Tax Exemptions Question Preview (ID: 61563)


Tax Exemptions. TEACHERS: click here for quick copy question ID numbers.

An exemption increases the income that is subject to tax.
a) True
b) False
c) Depends on the tax rate
d) Depends on the number of dependents

When working with above and below-the-line exemptions, what is the line?
a) Adjusted Gross Income
b) Gross Income
c) Standard Deduction
d) Itemized Deductions

Above-the-Line Exemptions are available to:
a) Standard deduction selection only
b) Itemized deduction selection only
c) Both standard and itemized deductions
d) Persons who served in the military only

Below-the Line Exemptions are available to:
a) Standard deduction selection only
b) Itemized deduction selection only
c) Both standard and itemized deductions
d) Persons who served in the military only

If a person’s spouse passes away and they have no dependents, after a year, what will be their filing status?
a) Single
b) Married Jointly
c) Head of Household
d) Widower

If a single person made $88,560, what would their tax rate be?
a) 10%
b) 12%
c) 22%
d) 24%

A tax rate percentage is applied to which amount?
a) Gross Income
b) Adjusted Gross Income
c) Taxable Income
d) Tips and Wages

Exemptions for charitable donations are considered:
a) Above-the-Line exemptions
b) Below-the-Line exemptions
c) Adjusted gross income
d) Taxable income

Energy-efficient home improvements are considered:
a) Above-the-Line exemptions
b) Below-the-Line exemptions
c) Adjusted gross income
d) Taxable income

Political contributions are considered:
a) Above-the-Line exemptions
b) Below-the-Line exemptions
c) Standard deduction
d) Taxable income

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