What was the amount of the personal exemption for 2017? Multiple Choice $3,900.

Question

What was the amount of the personal exemption for 2017?

Multiple Choice

$3,900.

$4,100.

$4,050.

$4,000.

.

.

A single taxpayer is 43 years old and has wages only of $16,000. Which is the simplest form this person can file?

Multiple Choice

1040ES.

1040EZ.

1040A.

1040.

.

.

Peter forgot to file his tax return by April 15. He did not file an extension. Peter finally filed his tax return on July 31 and had a remaining tax liability of $3,500. What is Peter's failure to file penalty? Assume he made all his payments on time.

Multiple Choice

$350.

$525.

$700.

$875.

Explanation / Answer

1 Amount of the personal exemption for 2017 = $4050 2 1040EZ is the simplest form this person can file. 3 Peter's failure to file penalty = 3500*5%*4= $700

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