VITA Basic Exam | Questions with 100% Correct Answers | Verified | Updated 2023, Exams of Commercial Law

Download VITA Basic Exam | Questions with 100% Correct Answers | Verified | Updated 2023 and more Exams Commercial Law in PDF only on Docsity! VITA Basic Exam | Questions with 100% Correct Answers | Verified | Updated 2023 1. What is the most advantageous filing status allowable that Joe can claim on his taxreturn for 2021? - ✔✔️H️ead of Household 2. Joe can claim a higher standard deduction because he is blind. - ✔✔️T️rue 3. Chris and Marcie cannot claim the Earned Income Tax Credit (EITC) because theyare too young and have no qualifying children. - ✔✔️f️alse 4. Chris and Marcie must claim the EIP3 of $2,800 as taxable income on their 2021 taxreturn. - ✔✔️f️alse 5. Which of the Reynolds children qualifies for the child tax credit (CTC)? - ✔✔️L️aura and Timothy 6. Archie and Tina will not itemize deductions but can deduct the full amount of theircharitable contribution. - ✔✔️f️alse 7. The Brooks qualify for the Credit for Other Dependents. - ✔✔️T️rue 8. The Brooks qualify for the Earned Income Tax Credit. - ✔✔️f️alse 9. Alan cannot claim the Earned Income Tax Credit because his age is more than theage limit. - ✔✔️F️alse 10. . Alan must take a required minimum distribution in 2021. - ✔✔️f️alse 11. Bobbie can exclude his unemployment compensation on his 2021 tax return. - ✔✔️F️alse 12. Bobbie is eligible for the following credit: - ✔✔️A️merican Opportunity Credit 13. Lifetime learning credit 14. earned income credit 15. ??? 16. Bobbie can claim the student loan interest deduction on his tax return. - ✔✔️t️rue 17. false 18. Fred and Wilma Jones can claim the Credit for Other Dependents. - ✔✔️T️rue 19. What is the total amount of federal income tax withholding shown on theJones' Form(s) W-2 and 1099? - ✔✔️$️6100 20. 5200 21. 2700 22. ???? 23. The taxable amount of Fred's Social Security is $7,650.00 - ✔✔️T️rue 24. Which of the following statements are true? - ✔✔️Q️ualified dividends are reported on Form 1099-DIV. 25. Qualified dividends are part of the total ordinary dividends. 26. Qualified dividends qualify for lower, long-term capital gains tax rates. 27. ???? 28. Sheila's most advantageous filing status allowable is - ✔✔️H️OH 29. Which child qualifies Shelia for EITC? - ✔✔️R️ebecca 30. Rebecca and John are dependents on Shelia's tax return. - ✔✔️f️alse 31. Sheila can prevent having a balance due next year by using the Tax WithholdingEstimator at IRS.gov and then adjust her withholding. - ✔✔️t️rue 32. Mary's gambling winnings do not have to be reported on her return. - ✔✔️F️alse