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Multiple Choice Quiz
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1.
Adrienne has total taxable income of $93,000 which includes $10,000 taxable income from India. She paid $2,500 of foreign income taxes, and her U.S. tax liability is $25,210. Adrienne's foreign tax credit is:
A)$0.
B)$2,500.
C)$2,710.
D)$10,000.
2.
Brian and Clara paid $4,350 in foreign income taxes to Mexico. Their total income was $105,000, which included $12,000 of foreign income. Their U.S. tax liability is $27,750. How much can Brian and Clara claim as a foreign tax credit?
A)$0
B)$3,171.
C)$4,350.
D)$12,000.
3.
Dane is a single father with two dependent children, Elle, age 7 and Eva, age 5. He has an AGI of $61,000 and paid $6,100 to a qualified day care center for the two children. What amount of child and dependent care credit can Dane receive for 2006?
A)$600.
B)$1,000.
C)$1,200.
D)$1,220.
4.
Guillermo and Felicia are married, file a joint return, and have two dependent children; Hannah, age 6, and Harris, age 5. Guillermo has earned income of $92,000. Felicia was a full-time student (for 8 months) with no income. They paid a qualified day care center $4,800. What is the amount of their child and dependent care credit for the year?
A)$800.
B)$960.
C)$1,200.
D)$4,800.
5.
Ian and Jolene are age 70 and 72, respectively, and file a joint return. They have AGI of $15,000 and received $1,000 in nontaxable social security benefits. How much can Ian and Jolene take as a credit for the Elderly or the Disabled for 2006?
A)$225.
B)$600.
C)$1,000.
D)$2,250.
6.
Kevin paid $2,550 in qualifying expenses for his daughter who attended a community college. What is Kevin's lifetime learning credit without regard to AGI limitations or other credits?
A)$510.
B)$1,650.
C)$2,000.
D)$2,550.
7.
Lupe paid the following expenses during December 2006 for her son David's spring 2007 college expenses. The semester begins in January 2007:
Tuition$16,000
Housing$6,000
Meal plan$2,500
In addition, David's grandfather paid $500 in fees on behalf of David directly to the college. David is claimed as a dependent on Lupe's tax return. What amount of the paid expenses qualify for the purpose of Lupe's education credit deduction in 2006?
A)$8,500.
B)$16,000.
C)$16,500.
D)$24,500.
8.
Molly is single with AGI of $22,500. During the year, she contributed $900 to an IRA. What amount of Retirement Savings Contributions Credit can Molly claim?
A)$0.
B)$90.
C)$180.
D)$900.
9.
Which of the following items is (are) a qualified expense(s) for the purpose of residential energy credit?
A)Installed new energy-efficient exterior doors in the existing main residence.
B)Installed new energy-efficient windows in the existing main residence.
C)Installed new ceiling fans.
D)all of the above qualify.
10.
Noah and Olivia have two boys, Jordan, age 6 and Jack, age 5. Their AGI is $176,000. What amount of child tax credit can they claim?
A)$0.
B)$1,000.
C)$2,000.
D)$2,300.
11.
Patricia is single and her son Quinn is age 11. If her AGI is $77,000, what amount of child tax credit can she claim?
A)$0.
B)$400.
C)$600.
D)$1,000.
12.
Rolando and Silvia have modified AGI is $180,000. They adopted a boy from Guatemala in 2006 and the adoption became final in 2007. They incurred a total of $13,000 in qualified adoption expenses. What is the amount of adoption credit they can claim in 2006?
A)$0.
B)$6,805.
C)$10,960.
D)$16,000.
13.
Thomas and Emma both work and have one qualifying child. Their AGI was $21,000. What is their EIC in 2006?
A)$2,077.
B)$2,747.
C)$4,190.
D)$4,536.
14.
Victoria is a single mother with three qualifying children and an AGI of $24,000. What is her EIC?
A)$0.
B)$1,935.
C)$2,601.
D)$3,022.
15.
Wanda and Xavier had a tax liability of $475 before EIC. Their EIC for the current year is $2,578. What is their total tax refund or tax liability for the current year?
A)$0
B)$475 tax liability
C)$2,103 tax refund
D)$2,578 tax refund





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