chapter 1 test

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Northwood School of Taxidermy *

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6

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Economics

Date

Jan 9, 2024

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odt

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2

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John is married and living with his spouse. They are both aged 66. He wishes to file a separate return. What is the gross income level at which he must file a return: $5 There is no longer a Form 1040A and Form 1040EZ, instead only Form 1040 will be used. False Taxpayers MUST file a tax return file if: They had net earnings from self-employment of at least $400 Jerome, age 34, is single. What is his filing requirement for 2022? $12,950 Which of the following schedules is used to report unemployment compensation? Schedule 1 If a person can be claimed as a dependent on someone else’s tax return, which factor does not play a role in determining a filing requirement: Tax Withholding Filing status is used to determine all but which of the following: Number of dependents allowed One of the following is NOT an acceptable taxpayer identification number. AKIN April 15 is generally the due date to file your tax return and pay your taxes, otherwise, you may be assessed penalties and interest. True Whether or not a person must file a return is determined by all but which of the following: Federal Income tax withheld Juan (age 25) is single and not claimed as a dependent by anyone else. In 2022 his only income was $6,000 of unemployment and he had $500 of net income from mowing lawns. Juan must file a tax return. True The same filing requirements that apply to individuals determine if a final return must be filed for a person who dies during the year. True Roberta Rhodes is single and was 65 in 2022. She is claimed as a dependent by her son. Her only income was $901 in interest from savings. Roberta must file a 2022 tax return. False Barbara (age 66) is single, received nontaxable social security of $8,800, and made $540 net from selling candles at craft shows. Barbara must file a tax return
Tim was married in 2022 but chose to file a separate return. In 2022, Tim’s gross income was $5,050. Tim must file a tax return
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