Match the Statements That Relate to Each Other

question 117

Multiple Choice

Match the statements that relate to each other.Note: Some choices may be used more than once.
-Resident of Canada or Mexico

• A)Not available to 65-year old taxpayer who itemizes.
• B)Exception for U.S.citizenship or residency test (for dependency exemption purposes).
• C)Largest basic standard deduction available to a dependent who has no earned income in 2019.
• D)Considered for dependency purposes.
• E)Qualifies for head of household filing status.
• F)A child (age 15) who is a dependent and has only earned income.
• G)Considered in applying gross income test (for dependency exemption purposes).
• H)Not considered in applying the gross income test (for dependency exemption purposes).
• I)Unmarried taxpayer who can use the same tax rates as married persons filing jointly.
• J)Exception to the support test (for dependency exemption purposes).
• K)A child (age 16) who is a dependent and has only unearned income of $4,500.
• L)No correct match provided.

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Definitions:

Interest Cost Component

Part of pension expense calculation that represents the increase in the pension obligation due to the passage of time.

Defined Benefit Pension Plan

A retirement plan where the employer guarantees a specified pension payment upon the employee's retirement, determined by a formula considering factors such as salary history and duration of employment.

Anticipated Life Span

The expected duration or period during which an asset, product, or individual is considered useful or viable.

Pension Expense

The cost recognized in an accounting period related to the company's pension plan.