Question text All of the following are deductions for AGI except? Select one: a.

Question

Question text

All of the following are deductions for AGI except?

Select one:

a. Alimony payments made

b. Moving expenses

c. Inheritance

d. Keogh contributions

Question text

All of the following are recognized filing statuses except:

Select one:

a. Married filing jointly

b. Head of Household

c. Divorced

d. Single

Question text

Mortgage interest is a common:

Select one:

a. Exclusion from gross income.

b. Deduction from AGI.

c. Itemized deduction

d. None of the above.

Question text

Jack received cash flows from the following sources in 2014:

Salary shown on W-2 $24,000

Scholarships - room and board $2,300

Disability Benefits $10,000

Interest received $700

What is Jack's gross income in 2014?

Select one:

a. $36,300

b. $27,000

c. $24,700

d. $37,000

Question text

What would the total exemptions be for a single individual with two dependent children in 2014?

Select one:

a. $3,950

b. $7,900

c. $15,800

d. $11,850

Question text

Which of the following is not a common inclusion in gross income?

Select one:

a. Alimony received

b. Gifts received

c. Unemployment compensation

d. Dividends/Interest

Question text

Which of the following correctly states the income tax model?

Select one:

a. Adjusted gross income - standard deduction (itemized deduction) - exemptions = taxable income

b. Adjusted gross income + standard deduction (itemized deduction) + exemptions = taxable income

c. Adjusted gross income - standard deduction (itemized deduction) + exemptions = taxable income

d. Adjusted gross income + standard deduction (itemized deduction) - exemptions = taxable income

Question text

An extension requested by filing Form 4868 may be granted for:

Select one:

a. Six months

b. 1 year

c. one month

d. Nine months

Question text

What is the maximum credit allowed per student under the American Opportunity Credit?

Select one:

a. $2,500

b. $3,950

c. $6,200

d. $1,250

Question text

Itemized deductions are allowed for all of the following except:

Select one:

a. Mortgage interest paid

b. IRA contributions

c. Charitable contributions

d. Medical expenses

Explanation / Answer

1.a. alimony payments made

2.c. divorced

3.c. itemised deduction

4.d. 37000

5.b. 7900

6.c. un employment compensation

7.a . Adjusted income - deductions - exemptions = taxable income

8.d. nine months

9.a. 2500

10. b. IRA contributions.

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