# Accounting Tax Homework Problems 2015

January 30, 2017

Question
QUESTION 1

Jennifer supports Ben, her cousin, who lived with her all year. Jennifer also supports two other individuals who do not live with her:? JoAnn who is Jennifer’s mother, and Morris who is Ben’s brother?How many (total) personal and dependency exemptions may Jennifer claim? (Assume all other requirements are met.)??

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1

2

3

4

1

2

3

QUESTION 2

Ben, age 23, is a full-time student and single. Ben is supported primarily by his parents. What is the most income that Ben can earn this year without disqualifying Ben as a dependent??

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\$3,200

\$5,000

No limit exists.

\$3,199

?

QUESTION 3

One requirement for claiming a Qualifying Child is that the taxpayer provide more than 50% of the child’s support.

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QUESTION 4

As to the requirements for claiming dependents, which of the following istrue???

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Dependents may earn only \$1,000.?

Alldependents must be under the age of 24.?

Children under the age of 14 with unearned income over the personal exemption amount may not be claimed as a dependent.?

A dependent may be married and file a joint tax return under certain circumstances.?

?

QUESTION 5

Anna is supported entirely by her four children Julie, John, Jane and Joseph who provide her support in the following percentages:? Julie 5%, John 10%, Jane 40%, Joseph 45%?Assuming a multiple support declaration exists, which of the children may claim Anna as a dependent???

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Any one of them

John, Jane or Joseph

Jane or Joseph

Joseph only

None of them

?

5 points (Extra Credit)

QUESTION 6

Lily, who is divorced, maintains a home in which she and her 15-year-old daughter live. Lily provides the majority of the support for her daughter and for a son, age 23, who is enrolled full-time at the university and lives in the dorm. The son also works in the campus bookstore and earns spending money of \$4,001. How many personal and dependency exemptions may Lily claim??

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1

2

3

4

?

QUESTION 7

Individuals who die before the end of the year cannot be claimed as dependents.

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QUESTION 8

Generally, in the case of a divorced couple, the parent who has physical custody of a child for the greater part of the year is entitled to the Qualifying Child dependency exemption.??

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QUESTION 9

Which of the following is not considered support for the Qualifying Person support test??

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Clothing

Transportation

Portion of home expenses?

Value of services rendered by the taxpayer for the dependent

?

QUESTION 10

When determining if a Qualifying Person exemption is available, there is an exception to the support test in the case of multiple support declarations.??

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QUESTION 11

Mohamed’s father is retired and receives \$9,000 per year in social security benefits. Monhamed’s father saves \$2,000 of the benefits and spends the remaining \$7,000 for his support. How much support must Mohammed provide for his father to meet the qualifying person support requirement??

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\$ 9,000

\$ 9,001

\$ 7,000

\$ 7,001

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