7)In 2020, taxpayers with the following filing statuses may be eligible to claim the earned income credit except :
Question 7 options:
1)
single
2)
head of household
3)
married filing jointly
4)
qualifying widower
5)
surviving spouse
6)
none of the above
8) In 2020, Bob, age 34, single, had no children, earned income of $2,800, and interest income of $1,100. His adjusted gross income was $3,900. Based on this information, Bob:
Question 8 options:
1)
can claim the earned income credit
2)
cannot claim the earned income credit
3)
can claim a much smaller earned income credit than a head of household taxpayer with 1 qualifying child can claim
4)
A & C are both correct
9)The alternative minimum tax ("AMT") tax formula begins with __________ and ends with ____________ .
Question 9 options:
1)
taxable income ("TI") ; AMT
2)
adjusted gross income ("AGI") ; AMT
3)
tentative minimum tax ("TMT") ; AMT
4)
None of the above
10)Why was the alternative minimum tax originally enacted into law?
Question 10 options:
1)
A study conducted in the 1960s found that hundreds of individual taxpayers with extremely high incomes had $0 in tax liability.
2)
The desire for tax simplification.
3)
Congress saw the need for a "parallel" tax system that would, in effect, levy a small tax on all taxpayers who make more than $20,000 a year.
4)
All of the above.
11)In 2020, Jimmy Joe Jackson had earned income of $14,400 and qualified for both a $300 nonrefundable tax credit and a $1,000 refundable tax credit. In 2020, he had no federal income tax withheld. Based solely on these facts, Jimmy Joe Jackson should receive a federal income tax refund of:
Question 11 options:
1)
$1,300
2)
$1,100
3)
$1,000
4)
$1,200
5)
None of these