Tax Returns — Quiz Answers

What is the standard deduction used for?

Robert and Anne, a married couple filing jointly, have an adjusted gross income of $68,676. They claim two exemptions, and can deduct $3,752 for charitable donations, $3,375 for interest on their mortgage, and $959 from city income tax. If the standard deduction for a married couple filing jointly is $8,350 and exemptions are worth $3,650 apiece, what is their total taxable income?

Nastasha has a gross income of $66,429. She can make adjustments of $14,490 for business losses, $3,584 for business expenses, and $4,813 for contributions to her retirement plan. What is Nastasha’s adjusted gross income?

Who should fill out the W-2 form?

If 20 percent of all manually filed returns contain errors, and 0 point 0 5 percent of all electronically filed returns contain errors, how much more likely is a manual filer to make an error than an electronic filer?