Asked by Athena Colleen on May 12, 2024
Verified
The Mancuso family consists of five children,two parents,and a live-in great aunt.Mr.Mancuso supports each family member;therefore,he can take eight exemptions on his 1040 tax form.
Exemptions
Exemptions are deductions allowed by the government on taxable income, reducing the overall amount of taxes owed by individuals or entities.
1040 Tax Form
The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns.
- Determine and figure out deductions, credits, and exemptions and assess their repercussion on taxable income and tax obligation.
Verified Answer
AS
abhinav singhMay 14, 2024
Final Answer :
True
Explanation :
The Mancuso family consists of 5 children, 2 parents, and a live-in great aunt, totaling 8 people. As Mr. Mancuso supports each family member, he can claim 8 exemptions on his 1040 tax form.
Learning Objectives
- Determine and figure out deductions, credits, and exemptions and assess their repercussion on taxable income and tax obligation.