not true regarding income averaging for farmers and fishermen?Which of the following is not true regarding income averaging for farmers and fishermen?
It applies only to farm or fishing income.
XXXIt applies to both farm/fishing and nonfarm/nonfishing income.
It is figured on Schedule J.
It cannot be used by anyone who is not a farmer or fisherman.
Final Exam > Question 8 In 2015, a husband and wife have one child, age 2. What is the maximum deduction they can claim for exemptions on a joint return?In 2015, a husband and wife have one child, age 2. What is the maximum deduction they can claim for exemptions on a joint return?
$2,000
$4,000
$8,000
XXX$12,000
Final Exam > Question 9 If a taxpayer opts to round off all amounts appearing on the tax return, which of the following amounts is reported as $21 on the return?If a taxpayer opts to round off all amounts appearing on the tax return, which of the following amounts is reported as $21 on the return?
XXX$21.49
$21.50
$21.51
$21.99
Final Exam > Question 10 Jerry and Ann Jones are married and keep up a home for their two preschool children, ages 2 and 4. They claim their children as dependents and file a joint return. Their adjusted gross income (AGI) is $42,000. Jerry earned $25,000, and Ann earned $30,000. During the year, they pay work-related expenses of $4,000 for child care for their son, Daniel, at a neighbor's home and $3,200 for child care for their daughter, Amy, at Pine Street Nursery School. How much of their child care payments is eligible for the child and dependent care credit on their return?Jerry and Ann Jones are married and keep up a home for their two preschool children, ages 2 and 4. They claim their children as dependents and file a joint return. Their adjusted gross income (AGI) is $42,000. Jerry earned $25,000, and Ann earned $30,000. During the year, they pay work-related expenses of $4,000 for child care for their son, Daniel, at a neighbor's home and $3,200 for child care for their daughter, Amy, at Pine Street Nursery School. How much of their child care payments is eligible for the child and dependent care credit on their return?
$0
$4,800
XXX$6,000
$7,200
Final Exam > Question 11 All of the following expenses qualify for the child and dependent care credit except:All of the following expenses qualify for the child and dependent care credit except:
XXXSleepaway camp
Day camp
Nursery school
Day care facility
Final Exam > Question 12 During 2015, Ed Hilton installed solar panels on his principal residence at a cost of $12,000. The maximum residential energy credit he can claim is:During 2015, Ed Hilton installed solar panels on his principal residence at a cost of $12,000. The maximum residential energy credit he can claim is:
$500
$2,000
XXX$3,600
$12,000
Final Exam > Question 13 Which of the following statements about the child tax credit is not correct?Which of the following statements about the child tax credit is not correct?
The credit can be claimed in addition to the earned income credit
The credit may be refundable
XXXThe credit can be claimed for no more than 2 qualifying children
The credit is subject to income limitations
Final Exam > Question 14 In 2015, the maximum amount of American opportunity credit available to parents with two children in their first four years of college is:In 2015, the maximum amount of American opportunity credit available to parents with two children in their first four years of college is:
$1,000
$1,800
$2,500
XXX$5,000
Final Exam > Question 15 Which of the following expenses are not eligible for the adoption credit?Which of the following expenses are not eligible for the adoption credit?
XXXCosts for adopting a spouse's child
Court costs
Attorney's fees
Adoption agency fees
Final Exam > Question 16 Liz Shepared incurred qualified adoption expenses of $15,000 in 2015 for an adoption that becam permanent in 2015. Liz's AGI for 2015 is $100,000. What is the amount of the credit Liz can take in 2015 for the adoption expenses she incurred? (Assume that Liz did not receive any employer-paid adoption assistance.)Liz Shepared incurred qualified adoption expenses of $15,000 in 2015 for an adoption that becam permanent in 2015. Liz's AGI for 2015 is $100,000. What is the amount of the credit Liz can take in 2015 for the adoption expenses she incurred? (Assume that Liz did not receive any employer-paid adoption assistance.)
$0
$13,190
XXX$13,400
$15,000
Final Exam > Question 17 With regard to the credit for retirement savings contributions in 2015, which of the following statements is not correct?With regard to the credit for retirement savings contributions in 2015, which of the following statements is not correct?
The maximum credit is 50% of contributions on elective deferrals up to $2,000
XXXThe credit may not be claimed with respect to any amounts upon which contributions or deferrals are based.
Married couples filing joint returns cannot claim the credit if AGI exceeds $61,000
The credit is claimed on Form 8880
Final Exam > Question 18 The earned income credit is available to:The earned income credit is available to:
Persons with one qualifying child
Persons with two or more qualifying children
Persons without a qualifying child
XXXAll of the above
Final Exam > Question 19 Which statement about the earned income credit in 2015 is not correct?Which statement about the earned income credit in 2015 is not correct?
A higher credit applies for three or more qualifying children.
A taxpayer may qualify even if he or she has no qualifying child.
XXXThe credit can be received on an advanced basis.
The credit is fully refundable.
Final Exam > Question 20 Which statement about the foreign tax credit is not correct?Which statement about the foreign tax credit is not correct?
An itemized deduction can be claimed in lieu of the credit.
There is a minimum holding period for taxes on dividends.
There is a simplified foreign tax credit.
XXXThe foreign tax credit cannot offset the alternative minimum tax.