Julian and Judy Divorced and Julian Received Custody of Their

question 69

Multiple Choice

Julian and Judy divorced and Julian received custody of their child.Judy must pay child support of $24,000 annually.Therefore,Julian agreed in writing to allow Judy to claim the dependency exemption for the child.Julian maintains a home for himself and the child.For the current year,Julian's filing status and total exemptions claimed are

• A)Single and one exemption.
• B)Single and two exemptions.
• C)Head of household and two exemptions.
• D)Head of household and one exemption.

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Definitions:

High Prices

Situations where the cost of goods and services are above average or expected levels.

Fed

The Fed, short for Federal Reserve System, is the central banking system of the United States, responsible for monetary policy, including regulating banks and managing the country's money supply.

Member Bank Reserves

The portion of deposits that banks must hold in reserve, either as physical cash or as deposits with the central bank, to ensure liquidity.

Issuing Bank Notes

The process by which a central bank or monetary authority prints and distributes the national currency, which serves as legal tender.