ACC 129 Ch 2 Review QUiz

What is the basic Form 1040 supplemented by?

• Schedule B

• Schedule A

• Schedule 1, 2, and 3

• Schedule 4

Which filing status is for a taxpayer who is not married and does not qualify for head of household or qualifying widow(er) status?

• Married filing separately

• Married filing jointly

• Single

• Head of household

A taxpayer can qualify for head of household even though his or her parents are living in a separate household from that of the taxpayer (assume all other requirements are met).

• True

• False

What is the gross income test for a qualifying relative to be considered as a dependent?

• Gross income equal to or greater than $4,700

• Gross income equal to or greater than $5,000

• Gross income equal to or greater than $4,000

• Gross income equal to or greater than $4,500

What is the standard deduction for a married filing jointly taxpayer for tax year 2023?

• $1,500

• $27,700

• $20,800

• $13,850

Which tax tables are used by most taxpayers with taxable income of less than $100,000?

• Tax rate schedules

• Tax liability tables

• Tax refund tables

• Tax amount tables

In 2023, the additional standard deduction for a single taxpayer, who is 65 or older and not blind, is $1,500.

• True

• False

What is the penalty based on the amount of tax due for each month or fraction of a month, up to a maximum of 25% for failure to file tax?

• 3%

• 1%

• 2%

• 5%

What is the minimum percentage for estimated payments to be made on a quarterly basis for 2023?

• 80%

• 110%

• 90%

• 100%

What is the penalty equal to 20% of the tax due when negligence or substantial understatement occurs?

• Interest penalty

• Criminal penalty

• Fraud penalty

• Accuracy-related penalty