26. Monica’s most advantageous filing status is: A. Head of Household B. Married Filing Jointly C. Qualifying Surviving Spouse (QSS) D. Married Filing Separately 27. Monica must pay an additional _______ tax on the early distribution from her IRA. A. 0% B. 5% C. 10% D. 15% 28. Monica qualifies for which of the following credits? A. Child Tax Credit B. Child and Dependent Care Credit C. Both A and B D. Neither A nor B Monica wants to split the refund between her savings and checking accounts. How is this accomplished, if possible? A. Splitting a refund is not possible. B. Monica does not have an overpayment on her return. C. This can only be accomplished if she electronically files her return. D. Complete Form 8888, Allocation of Refund (Including Savings Bond Purchases). 30. Amount can Monica claim as an adjustment for the supplies she purchased out of pocket?_________.
• Monica is 31 years old and married to Mike. Mike passed away on February 2, 2021. Monica has not remarried.
• Monica's eight-year-old daughter, Emma, lived with her the entire year.
• Monica paid more than half the cost of keeping up a home and support for Emma. • Monica received a distribution from her traditional IRA in January to pay for living expenses.
• Monica was a full-time high school teacher and earned $42,000 in wages. Monica purchased supplies including masks and hand sanitizer for her class out of her own pocket totaling $450.
• Monica received a W-2G in the amount of $10,000 from the local casino. • Monica paid child and dependent care expenses for Emma while she worked. • Monica and Emma are U.S. citizens and have valid Social Security numbers. They lived in the United States for the entire year.
• If Monica is entitled to a refund, she would like to deposit half into her checking account and half into her savings account. Documents from Adelphi Bank and Trust show that the routing number for both accounts is 111000025. Her savings account number is 224466880.
26. Monica’s most advantageous filing status is:
A. Head of Household
B. Married Filing Jointly
C. Qualifying Surviving Spouse (QSS)
D. Married Filing Separately
27. Monica must pay an additional _______ tax on the early distribution from her IRA.
A. 0%
B. 5%
C. 10%
D. 15%
28. Monica qualifies for which of the following credits?
A. Child Tax Credit
B. Child and Dependent Care Credit
C. Both A and B
D. Neither A nor B
Monica wants to split the refund between her savings and checking accounts. How is this accomplished, if possible?
A. Splitting a refund is not possible.
B. Monica does not have an overpayment on her return.
C. This can only be accomplished if she electronically files her return.
D. Complete Form 8888, Allocation of Refund (Including Savings Bond Purchases).
30. Amount can Monica claim as an adjustment for the supplies she purchased out of pocket?_________.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
