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Mettiple Choice $(4$ points each $16-64$

prowided ALIOCATE, $45$ MINUTFS FOR THIS SECTION.

A

$1.$

Shan files his tax return $38$ days after the due date. Along with the return, he remits a check for $$10,000$ Which is the balance of the tax owed. Disregarding the interest element, his failure to file and failure to pay penalties are $($HINT: Don't forget to reduce the failure to file penalty by the failure to pay penalty when performing your calculation.$)$:

a$.$ Failure to file: $$1,000$ and Failure to pay: $$100.$

b$.$ Failure to file: $$500$ and Failure to pay: $$50.$

c$.$ Failure to file: $$900$ and Failure to pay: $$100.$

d$.$ Failure to file: $$900$ and Failure to pay: $$900.$

$,000$ and Failure to pay: $$100.$

C

$2.$ Christian Gia is $35$ years old. He was married; his wife passed away in $2020.$ Christian supports and maintains a household for his dependent child, Mark. In $2023,$ Christian has AGI of $$40,000$ and itemized deductions of $$13,200.$ Compute his $2023$ taxable income:

a$.$ $$40,000-$$$13,850$

d$.$ $$40,000-$$$27,700$

b$.$ $$40,000-$$$13,200$

e$.$ $$40,000-$$$13,200-$$$13,850$

c$.$ $$40,000-$$$20,800$

$3.$ Angela, age $18,$ is claimed as a dependent by her parents. During $2023,$ she had interest income from a bank savings account of $$4,200$ and earnings from a part$-$time job of $$2,000.$ The correct calculation of her taxable income is $($Calculate AGI less Standard Deduction$)$:

a$.$ $$6,200-$$$13,850$

b$.$ $$6,200-$$$1,250$

c$.$ $$6,200-$$$4,600.$

$4200+2000=6,200$

d$.$ $$6,200-$$$2,400$

e$.$ $$2,000-$$$1,250$

$4.$ Another term for non$-$taxable income is:

a$.$ exemption

c$.$ exclusion

b$.$ gross income

d$.$ AGI

Please go through each question, the answers may not be right!!!!

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