This is about income tax questions Question 1 (1 point) Denise, a single mother,

Question

This is about income tax questions

Question 1 (1 point)

Denise, a single mother, received $25,000 from employment and had a capital gain of $1,000. In addition, she received $800 universal child care benefits. She did not elect to report the UCCB on a return for her child. Denise's net income for tax purposes is?

Question 1 options:

$26,800

$26,300

$25,750

$25,500

none of the above

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Question 2 (1 point)

Following Max's death, his former employer paid a $12,000 death benefit to his wife and a $5,000 death benefit to each of his two children. How are these amounts reported?

Question 2 options:

$12,000 by his wife and $5,000 by each child

$2,000 by his wife and nothing by his children

$2,000 by his wife and $5,000 by each child

$12,000 by his wife and nothing by each child

none of the above

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Question 3 (1 point)

A university professor received an $8,000 research grant and incurred research related expenses of $12,000. Her net research grant income is:

Question 3 options:

-$4,000

$12,000

$8,000

$0

none of the above

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Question 4 (1 point)

When his employer dismissed him without notice, Daren sued for breach of contract. He was awarded damages for wrongful dismissal in the amount of $80,000, the approximate amount of the compensation he would have received in the notice period provided in his employment contract. The $80,000 is:

Question 4 options:

not taxable

taxable as employment income

taxable as income from property

taxable on $40,000 only

none of the above

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Question 5 (1 point)

Ms. Linden received $1,000 in 2016 from her employer's income maintenance insurance plan, her first claim against the plan. Her contribution to the plan in 2014 (the first year of the plan's existence), 2015, and 2016 was $100 per year. She must report as net income in 2016:

Question 5 options:

$1,000

$900

$700

$0

none of the above

$26,800

$26,300

$25,750

$25,500

none of the above

Explanation / Answer

1 Answer:- 26,800

2 Answer:- None of the above

3 Answer:- - $ 4,000

4 Answer:- Taxable as employment Income

5 Answer:- $ 900

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