Franz Finance Assingment Help With Solution
1. To facilitate direct deposit, the routing number (RTN) of the financial institution m1Jst be entered. The RTN must be:
Nine digits long
More than two digits long
Ten digits long
None of the above
2. All of the following kinds of organizations are considered 50% limit organizations except:
Publicly support charities
Private operating foundations
3. Last year, a same-sex couple was married in a state that recognizes same-sex marriages. This year,they moved to ,a state that does not recognize same sex marriage. They lived together all year.Which of the following statements is not correct?
Since they were married in a state that recognizes same-sex marriage, they can file as married persons this year.
Since they moved to a state that does not recognize same-sex marriage, and lived there on the last day of the year, their marital status is unmarried.
They can choose to file as unmarried because the state the reside in does not recognize same-sex marriage.
None of the above
4. Grace and William, both first-year students at College W,are required to have certain books and other reading materials to use in their mandatory first-year classes. The college has no policy about how students should obtain these materials, but any student who purchases them from College W’s bookstore will receive a bill directly from the college. William bought his books from a friend; Grace bought hers at College W’s bookstore. The books are considered qualified education expenses for purposes of the American Opportunity credit in the case of:
•IBoth Grace and William
Neither Grace or William
5. Mandy is a single filer. Her wages were
$180,000, and had taxable interest of $40,000. She has no investment expenses. Based on this information, what is her Net Investment Income Tax?
6. Steven is a troop leader for a Boy Scout troop. He took the troop on a camping trip. He is responsible for overseeing the setup of the camp and for providing adult supervision for other activities during the entire trip. He participates in the troop activities enjoys his time with the troop. He incurred the following items in connection with the camping trip: car expenses $200, food expenses $100, and he purchase the tent used for both troop and family trips $350. He values his time at $300 for the weekend• of the trip. How much can he deduct for the trip?
7. To calculate gain or loss on property received as a gift, both donor’s adjusted basis and the fair market value on date of gift must be known.
8. Alex Jones, age 65, began receiving retirement benefits in 2014, under a joint and survivor annuity.Alex’s annuity starting date is January 1, 2014. Alex must use the Simplified Method to determine the tax-free part of his annuity payments.
9. An income tax return preparer who does not furnish a completed copy of a return or claim to the taxpayer not later than the time such return or claim is presented for such taxpayer’s signature is subject to a penalty of :
$25 per occurrence
.$50 per occurrence
$100 per occurrence
$250 per occurrence
10. A fiscal year filer has a tax year that ends on April 30. They have received a Form W-2 for calendar year December 31, 2014. The withholding shown on that Form W-2 should be reported on return(s) for the period ending:
April 30, 2014 only
April 30, 2014 and April 30, 2015
April 30, 2015 only
None of the above
11. In April of 2015, a taxpayer requested that the refund from their 2014 state income tax return be applied to their 2015 state income taxes.They can deduct the amount applied to 2015 on their 2014 Schedule A.
12. Jack and Jill are both over 65 and file jointly. Jack received social security benefits of $8,500., and Jill received $8,000. They also received a taxable pension of $24,000, and municipal bond interest of $400. How much of the social security benefits do they include in income?
13. Andrew is subject to a 6694(a) penalty because there was no substantial authority for an undisclosed position on a tax return. tie derjved
$1,800 income with respect to the return. How much is the 6694(a) penalty?
14. A signing tax return preparer must sign the return after it is completed:
Within 48 hours
After it is completed and before it is filed
After it is completed and before it is presented to the taxpayer
None of the above
15. Household services must be primarily for the care of a qualifying person in order to be usFd for the child and dependent care credit.
16. Andre received an acre of land as a gift. At the time of the gift, the land had an FMV of $8,000. The donor’s adjusted basis was $10,000. After he received the property, no events occurred to increase or decrease the basis. He sold the
property for $12,000. How much is Andre’s gain ‘\ or loss?
No gain or loss
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17. A child lived with both parents an equal number of nights. The parent with the highest adjusted gross income will be considered the custodial parent.
18. A tax preparer affixed the name of a client on a tax refund check and deposited it in the client’s bank account. What is the amount of the 6695(f) penalty the preparer is subject to?
19. Franz and Mary will file jointly.They have a two-year old daughter who lived with them all year.Their income consists solely of wages of $32,000. Franz files the return using a ITIN, and Mary and their daughter uses social security numbers. They are able to claim the earned income credit.
20. An annuity starting date is January 1, 2012, and they must use the Simplified Method. The annuity is for a single-life. The first annuitant’s age on the starting date was 58, and the second annuitant’s age on the starting date was 63. The cost in the plan is $15,500. The annuity payments for 2014 totaled $60,000 ($5,000 X 12). How much can be excluded for 2014?
21. When the tax return preparer discloses a position on a tax return, the 6694(a) penalty may be applied if:
There is no substantial authority
There is no reasonable basis
There is no code section
There is no regulation
22. On January 1,an annuitant completed all the payments required under an annuity contract providing for monthly payments starting on August 1for the period beginning July 1.What is the annuity starting date?
23. How much is the 6695(g) penalty for each failure to furnish a copy of the return to the taxpayer?
24. For U.S. savings bonds, cash basis taxpayers must report the increases in redemption value each year.
25. Which of the following will disqualify a child from being considered a qualifying child for purposes of the child tax credit?
Child is citizen of the U.S.
Son of taxpayer who is claimed as a dependent by a noncustodial parent
Daughter of taxpayer who is claimed as a dependent by a custodial parent
Child is 17 years old
26. Qualified dividends can be taxed at all of the following rates except:
27. An individual is liable for Additional Medicare Tax based on:
Self-employment income only
Wages and/or self-employment income
Unearned income only
28. Electronic return originators can base the fees charged on:
Percentage of refund
Percentage of tax shown on return
Percentage of adjusted gross income
None of the above
29. Clancy is a degree candidate at Local College and received scholarships in the amount of $12,000 during the year.He used $8,000 to pay tuition, $2,000 for required books, and $2,000 for room and board. How much of the scholarship amount should he include in income?
30. Same sex couples can take all of the following issued by the IRS in response to the Windsor decision except:
File as married filing jointly on future returns Amend open year returns to File as married persons
File as married filing separately
File as married filing jointly on future returns, but cannot amend any prior returns to file as married persons
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