Comprehensive Tax Course: Module 2 Final Exam
Fred well prepared his individual tax come back last year. This coming year Fred decided to have his tax go back prepared by a professional. During the interview process Fred's tax preparer realized Sally needs to pay back the education credit rating he took for his son this past year. For which from the following reasons would a taxpayer have to repay a college degree credit? a) Taxpayer received a reimbursement of personal bills
b) Taxpayer received tax-free educational assistance for an expense used to calculate a higher education credit on the return
c) Taxpayer received a return of vehicles expenses
d) Taxpayer received a gift from relative to help pay the lodging expenses
Exactly where should the repayment of the education credit Sally claimed within a previous season be reported?
Mister. Smith's neighbor tells him about the mortgage fascination credit this individual took on his return. Right now Mr. Smith wonders in the event that he is also eligible for a mortgage interest credit. He bank checks with his tax preparer to learn what tends to make him suitable. Which of the following might qualify a taxpayer for the mortgage curiosity credit?
Owned a home
Paid mortgage curiosity
Received a home loan credit license
Files a Schedule A
Which with the following is usually an incorrect condition in which Mr. Smith's mortgage credit rating certificate can be used?
Upon Form 8863
Is certainly not reported
On the web 44, Kind 1040
With an amended come back for the season the credit was claimed
The purchase of the license holder's key home
The qualified rehab of the certificate holder's main home Skilled home improvement of the certificate holder's main house The skilled refinancing with the certificate holder's main residence
Ellen and her hubby separated in November. The girl wants to manage to claim your child and reliant care credit for her 6-year son who have lives with her. Which will of the following is not one of the four conditions that must be met for a segregated married taxpayer to be regarded unmarried and eligible to assert the centered care credit? a) The taxpayer need to file a separate return.
b) The taxpayer's home is also the home of a being qualified individual for over half the entire year. c) The taxpayer's partner must sign a relieve to allow the taxpayer to say the based mostly care credit rating.
d) The taxpayer paid more than half the cost of keeping up his home for the season.
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Compensation Module two Student - 1
Bob acquired two job in 2012 generating a total of $116, three hundred and fifty in taxable wages. He paid Sociable Security income taxes (SST) in the amount of $4, 172. 70 from his principal job, ($99, 350), and $714. 00 from his second task, ($17, 000). What is the amount of Bob's excessive SST? a)
Who must refund the excess SST to Bob?
$2, 398. 20
money 25. 20
$ 871. 80
Clark simon is setting up a return for the client who has a son in college. The boy's college expenses are to some extent paid for by tax-free education assistance. Which usually of the following would be omitted as a tax free education assistance program?
The excess can be refunded through Bob's income tax return
Bob's primary company
Bob's second employer
Joe can decide who repayments the excess SST
In 2012, Ben and Darla were used all year. Both worked to get only one workplace the entire year. Mary paid SST in the sum of $2, 373. 00 and Darla paid $4, 649. forty five. What is the quantity of their surplus SST that they can declare as a credit? a)
bucks 0. 00
Employer offered education assistance
Earnings from a work-study program
Carla works in daytime and pays off a supplier to come to her home to address her baby son. Carla will pay the provider above $8, 500 for the tax 12 months. Which from the following is the appropriate way Carla...