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Multiple Choice Quiz
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1
The maximum amount per year of dependent care expenses that can be used for calculating the credit for child and dependent care expenses is $3,000 for one qualifying individual.
A)True
B)False
2
Maximum allowable lifetime learning credit for the 2007 is $2,000 per student.
A)True
B)False
3
The hope and lifetime learning credits are available to taxpayers without any limitations due to AGI amounts.
A)True
B)False
4
The child tax credit is reduced if the AGI exceeds $110,000 for married filing jointly taxpayers.
A)True
B)False
5
Retirement savings contributions credit is available for married filing joint taxpayers only.
A)True
B)False
6
Tuan and Marisa are married, file a joint return and have two dependent children; Zack, age 6 and Aaron, age 5. Tuan has earned income of $72,000. Katie was a full time student (for nine months) with no income. They paid a qualified day care center $5,000. How much is Tuan and Marisa's child and dependent care credit for the year?
A)$600
B)$900
C)$1,000
D)$1,200
7
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 this year?
A)$600.
B)$1,000.
C)$1,200.
D)$1,220.
8
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.
9
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?
A)$225.
B)$600.
C)$1,000.
D)$2,250.
10
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.
11
Lupe paid the following expenses during December 2007 for her son David's spring 2008 college expenses. The semester begins in January 2008:
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 2007?
A)$8,500.
B)$16,000.
C)$16,500.
D)$24,500.
12
Which of the following items is (are) a qualified expense(s) for the purpose of either one of the residential energy credit(s)?
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.
13
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.
14
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.
15
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.
16
Joseph and Marina are married filing jointly and have a modified AGI of $27,500. Joseph made a contribution to a qualified retirement plan of $2,500 during the year. How much is their retirement savings contributions credit?
A)$0
B)$500
C)$1,250
D)$2,500
17
Guillermo and Nora, who's modified AGI is $75,000, adopted a little boy from Texas in the current year and incurred a total of $16,000 in qualified adoption expenses. What is the amount of adoption credit they can take?
A)$3,948
B)$6,805
C)$11,390
D)$16,000
18
Rolando and Silvia have modified AGI is $200,000. They adopted a boy from Guatemala which became final in the current year. They incurred a total of $13,000 in qualified adoption expenses. What is the amount of adoption credit they can claim in the current year?
A)$0.
B)$3,081.
C)$11,390.
D)$13,000.
19
Thomas and Emma both work and have one qualifying child. Their AGI was $21,000. What is their EIC?
A)$2,276.
B)$2,853.
C)$4,190.
D)$4,536.
20
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)$2,903.
D)$4,716.





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