Pedro agreed to repair a house for a client and started to work on December 30, 2008. On January 2, 2010, he completed the job and received payment from the client. Pedro must record the income in:
Both 2009 and 2010
To be a qualifying child, the taxpayer must meet three general tests and five specific tests. Which one is not part of the five specific tests?
Gross income test
Special test for qualifying child of more than one taxpayer
Income may be realized in the form of:
All of the above.
To be a qualifying child, the taxpayer must meet three general tests and five specific tests. What are the three general tests?
Relationship test, residency test and gross income test
Dependent taxpayer test, joint return test and citizen or resident test
Dependent taxpayer test, relationship test and citizen or resident test
Support test, age test and relationship test
If Tom, an accountant, agrees to provide accounting services to Carl, a friend, in exchange for Carl fixing Tom’s office floor, then:
Tom must report income on his tax return.
Carl must report income on his tax return.
Neither Tom nor Carl must report income on their tax returns.
Both of them must report income on their tax returns.
Carl, James and Thomas are supporting their mother who lives in a separate apartment. Their contributions towards her support are 10%, 40% and 50%, respectively. In a multiple support agreement, who would be entitled to claim the mother as a dependent?
James or Thomas.
Carl, James or Thomas.
None of the above
Maria is 21 years of age and a full-time student living by herself. She had wages of $19,000 for 2010. Can Maria claim the exemption for herself on her tax return?
Maria’s parents can claim the exemption
Both Maria and her parents can claim the exemption
Yes, Maria can claim the exemption
No one can claim the exemption for Maria
What item should not be included in income?
Jury Duty Pay
Life Insurance Proceeds
Constructive receipt means the taxpayer has:
Earned the income.
Accrued the income.
Control of the income for his or her use.
a and b.
In terms of dollars, wage earning taxpayers will normally pay the majority of their tax liability:
When they file their tax return
Through withholding from their wages
In the following tax year
In advance in January
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