Answer Happy

6. Craig understands that Voluntary Contribution Funds (VCFs)
present an important opportunity to give back to California
charitable organizations. His state tax return showed tax due of
$225 before his voluntary contributions of $125. How much will
Craig’s final tax liability be? a) $225 b) $100 c) $125 d) $350
7. Helena is filing her 2020 California tax return late and has
a balance due of $180. What is the amount of the penalty for filing
late if she files her tax return on January 1st, 2022? a) $180 b) $
45 c) $135 d) $ 81
8. Leo and Pam, both California residents, file Married Filing
Jointly for their federal and state tax returns. Their federal AGI
is $258,000. They had special tax treatment items listed on their
return. Leo owes California AMT and must complete Schedule P (540).
Leo and Pam’s Alternative Minimum Taxable Income on line 21 is
$305,000. How much is Leo and Pam’s Tentative Minimum Tax on line
24 of Schedule P (540)? HINT: Refer to Schedule P (540). a) $14,371
b) $11,081 c) $18,060 d) $21,350
9. Hannah owns a rental home that she rented from January
through October. She received $1,895 a month in rent. She had
various expenses, including depreciation totaling $11,600. Hannah
kept a rental deposit due to an early cancelation of the lease. The
rental deposit was $2,000. What is Hannah’s gross profit for the
rental property? a) $18,950 b) $ 7,350 c) $20,950 d) $ 9,350
10. Carla is a single mother of two children. Her divorce decree
states she is to receive child support of $12,000 and alimony of
$8,000 from her ex-husband. How should she report these payments on
her California tax return? a) She must include the $20,000 of
family support payments from her ex-husband on her California tax
return. b) She must include the $8,000 of alimony from her
ex-husband on her California tax return. c) She must include the
$12,000 of child support from her ex-husband on her California tax
return. d) She does not need to include any of the family support
payments on her California tax return