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Vita 2025/2026 Advanced Test Latest Exam. Most Tested Questions & Verified Answers Grade A, Exams of Business Taxation and Tax Management

Aberystwyth UniversityBusiness Taxation and Tax Management

Vita 2025/2026 Advanced Test Latest Exam. Most Tested Questions with Verified Answers Graded A+

Typology: Exams

2024/2025

Available from 07/01/2025

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Vita 2025/2026 Advanced Test Latest
Exam. Most Tested Questions with
Verified Answers Graded A+
1. What is the most beneficial filing status that Karen is eligible to claim on
her 2021 tax
return? - ANSHead of Household
2. Karen's Economic Impact Payment (EIP3) must be included in her total
income. - ANSFalse
3. What amount may Karen deduct as a charitable contribution when filing
her 2021
tax return? - ANS$300
4. What is the maximum amount Paul and Maggie are eligible to claim for
the child tax
credit? - ANS$6,600
5. How much of the child care expenses can be used to claim the child and
dependent
care credit? - ANS$3,500
6. Form 8889, Part 1 is used to report HSA contributions made by
_______________. - ANSAll the above
pf3
pf4
pf5

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Download Vita 2025/2026 Advanced Test Latest Exam. Most Tested Questions & Verified Answers Grade A and more Exams Business Taxation and Tax Management in PDF only on Docsity!

Vita 2025/2026 Advanced Test Latest

Exam. Most Tested Questions with

Verified Answers Graded A+

  1. What is the most beneficial filing status that Karen is eligible to claim on her 2021 tax return? - ANSHead of Household
  2. Karen's Economic Impact Payment (EIP3) must be included in her total income. - ANSFalse
  3. What amount may Karen deduct as a charitable contribution when filing her 2021 tax return? - ANS$
  4. What is the maximum amount Paul and Maggie are eligible to claim for the child tax credit? - ANS$6,
  5. How much of the child care expenses can be used to claim the child and dependent care credit? - ANS$3,
  6. Form 8889, Part 1 is used to report HSA contributions made by _______________. - ANSAll the above
  1. Carol is eligible to contribute an additional $________ to her HSA because she is age 55 or older. - ANS
  2. What is the total unreimbursed qualified medical expenses reported on Form 8889, Part II? - ANS$2,
  3. For the purpose of determining dependency, Marie meets the conditions to be the qualifying child of _______________. - ANSBarbara and Jenny
  4. Jenny is not eligible to claim Marie for the earned income credit because her filing status is Married Filing Separate. - ANSFalse
  5. Michael's mortgage insurance premium of $230 can be claimed as an itemized deduction on his Schedule A. - ANSTrue
  6. What amount of gambling losses is Michael eligible to claim as a deduction on his Schedule A? - ANS$
  7. Sean is not required to file a tax return because he has enough tax withholding to cover his tax liability. - ANSFalse
  8. Which of the following is not a requirement for Sean to claim the earned income credit as a single person with no qualifying children in 2021? - ANSSean must be at least age 25 but under age 65 on December 31.
  1. Which of the following cannot be claimed as a business expense on Cynthia's Schedule C? - ANSLunches
  2. What is the amount Cynthia can take as a student loan interest deduction on her Form 1040, Schedule 1? $__________________ - ANS
  3. What is the total amount of advanced premium tax credit that Cynthia received in 2021? - ANS$1,
  4. What is the amount of Cynthia's lifetime learning credit? $_______________. - ANS
  5. Cynthia will have to pay $200 additional tax because she received the early distribution from her IRA. - ANSTrue
  6. How can Cynthia prevent having a balance due next year? - ANSAll the above
  7. What is Richard's most advantageous filing status? - ANSHead of Household
  8. Richard's adjusted gross income on his Form 1040 is $__________? - ANS
  1. Richard can claim the following credits on his tax return. - ANSBoth Child Tax Credit and Child and Dependent Care Credit
  2. Richard's Retirement Savings Contributions Credit on Form 8800 is $_______. - ANSIDK
  3. Richard will use his 2019 earned income rather than his 2021 earned income to calculate the earned income tax credit on his 2021 tax return because his 2019 earned income is higher than his 2021 earned income. - ANSFalse
  4. Richard's child and dependent care credit from Form 2441 is reported as a nonrefundable credit on Form 1040, Schedule 3. - ANSFalse