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16)Income may be realized in the form of: A) Property. B) Cash. Services. All of these.

16)Income may be realized in the form of: A) Property. B) Cash. Services. All of these.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A) Single. B) Married Filing Separately. Married Filing Jointly. D Qualifying Widow(er). 12) Elisa is 21 years of age and a full-time student living with her parents. She had wages of $680 ($75 of income tax withholding) for 2018. Can Elisa file a tax return even though her parents will claim her as a dependent on their tax return? A) Elisa's parent can report the income on their tax return. B) No, Elisa is a dependent of her parents. C) Yes, Elisa can file a tax return. D) No, Elisa cannot file a tax return. 13) The basic standard deduction in 2018 for a taxpayer, under 65 and not blind, filing married filing jointly is: A) $12,000. B) $18,000. $24,000. D) $25,300. 14) The basic standard deduction in 2018 for a taxpayer, 67 and not blind, filing head of household is: A) $24,000. B) $19,600. C) $12,000. $18,000. For tax purposes, one of the requirements to recognize income is: The income can be tax-exempt. B) The transaction must occur but it's not necessary to complete it. C) There must be an economic benefit. D) All of these. 16)Income may be realized in the form of: A) Property. B) Cash. Services. All of these.
Transcribed Image Text:A) Single. B) Married Filing Separately. Married Filing Jointly. D Qualifying Widow(er). 12) Elisa is 21 years of age and a full-time student living with her parents. She had wages of $680 ($75 of income tax withholding) for 2018. Can Elisa file a tax return even though her parents will claim her as a dependent on their tax return? A) Elisa's parent can report the income on their tax return. B) No, Elisa is a dependent of her parents. C) Yes, Elisa can file a tax return. D) No, Elisa cannot file a tax return. 13) The basic standard deduction in 2018 for a taxpayer, under 65 and not blind, filing married filing jointly is: A) $12,000. B) $18,000. $24,000. D) $25,300. 14) The basic standard deduction in 2018 for a taxpayer, 67 and not blind, filing head of household is: A) $24,000. B) $19,600. C) $12,000. $18,000. For tax purposes, one of the requirements to recognize income is: The income can be tax-exempt. B) The transaction must occur but it's not necessary to complete it. C) There must be an economic benefit. D) All of these. 16)Income may be realized in the form of: A) Property. B) Cash. Services. All of these.
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