Income Tax Accounting

Answer these 7 question (There can be more than one anawer).Correctly identify the filing status for federal individual income tax returns.a.Married filing separateb.Divorcedc.Married filing jointlyd.Head of householde.Singlef.All of the aboveCorrectly identify the taxable income to include on the federal individual income tax return.a.Workmen’s Compensationb.Lottery Winningsc.Salaries and Wagesd.Unemploymente.Child Support Receivedf.All of the above3. Correctly identify the deductions for adjusted gross income that would adjust the income reported on the federal individual tax returna. Interest on Student Loansb. Penalty for early withdrawal of savingsc. Child Support Paymentsd. All of the above4. Correctly select whether the taxpayer should use the standard deductions amount or itemized deductions amount for each of the federal individual income tax returns.a. Standard Deductions Single $12,200 or Itemized Deductions Single $22,000b. Standard Deductions Married Filing Jointly $24,400 or Itemized Deductions Married Filing Jointly $18,000c. Standard Deductions Head of Household $18,350 or Itemized Deductions Head of Household $16,0005. Correctly identify the refundable credits reportable on the federal individual income tax return.a. Child Tax Creditb. Earned Income Tax Creditc. Child & Dependent Care Creditd. Education Credite. Work Opportunity Creditf. All of the above6. Correctly compute the taxpayer tax liability. Assuming the taxpayer filing status is Head of Household and taxable income is $27,600. Use the 2019 tax table.Answer:_______________________7. Correctly determine if the taxpayer overpaid taxes and gets a refund or under paid taxes and owe. The taxpayer’s federal Income tax payments on the W-2 is $7,490 and tax liability computed per the taxable income on the tax return is $8,995.. What is the refund anoint____________________ or balance due amount_____________ for the taxpayer?

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