Q1 A couple, age 50, 52, file a joint return for 2012, the couple claims their son as a dependent. The wife is legally blind. For purposes of the requirement to file a tax return, the gross income threshold for the couple is__________ Q2 Taxpayer can not take the earned income credit if they have qualified income in excess of ____________ Q3 Taxpayers report state income tax refunds as income only if they receive a ____________ from its deduction in a prior year. Q4 Under an adoption assistance program, employees can exclude up to _______ Of employer paid adoption expense for a healthy child. Q5 A taxpayer pays $2400 in points when taking out a 15year loan to buy a vacation home. If the purchase of the home take place on Sept.1 2012, the taxpayer deducts______ as points on his 2012schedule A. Round your answer to the nearest dollar. Q6 Activities are generally treated as a business (instead of hobby) if over a 5year period they can show a profit in __________years. Q7 An__________reimbursement plan requires that employees return any excess reimbursement to their employer. Q8 Rusty received a $35,000 salary during the year. In additon, Rusty had a long-term capital loss of $3100, a long-term capital gain of $2000 and a short-term capital loss of $100, what is Rusty's adjust gross income if they are the only item to consider A 21,800 B33800 C none of the other choices D 35000 E 23000 Q9 Bobby( unmarried, age66) maintains a household where his elderly father( age88) lives. Bobby cannot claim his father as a dependent because his father does not pass the gross income test. Bobby's 2012 standard deduction is A 7100 B 5950 C 10150 D8700 E 7400 Q10 A dependent's only income for 2012 is $5800 of taxable wages and $640 of taxable interest on a saving account. The dependent's 2012 taxable income is A 340 B 940 C none of the other choices D 490 E 0
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