ACC 330 FINAL EXAM 1 
ACC 330 FINAL EXAM
Student Name: Dominic Razzano
Part A.
Dependency Questions: (20 points)
1. Determine whether Kathleen is a dependent and explain why or why not?
No, she is not because yes she is a full-time student, but she is over the age of 24.
2. Determine whether Mrs. Clyente’s father is a dependent and explain why or why not?
No, her father isn’t due to his income from social security being more than $3,950 and he doesn’t live with the family.
3. Determine whether Mr. Clyente’s mother is a dependent and explain why or why not? Yes, due to Mr. Clyente’s mothers expenses are paid for in full.
4. Determine whether Jennifer is a dependent and explain why or why not? Yes, she is because she is considered a qualifying child.
5. Determine whether Nathan is a dependent and explain why or why not? Yes, he is because he is considered a qualifying child.
6. Determine whether Nathan’s care provider is a dependent and explain why or why not? No, she isn’t because she isn’t a qualifying child or relative.
Part B.
Calculation Problems:
1. Calculate the Clyente’s Adjusted Gross Income (Must show all of your work for partial credit /25 points)
2. Calculate the Clyente’s Taxable Income (5 points)
3. Calculate the Clyente’s Deduction for AGI (Must show your work for partial credit /10 points)
4. Calculate the Clyente’s deductions from AGI (Must show your work for partial credit /25 points)
Part C.
Short Response Questions (5 points each)
1. Dick and Jane are divorced in 2013. At the time of the divorce, Dick had a lawsuit pending. He had filed suit against a former employer for overtime pay. As part of a divorce agreement, Dick agreed to pay Jane one-half of the proceeds from the lawsuit. In 2014, Dick collected $250,000 from the former employer and paid Jane $125,000. What are the tax consequences for Dick receiving the $250,000 and then paying Jane the $125,000?
When looking at the tax consequences for Dick, in paying for Jane’s
Student Name: Dominic Razzano
Part A.
Dependency Questions: (20 points)
1. Determine whether Kathleen is a dependent and explain why or why not?
No, she is not because yes she is a full-time student, but she is over the age of 24.
2. Determine whether Mrs. Clyente’s father is a dependent and explain why or why not?
No, her father isn’t due to his income from social security being more than $3,950 and he doesn’t live with the family.
3. Determine whether Mr. Clyente’s mother is a dependent and explain why or why not? Yes, due to Mr. Clyente’s mothers expenses are paid for in full.
4. Determine whether Jennifer is a dependent and explain why or why not? Yes, she is because she is considered a qualifying child.
5. Determine whether Nathan is a dependent and explain why or why not? Yes, he is because he is considered a qualifying child.
6. Determine whether Nathan’s care provider is a dependent and explain why or why not? No, she isn’t because she isn’t a qualifying child or relative.
Part B.
Calculation Problems:
1. Calculate the Clyente’s Adjusted Gross Income (Must show all of your work for partial credit /25 points)
2. Calculate the Clyente’s Taxable Income (5 points)
3. Calculate the Clyente’s Deduction for AGI (Must show your work for partial credit /10 points)
4. Calculate the Clyente’s deductions from AGI (Must show your work for partial credit /25 points)
Part C.
Short Response Questions (5 points each)
1. Dick and Jane are divorced in 2013. At the time of the divorce, Dick had a lawsuit pending. He had filed suit against a former employer for overtime pay. As part of a divorce agreement, Dick agreed to pay Jane one-half of the proceeds from the lawsuit. In 2014, Dick collected $250,000 from the former employer and paid Jane $125,000. What are the tax consequences for Dick receiving the $250,000 and then paying Jane the $125,000?
When looking at the tax consequences for Dick, in paying for Jane’s