8part4c

Couldn't confirm presence of Flash 8 or higher because JavaScript was disabled.Get FlashI really do have Flash installed.ul{margin-top:0px;margin-bottom:0px;list-style-type:none;padding-left:20px;}1. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 7?

[ ] a. A. $ 46,326.

[ ] b. B. $ 44,500.

[ ] c. C. $ 44,606.

[ ] d. D. None of the above.

2. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 11?

[ ] a. A. $ 985.

[ ] b. B. $ 3,000.

[ ] c. C. $ -0-.

[ ] d. D. None of the above.

3. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 19?

[ ] a. A. $ 985.

[ ] b. B. $ 911.

[ ] c. C. $ -0-.

[ ] d. D. None of the above.

4. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 21?

[ ] a. A. $ 985.

[ ] b. B. $ 911.

[ ] c. C. $ -0-.

[ ] d. D. None of the above.

5. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 22?

[ ] a. A. $ 46,326.

[ ] b. B. $ 44,500.

[ ] c. C. $ 49,916.

[ ] d. D. None of the above.

6. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 32?

[ ] a. A. $ 5,000.

[ ] b. B. $ 4,000.

[ ] c. C. $ -0-.

[ ] d. D. $ 3,000.

7. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 48?

[ ] a. A. $ 181.

[ ] b. B. $ 2,100.

[ ] c. C. $ 420.

[ ] d. D. None of the above.

8. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 50?

[ ] a. A. $ 1,600.

[ ] b. B. $ 400.

[ ] c. C. $ 2,000.

[ ] d. D. None of the above.

9. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 52?

[ ] a. A. $ 3,000.

[ ] b. B. $ 2,000.

[ ] c. C. $ 1,970.

[ ] d. D. $ 411.

10. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 66?

[ ] a. A. $ 859.

[ ] b. B. $ 1,141.

[ ] c. C. $ 1,589.

[ ] d. D. $ 1,141.

11. Look at the Form 1040 you prepared for Margarita. What is the amount on Form 1040, Line 73a?

[ ] a. A. $ 3,400.

[ ] b. B. $ 1,811.

[ ] c. C. $ 2,670.

[ ] d. D. None of the above.

12. To claim the child tax credit, you can claim it on Form 1040EZ.

[ ] a. True

[ ] b. False

13. Your son turned 17 on December 31, 2008. You claim him as a dependent on your return. What is the amount of your child tax credit.

[ ] a. A. $ 1,000.

[ ] b. B. $ 2,000.

[ ] c. C. $ 3,000.

[ ] d. D. $ -0-.

14. Credits, such as the child tax credit, the adoption credit, or the credit for child and dependent care expenses, are used to reduce tax. If your tax on Form 1040, line 46, or Form 1040A, line 28 is zero, figure the child tax credit to see if you qualify.

[ ] a. True

[ ] b. False

15. The additional child tax credit is a credit you may be able to take if you are not able to claim the full amount of the child tax credit.

[ ] a. True

[ ] b. False

16. This credit is called the "Earned Income Credit" because, to qualify, you must work and have earned income. Earned income includes

[ ] a. A. Certain dependent care benefits.

[ ] b. B. Certain adoption benefits.

[ ] c. C. Net earnings from self-employment or gross income received as a statutory employee.

[ ] d. D. All of the above.

17. You can elect to include your non-taxable combat pay as earned income to figure the earned income credit.

[ ] a. True

[ ] b. False

18. For the Earned Income Credit, payments you received from a disability insurance policy that you paid the premiums for are earned income once you have reached minimum retirement age.

[ ] a. True

[ ] b. False

19. During the 2008 fall semester, Luis was a high school student who took classes on a half-time basis at Los Felix College. Luis was not enrolled as part of a college degree program at Los Felix College because this college only admits students to a degree program if the students have a high school diploma or equivalent. Luis

[ ] a. A. Did not have expenses that qualify him to figure a hope credit.

[ ] b. B. Was an eligible student for the hope credit for tax year 2008.

[ ] c. C. Was not an eligible student for the hope credit for tax year 2008.

[ ] d. D. None of the above.

20. Generally, you can claim an educational credit if you

[ ] a. A. Pay qualified education expenses of higher education.

[ ] b. B. Pay the education expenses for an eligible student.

[ ] c. C. Pay qualified education expenses for your spouse, or a dependent for whom you claim an exemption on your return.

[ ] d. D. All of the above.

21. Include in your income on Form 1040, line 11, any alimony payments you received.

[ ] a. True

[ ] b. False

22. Report the value of any non-cash tips, such as tickets or passes, to your employer, because you have to pay social security and Medicare taxes or railroad retirement tax on these tips.

[ ] a. True

[ ] b. False

23. If you received $20 or more in cash and charge tips in a month from any one job and did not report all those tips to your employer, you must report the social security and Medicare taxes on the un-reported tips as additional tax on your return. To figure the additional taxes use

[ ] a. A. Form 8880.

[ ] b. B. Form W-2.

[ ] c. C. Form 4137.

[ ] d. D. Form 8919.

24. You can set up and make contributions to a traditional IRA if

[ ] a. A. You (or, if you file a joint return, your spouse) received taxable compensation during the year.

[ ] b. B. You were not age 70 1/2 by the end of the year.

[ ] c. C. You have a job and your employer agrees to you making a contribution.

[ ] d. D. Both A and B are correct.

25. To claim the child tax credit your qualifying child must be

[ ] a. A. Under age 17 by the end of tax year 2008.

[ ] b. B. Your child, stepchild, grandchild, great-grandchild.

[ ] c. C. An eligible foster child that lived with you for more than half of 2008.

[ ] d. D. All of the above

26. If the child tax credit exceeds the tax liability, part or all of the excess may be refundable as an additional credit calculated on Form 8812.

[ ] a. True

[ ] b. False

27. For purposes of the Child Tax Credit, your modified AGI is your AGI plus

[ ] a. A. Any amount excluded from income because of the exclusion of income from Puerto Rico.

[ ] b. B. Any amount on line 45 or line 50 of Form 2555.

[ ] c. C. Any amount on line 18 of Form 2555-EZ or line 15 of Form 4563.

[ ] d. D. Any of the above

28. For tax year 2008, how much Is the maximum child tax credit amount per qualifying child?

[ ] a. A. $600

[ ] b. B. $2,600

[ ] c. C. $1,000

[ ] d. D. $2,000

29. Juanita Ramos is a single woman whom has three dependent children living with her. Her children are under 17. Juanita's total income is $25,000 as shown on her W-2. Her social security and Medicare taxes from Forms W-2, boxes 4 and 6 show $1,913 total withheld. Juanita provided her children total support and they lived with her all year. No one else can claim an exemption for Juanita or the children. Other than the Earned Income Credit, she had no other credits. Figure out what the Additional Child Tax Credit is for tax year 2008.

[ ] a. A. $ 303

[ ] b. B. $ 2,697

[ ] c. C. $ 2,475

[ ] d. D. $ -0-

30. Albert has one child who turned 17 years old on December 10, 2008. Albert's tax liability on Form 1040, line 46 is $1,100. What is Albert's Additional Child Tax Credit amount for 2008?

[ ] a. A. $ 1,000

[ ] b. B. $ 100

[ ] c. C. $ -0-

[ ] d. D. None of the above.