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Tax Prep Exam

Questions and answers for tax preparation

QuestionAnswer
If the taxpayer's name has changed due to marriage or divorce it should be reported to the Social Security Administradion before filing the return. A. TRUE B. FALSE A. TRUE The taxpayer should report the change to Social Security Administration before filing the return
A taxpayer's dependent child, who is single, age 17 and is not blind, earned $5,500 from a part time job throughout the year and also received bank interest of $500. Is it necessary for the child to file a tax return? A tax return for the child must be filed because he or she had gross income that exceeded the filing threshold. Filing requirements for dependents turn not only on gross income but also on earned and unearned income.
Should a person who is self employed file a return if they had net earnings from self employment of at least $400? Yes $400 is the minimum amount from self employment that must be reported.
Should a person file a tax return if the only reason is to report additional tax on IRAs or other tax favored accounts. No the taxpayer can file a for 5329 - Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts by itself. No income tax return needs to be filed.
If a person worked for a church or a church controlled organization, what is the minimum amount of wages earned that may be exempt from social securiti and medicare taxes but must be reported on a tax return? If the taxpayer had wages of &108.28 or more from a church or church controlled organization exempt from SS or Medicare taxes.
Out of the three forms needed for filing, the 1040EZ, 1040A, and the 1040 which one cannot be used to claim dependents? Only on the 1040EZ can you not claim dependents
Jonathan is married filing separate from his spouse and had wages in 2011 of $3600. Is he required to file a tax return? Jes did not exceed $3700onathan is not required to file a tax return since his wag
Created by: mspointer