1) The standard deduction (assuming you not over 65 : 1981149
1) The standard deduction (assuming you are not over 65 or blind) is largest for
A) single filers.
B) head of household filers.
C) married filing jointly.
D) married filing separately.
2) The standard deduction is smallest for
A) single filers, assuming under age 65.
B) head of household filers, assuming over age 65 or blind.
C) married filing separately, assuming over age 65 or blind.
D) married filing jointly, assuming under age 65.
3) The filing status that yields the largest standard deduction per taxpayer is
A) married, filing jointly.
B) head of household.
C) single individual.
D) married, filing separately.
4) Which of the following is not a legitimate itemized deduction?
A) Mortgage interest expense
B) Real estate tax
C) Interest paid on credit cards
D) State income tax
5) ________ are specific expenses instead of a standard amount that reduce adjusted gross income.
B) Household expenses
C) Itemized deductions
D) Tax credits
6) An expense that could be included in the itemized deductions of a taxpayer is
A) life insurance premiums.
B) real estate property taxes.
C) travel to work expenses.
D) driver license fees.
7) Which of the following conditions will not afford you a tax advantage?
A) Being over age 65
B) Being deaf
C) Being widowed within the past two years
D) Being blind
8) Purchasing which of the following items on credit will help reduce your tax bill?
9) Which item below cannot be taken as an itemized deduction?
A) Medical expenses
B) Charitable contributions
C) Child and dependent care expenses
D) Real estate taxes
10) You should claim itemized deductions if
A) itemized deductions exceed the standard deduction.
B) the standard deduction exceeds itemized deductions.
C) itemized deductions exceed exemptions.
D) itemized deductions exceed tax credits.