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Tax Questions

Please answer a few questions below regarding taxes.

1) Jane moved to France on September 1, 2011. Her total foreign salary for 2011 was $30,000. What is the maximum amount of foreign earned income Jane will be able to exclude on her 2011 tax return?*

$0
$10,000
$30,000
$92,900

2) Bob spent the entire 2011 year in Tokyo. His annual salary was $90,000 and he paid $30,000 rent. What is the highest amount of foreign earned income and foreign housing expenses Bob can exclude?*

$90,000
$92,900
$118,500
$120,000

3) Tim lived in Geneva through the entire 2013. He received a salary of $100,000, a car allowance of $5,000, and $40,000 employer housing assistance. What is the maximum amount of foreign earned income and housing that can be excluded on form 2555?*

$100,000
$105,000
$140,000
$145,000

4) Tim lived in Geneva through the entire 2011. He received a salary of $100,000, a car allowance of $5,000, and $40,000 employer housing assistance. What is the maximum amount of foreign earned income earned by Tim that can be excluded on form 2555?*

$92,900
$100,000
$145,000
None of the Above

5) Alex graduated from college and took off to Europe. He worked 2 months as a lifeguard in Portugal, 2 months waiting tables at a small restaurant in Italy, and 2 months teaching English in Greece. He earned 20,000 Euros and spent the rest of the year exploring the world. He returned to the United States 13 months after the graduation. Which test for the purpose of foreign earned income exclusion does Alex meet?*

Physical Presence Test
Bona Fide Residency Test
Traveler Test
Not eligible for the foreign income exclusion

6) Peter is self-employed in Japan. He makes contributions to the Japanese Social Insurance system. How much of U.S. self-employment tax should he pay on his foreign self-employment income?*

Full amount of U.S. self-employment tax
Difference between the deemed amount of U.S. self-employment tax and the amount actually paid in Japan
No U.S. self-employment tax is due
None of the Above

7) Karl and Klara are a married couple living in Spain. Karl earns $90,000 and Klara earns $120,000 a year. The annual rent on their apartment in Spain is $36,000. How should they apply housing exclusion on forms 2555?*

Karl should take the housing exclusion
Klara should take the housing exclusion
They should split the exclusion evenly
They should take prorated exclusions based on their salaries

8) Andrew is single, lives in Sweden and makes $120,000 a year. Andrew excluded $111,000 of foreign earned income and housing expenses. How much of foreign tax did he have to pay in Sweden in order to remain tax-free in the U.S.?*

$33,000
$9,000
$900
$0

9) Sylvia is a single mother living in Argentina with her 5-year old daughter. Sylvia earns $28,000 a year. Can she receive an earned income credit?*

Yes, if she does not exclude her foreign income
Yes, if the child has a U.S. social security number
No, because her income is too high
No, because Sylvia and her daughter live outside the U.S

10) How to apply a foreign tax credit for foreign tax paid inside an IRA?*

As a foreign tax credit on passive income
As a foreign tax deduction on Schedule A
This foreign tax is non-deductible
No taxes are paid inside IRA

11) Simon lives in UK. He received a bonus of GBP200,000 in February of 2011 for work performed in 2010. How he should report this income on form 1040?*

All bonus amount to be reported in 2011 when actually paid.
All bonus amount to be reported in 2010 when work was performed.
Spread the bonus between two years and report prorated amounts in 2010 and 2011 based on 2 months in 2011 and 12 months in 2010.
Report GBP100,000 in 2010 and GBP100,000 in 2011

12) Which of the following is NOT true about cost of goods sold?*

If you make or buy goods to sell, you can deduct the cost of goods sold from your gross receipts.
If you are a merchant, beginning inventory is the cost of merchandise on hand at the beginning of the year that you will sell to customers.
If you must account for an inventory in your business, you must generally use an accrual method of accounting for your purchases and sales.
A personal service business is an example of a type of business that can usually deduct the cost of goods sold from gross receipts.

13) You CAN NOT use the standard mileage rate for business use of your car if:*

You did not claim a section 179 deduction on the car
You did not claim a depreciation deduction in an earlier year using MACRS
You you own or lease five or more cars that are used for business at the same time
You operate more than one car.

14) You received a gift of $150,000 from a foreign uncle. Your tax reporting responsibility is:*

File Gift Tax return form 709
Report the amount of gift on form 1040 as Other Income
File Foreign Trust return form 3520
No reporting responsibilities for the gift recepient

15) Jacob is a Green Card holder. He is a single owner of LTD incorporated in India. His U.S. tax returns must include forms*

1040 with Schedule C
1040 and 1020
1040 and 5471
1040 and 1020F

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