Tax Final Review Exam With 100%
Correct Answers
Determine Mr. Jenkins 2019 filing status:
a) Mr. & Mrs. Jenkins were divorced on November 18. Mr. Jenkins has not remarried and has no
children.
b) Mr. & Mrs. Jenkins 1 were divorced on April 2. Mr. Jenkins married Mrs. Jenkins 2 on
December 15. Mr. Jenkins has no dependent children.
c) Mrs. Jenkins died on July 23. . Mr. Jenkins has not remarried and has no children.
d) Mrs. Jenkins died on October 1, 2017. Mr. Jenkins has not remarried and
maintains a home for one dependent child.
e) Mrs. Jenkins died on May 30, 2018. Mr. Jenkins has not remarried and has no
dependent children.
f) Mr. & Mrs. Jenkins divorced on May 20, 2016. Mr. Jenkins has not remarried and maintains a
home for two dependent child. - CORRECT ANSWER✔✔a) Single
b)MFJ, or could be MFS
c)MFJ with deceased spouse
d) MFJ (surviving spouse 2108 & 2019)
e) Single
f) HoH
,Mr. & Mrs. Ohlson file a joint return. Which of the following unmarried individuals can
be claimed as a dependent as either a qualifying child or qualifying relative.
a) Son Jack, age 20, lives in his parents home and works full time. Jack is self- supporting, except
that he does not pay rent to his parents.
b) Daughter Brenda, age 22, is a full-time college student. She live in a dorm during
the school year and her parents provide 100% of her support.
c) Nephew Eddie, age 16, has lived with them since 2014. Eddie earned $6,690 during the
summer. He is saving his money for college and the Ohlson's provide all of his support.
d) Mr. Ohlson's mother, Mildred, age 64, lives in a retirement community. Mildred
earned $4,650 and the Ohlson's provided 65% of her support.
e) Mrs. Ohlson's father, Richard, age 76, lived in their home since 2016. Ohlson's provide 30% of
his support, The rest comes from social security. - CORRECT ANSWER✔✔a) not qualifying child
or relative
b)Qualifying child
c)qualifying child
e)Not qualifying relative
f)not qualifying relative
Mr. & Mrs. Daku have the following items:
Mr. Daku's salary
$52,500
Mrs. Daku's Schedule C net profit
, $41,800
Interest income
$1,300
Mrs. Daku's self-employment tax was $5,906. The couple have $8,070 itemized deductions and
no children or other dependents.
Compute their income tax on a joint return. - CORRECT ANSWER✔✔Total income: 52,500 +
41,800 + 1,300 =
95,600
Less ½ of SE tax (5,906 x 50%)
(2,953)
AGI
92,647
Standard deduction higher than itemized
(24,400)
68,247
QBI: tentative 41,800 x 20% = 8,360
Taxable income 68,247 x 20% = 13,650
(8,360)
Taxable income
59,887
Tax: 59,887 - 19,400 = 40,487 x 12% = 4,858 + 1,940 (19,400*10%) = $6,798 tax
Mr. Coleman, an unmarried individual, has the following income items:
Correct Answers
Determine Mr. Jenkins 2019 filing status:
a) Mr. & Mrs. Jenkins were divorced on November 18. Mr. Jenkins has not remarried and has no
children.
b) Mr. & Mrs. Jenkins 1 were divorced on April 2. Mr. Jenkins married Mrs. Jenkins 2 on
December 15. Mr. Jenkins has no dependent children.
c) Mrs. Jenkins died on July 23. . Mr. Jenkins has not remarried and has no children.
d) Mrs. Jenkins died on October 1, 2017. Mr. Jenkins has not remarried and
maintains a home for one dependent child.
e) Mrs. Jenkins died on May 30, 2018. Mr. Jenkins has not remarried and has no
dependent children.
f) Mr. & Mrs. Jenkins divorced on May 20, 2016. Mr. Jenkins has not remarried and maintains a
home for two dependent child. - CORRECT ANSWER✔✔a) Single
b)MFJ, or could be MFS
c)MFJ with deceased spouse
d) MFJ (surviving spouse 2108 & 2019)
e) Single
f) HoH
,Mr. & Mrs. Ohlson file a joint return. Which of the following unmarried individuals can
be claimed as a dependent as either a qualifying child or qualifying relative.
a) Son Jack, age 20, lives in his parents home and works full time. Jack is self- supporting, except
that he does not pay rent to his parents.
b) Daughter Brenda, age 22, is a full-time college student. She live in a dorm during
the school year and her parents provide 100% of her support.
c) Nephew Eddie, age 16, has lived with them since 2014. Eddie earned $6,690 during the
summer. He is saving his money for college and the Ohlson's provide all of his support.
d) Mr. Ohlson's mother, Mildred, age 64, lives in a retirement community. Mildred
earned $4,650 and the Ohlson's provided 65% of her support.
e) Mrs. Ohlson's father, Richard, age 76, lived in their home since 2016. Ohlson's provide 30% of
his support, The rest comes from social security. - CORRECT ANSWER✔✔a) not qualifying child
or relative
b)Qualifying child
c)qualifying child
e)Not qualifying relative
f)not qualifying relative
Mr. & Mrs. Daku have the following items:
Mr. Daku's salary
$52,500
Mrs. Daku's Schedule C net profit
, $41,800
Interest income
$1,300
Mrs. Daku's self-employment tax was $5,906. The couple have $8,070 itemized deductions and
no children or other dependents.
Compute their income tax on a joint return. - CORRECT ANSWER✔✔Total income: 52,500 +
41,800 + 1,300 =
95,600
Less ½ of SE tax (5,906 x 50%)
(2,953)
AGI
92,647
Standard deduction higher than itemized
(24,400)
68,247
QBI: tentative 41,800 x 20% = 8,360
Taxable income 68,247 x 20% = 13,650
(8,360)
Taxable income
59,887
Tax: 59,887 - 19,400 = 40,487 x 12% = 4,858 + 1,940 (19,400*10%) = $6,798 tax
Mr. Coleman, an unmarried individual, has the following income items:
