Practice Quiz

CPA Accountant Review Questions - Question List

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56. A taxpayer can make an adjustment to income on Form 1040 for which of the following?
  1. Deductible part of self-employment tax from Schedule SE
  2. Medical expenses
  3. Excess social security and tier 1 Railroad Retirement Tax
  4. Prior year federal income tax paid
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57. Which of the following statements regarding tip income is true?
  1. If you are an indirectly tipped employee (for example, a busser or bartender) you are not required to report tips to your employer.
  2. Any tips you reported to your employer are to be included in the wages in box 1 (Wages, tips, other compensation) of your Form W-2.
  3. If the only tips you receive in a month are charged tips (for example, credit and debit card charges) distributed to you by your employer, you are not required to report these tips to your employer.
  4. You must report the value of any noncash tips, such as tickets and passes, to your employer.
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58. An unmarried taxpayer provides all of the support necessary for an elderly parent to live independently in a separate home. The taxpayer is claiming the parent as a dependent. Which of the following filing statuses is the taxpayer allowed to use when filing and generally will be the most advantageous for the taxpayer to use?
  1. Single
  2. Head of household
  3. Qualifying widow
  4. Married filing separately
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59. A taxpayer goes to a casino and wins $10,000. The casino withholds $500 for Federal income taxes. What is the proper tax treatment by the taxpayer?
  1. The taxpayer must report the winnings and can claim the amount of Federal income tax withheld on Form 1040
  2. The taxpayer does not have to report the winnings because the taxpayer did not receive a Form 1099G from the casino
  3. The taxpayer is not required to report the winnings on the taxpayer’s Form 1040 unless the taxpayer wants to claim the withholding on the Form 1040
  4. The taxpayer must report the winnings on the taxpayer’s Form 1040, but the taxpayer may not claim the amount of Federal income tax withheld unless the taxpayer itemizes deductions
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60. The IRS rejected a taxpayer’s return when the taxpayer attempted to e-file the return. When resubmitting the rejected return as a paper return, the taxpayer must file the return
  1. by the due date for filing the return or 20 calendar days after the return was rejected
  2. by the due date for filing the return or 5 calendar days after the return was rejected
  3. by the due date for filing the return or 10 calendar days after the return was rejected
  4. by the due date for filing the return or 30 calendar days after the return was rejected
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