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AC 256 Federal Tax Exam 1 Answers


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AC 256 Exam 1 (Kaplan)

Vertical equity means which of the following?

In 2014, the standard deduction for a married taxpayer filing a

 joint return who is 67 years old with a spouse who is 65 years

 old is

Which of the following is not one of Adam Smith's canons of taxation?

Deborah, who is single, is claimed as a dependent on her parents' tax return. She had a part-time job during 2014 and earned $850 during the year, which was her only income. What is her standard deduction? 

On June 1, 2014, Ellen turned 65. Ellen has been a widow for 5

 years and has no dependents. Her standard deduction is

Which of the following taxes is proportional?

Which of the following taxes is progressive?

In 2014, Brett and Lashana (both 50 years old) file a joint tax

 return claiming their son who is blind as a dependent. Their

 standard deduction is

Husband and wife, who live in a common law state, are eligible to

 file a joint return for 2014, but elect to file separately. They

 do not have dependents. Wife has adjusted gross income of

 $25,000 and has $2,200 of expenditures which qualify as itemized

 deductions. She is entitled to one exemption. Husband deducts

 itemized deductions of $11,200. What is the taxable income for

 the wife?

Shaquille buys new cars for five of his friends. Each car cost

 $70,000. What is the amount of Shaquille's taxable gifts?

Jillian, a single individual, earns $230,000 in 2014 through her

 job as an accounting manager. What is her FICA tax?

Amber supports four individuals: Erin, her stepdaughter, who

 lives with her; Amy, her cousin, who lives in another state;

 Britney, her friend, who lives legally in Amber's home all year

 long; and Charlie, her father, who lives in another state.

 Assume that the dependency requirements other than residence are

 all met. How many personal and dependency exemptions may Amber


Which of the following is not a taxpaying entity?

All of the following items are deductions for (not from) adjusted

 gross income except

Paul makes the following property transfers in the current year:

    • $22,000 cash to his wife

    • $34,000 cash to a qualified charity

    • $220,000 house to his son

    • $3,000 computer to an unrelated friend

The total of Paul's taxable gifts, assuming he does not elect

gift splitting with his spouse, subject to the unified transfer

tax is

Taxable income for an individual is defined as

Which of the following is not an objective of the federal income

 tax law?

All of the following items are deductions for adjusted gross

 income except

Which of the following types of itemized deductions are included

 in the category of miscellaneous expenses that are deductible

 only if the aggregate amount of such expenses exceeds 2% of the

 taxpayer's adjusted gross income?

Anita, who is divorced, maintains a home in which she and her 16-

year-old daughter live. Anita provides the majority of the

support for her daughter and for a son, age 23, who is enrolled

part-time at the university and lives in the dorm. The son also

works in the campus bookstore and earns spending money of

$4,500. How many personal and dependency exemptions may Anita


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