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Chapter 2 Filing Status and Exemptions

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This chapter provides an overview of the federal tax system, explaining how taxes support government functions and why tax compliance is crucial for both individuals and businesses. You'll learn about the different types of federal taxes, filing requirements, and the role of the IRS, setting the foundation for understanding the basics of tax preparation.

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1. Which filing status generally offers the lowest tax rates for married couples?
Married Filing Separately Married Filing Jointly Head of Household Single
2. Who can qualify for the "Head of Household" filing status?
A single taxpayer with no dependents A married couple with no children An unmarried taxpayer who supports a dependent and maintains a household A taxpayer who is a full-time student
3. For how long can a widow(er) with a dependent child use the "Qualifying Widow(er)" filing status?
1 year after the spouse’s death 2 years after the spouse’s death 5 years after the spouse’s death Indefinitely
4. Which of the following is no longer available as part of a taxpayer’s filing since 2018?
Child Tax Credit Personal Exemption Earned Income Tax Credit Standard Deduction
5. A qualifying child must meet which of the following criteria?
Be a relative living in the same household Be under age 19 (or 24 if a full-time student) Provide more than half of their own financial support Have no gross income
6. What is the standard deduction for a Head of Household filer in 2023?
$13,850 $27,700 $20,800 $14,000
7. Which of the following filing statuses typically provides a higher standard deduction than Single filers?
Married Filing Separately Head of Household Qualifying Widow(er) All of the above
8. Which of the following does the Child Tax Credit provide for each qualifying child?
A tax refund of $3,000 A reduction in taxable income by $4,000 A tax credit of up to $2,000 per child A reduction in taxes owed by 10%
9. Which filing status might be less advantageous because it limits access to certain credits and deductions?
Married Filing Jointly Head of Household Married Filing Separately Qualifying Widow(er)
10. Who can be claimed as a dependent on a tax return?
Anyone living in the household for the entire year A qualifying child or relative who meets specific IRS requirements A non-relative who works for you A spouse with no income
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