MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
20th Edition
ISBN: 9781259969614
Author: SPILKER
Publisher: MCG
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Question
Chapter 14, Problem 4DQ
To determine
Determine the principal residence of the tax payer.
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Students have asked these similar questions
Which of the following is a test used to determine a taxpayer's tax home? The main place of
business, if the taxpayer has two or more places of business. The place where the taxpayer lived
when he started the job. The place to which the taxpayer intends to return after traveling. The
place at which the taxpayer makes the most money, regardless of any other considerations.
In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have?
The age of the taxpayer(s).
The health (i.e., physical condition) of the taxpayer.
Whether taxpayers rent or own their residence.
Taxpayer’s filing status (e.g., single, married, filing jointly).
Whether married taxpayers decide to file separate returns.
The number of dependents the taxpayer can claim.
Which one of the following conditions must be satisfied in order for a married taxpayer to be taxed on only his income if he resides in a community property state?
a.The husband and wife must live apart for the entire year.
b.The husband and wife must live apart for more than half the year.
c.The husband and wife must be in the process of filing for a divorce.
d.Only one of the spouses can be working and earning an income.
e.None of these choices are correct.
Chapter 14 Solutions
MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
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Similar questions
- In choosing between taking the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following have? a. The age of the taxpayer(s). b. The health (i.e., physical condition) of the taxpayer. c. Whether taxpayers rent or own their residence. d. Taxpayers filing status (e.g., single, married, filing jointly). e. Whether married taxpayers decide to file separate returns. f. The taxpayers uninsured personal residence was recently destroyed by a wildfire (the region was declared a disaster area by the Federal government). g. The number of dependents the taxpayer can claim.arrow_forwardJohn works in New Jersey and lives in Pennsylvania. What is the correct tax treatment of his wages?arrow_forwardA taxpayer who is domiciled in Virginia is forced to relocate to California under military orders. Their spouse joins them in the move. Are they considered residents of California and do they have California source income? Select one: O a. They are not considered residents of California and neither have California source income. b. They are considered nonresidents of California, but the wife is considered to have California source income for income earned in the state during and after the move. O c. They are both considered California residents because they live and work inside California and both have California source income. O d. They are both considered California residents because they live and work inside California, but the service member is not considered to have California source income.arrow_forward
- If an individual is claimend as a dependent by another taxpayer, qualified tuition and expenses paid by that individual during the tax year are instead treated as paid by the taxpayer who is allowed the dependency deduction for purposes of?arrow_forwardCaleb is a resident of the fictional state of Vernetticut. Vernetticut begins its income tax calculation with federal adjusted gross income. Caleb may need to make an addition on his Vernetticut return if he: 1)Received income that is taxable at the federal level but not at the Vernetticut level. 2) Claimed a deduction allowed at the federal level but not allowed on the Vernetticut return. 3)Received income exempt from both federal and Vernetticut income tax. 4)Incurred an expense that is deductible at both the federal and state levels.arrow_forwardfor what minimum period must a self-employed taxpayer retain business documents supporting her federal tax return?arrow_forward
- According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 1: Carlos OrtizCarlos Ortiz is married and has an administrator position in a private company. Carlos' salary for this taxable year was $50,000. He received an inheritance of $80,000 and $12,000 in interest from a cooperative of which he is a member. Carlos files jointly with his wife, who is disabled and receives $12,000 in social security a year. The couple has a 15-year-old son, who is a student.arrow_forwardAccording to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 2: Carmelo Morales and Carmen FloresCarmelo Morales was born on January 9, 1968, is a teacher and is married. He had a salary of $42,000 and a withholding tax of $6,000. In addition, he obtained a $5,000 individual retirement account (IRA). Carmelo also received dividends of $5,000 from an investment made in a company. His wife, Carmen Flores, was born on March 22, 1970, works as a secretary and had an income of $30,000 in the taxable year. The couple has no children, has a joint bank account, and received $7,500 in interest from the bank. Carmelo's mother lives with him and is completely dependent on her son, since the woman is disabled and has no income.arrow_forwardA single taxpayer, under age 65, who is a dependent of another taxpayer, has to file a tax return if their unearned income exceeds more than which amount?arrow_forward
- The taxpayer is a resident citizen taxpayer. His net taxable income is 1,300,000. Compute for his income tax due and payable.arrow_forwardWhich of the following is a deductible expense for an individual taxpayer? A) Rent payments for personal use B) Mortgage interest on a vacation home C) Childcare expenses while working D) Personal clothing purchasesarrow_forwardWhat are some of the other types of income that must be reported on an taxpayer's tax return? How is this income reported to the taxpayer?arrow_forward
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