Larry and Louise Are Both 49 Years of Age and File

question 118

Multiple Choice

Larry and Louise are both 49 years of age and file a joint return. They provide all of the support for their son, Dylan, who is 20 years old and is at home until he gets called into the army. His income at part-time jobs is $3,900. Their daughter, Phyllis, is a 23-year-old full-time student at State University. She lived at school 9 months and provided two thirds of her own support with a summer job. How many personal and dependency exemptions can Larry and Louise claim on their income tax return?

• A) 1
• B) 2
• C) 3
• D) 4

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Definitions:

Employees

Individuals who are hired by an employer to perform specific duties in exchange for compensation, forming the workforce of a business or organization.

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The feeling of fulfillment or contentment that comes from achieving a desire, expectation, or goal.

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The material or substance created during the process of imagining and planning for the future.

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Fundamental truths or propositions that serve as the foundation for a system of belief or behavior.