1. Ronald is 92 years old and in poor health. Clever investing earlier in his life has left him with a sizeable income. He is able to support his son Ed. Ed is 67 years old and a bit "confused," so he lives in a nursing home. Ed's income is less than $2,000. How many dependents should Ronald claim on his tax return? a.2 b.3 c.1 d.0 e.None of these choices are correct. 2. Which of the following relatives will not satisfy the relationship test for the dependency? a.Sister b.Parent c.Adopted child d.Aunt e.All of these choices satisfy the test. 3. Your standard deduction will be $12,550 in 2021 if you are: a.Single, 27 years old, and blind. b.Single and 67 years old. c.Single and 45 years old. d.A nonresident alien. e.A married individual filing a separate return and your spouse itemizes his deductions.
1. Ronald is 92 years old and in poor health. Clever investing earlier in his life has left him with a sizeable income. He is able to support his son Ed. Ed is 67 years old and a bit "confused," so he lives in a nursing home. Ed's income is less than $2,000. How many dependents should Ronald claim on his tax return? a.2 b.3 c.1 d.0 e.None of these choices are correct. 2. Which of the following relatives will not satisfy the relationship test for the dependency? a.Sister b.Parent c.Adopted child d.Aunt e.All of these choices satisfy the test. 3. Your standard deduction will be $12,550 in 2021 if you are: a.Single, 27 years old, and blind. b.Single and 67 years old. c.Single and 45 years old. d.A nonresident alien. e.A married individual filing a separate return and your spouse itemizes his deductions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. Ronald is 92 years old and in poor health. Clever investing earlier in his life has left him with a sizeable income. He is able to support his son Ed. Ed is 67 years old and a bit "confused," so he lives in a nursing home. Ed's income is less than $2,000. How many dependents should Ronald claim on his tax return?
a.2
b.3
c.1
d.0
e.None of these choices are correct.
2. Which of the following relatives will not satisfy the relationship test for the dependency?
a.Sister
b.Parent
c.Adopted child
d.Aunt
e.All of these choices satisfy the test.
3. Your standard deduction will be $12,550 in 2021 if you are:
a.Single, 27 years old, and blind.
b.Single and 67 years old.
c.Single and 45 years old.
d.A nonresident alien.
e.A married individual filing a separate return and your spouse itemizes his deductions.
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