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ACC 307 Week 9 Quiz 7

ACC 307 Week 9 Quiz 7
ACC 307 Week 9 Quiz 7 -
  • Question 1

Which of the following correctly describes the earned income credit?

Answer  

 

  • Question 2

Harry and Wilma are married and file a joint income tax return. On their tax return, they report $44,000 of adjusted gross income ($20,000 salary earned by Harry and $24,000 salary earned by Wilma) and claim two exemptions for their dependent children. During the year, they pay the following amounts to care for their 4-year old son and 6- year old daughter while they work.

ABC Day Care Center                          $3,200

Blue Ridge Housekeeping Services      2,000

Mrs. Mason (Harry’s mother)              1,000

Harry and Wilma may claim a credit for child and dependent care expenses of:

Answer 

 

  • Question 3

Kevin and Sue have two children, ages 8 and 14. They spend $6,200 per year on eligible employment related expenses for the care of their children after school. Kevin earned a salary of $20,000 and Sue earned a salary of $18,000. What is the amount of the credit for child and dependent care expenses?

Answer  

 

  • Question 4

Refundable tax credits include the:

Answer                                      

 

  • Question 5

During the current year, Eleanor earns $120,000 in wages as an employee of an accounting firm. She also earns $13,000 in gross income from an outside consulting service she operates. Deductible expenses paid in connection with the consulting service amount to $3,000. Eleanor also has a recognized long-term capital gain of $1,000 from the sale of a stock investment. She must pay a self-employment tax on:

Answer  

 

  • Question 6

Green Company, in the renovation of its building, incurs $9,000 of expenditures that qualify for the disabled access credit. The disabled access credit is:

Answer                                   

 

  • Question 7

Pat generated self-employment income in 2014 of $76,000. The self-employment tax is:

Answer              

 

  • Question 8

Which of the following correctly describes the research activities credit?

Answer                          

 

 

  • Question 9

In March 2014, Gray Corporation hired two individuals, both of whom were certified as long-term recipients of family assistance benefits. Each employee was paid $11,000 during 2014. Only one of the individuals continued to work for Gray Corporation in 2015, earning $9,000 during the year. No additional workers were hired in 2015. Gray Corporation’s work opportunity tax credit amounts for 2014 and 2015 are:

Answer  

 

  • Question 10

Which of the following correctly describes the tax credit for rehabilitation expenditures?

Answer  

 

 

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