TAX3761 EXAM Revised Questions And Verrified Answers With
Rationales Guaranteed 100% Pass
Below-the-line deductions include:
Standard deduction
Eligible educators can deduct up to how much of qualified expenses per year?
$250
Which medical expense is NOT eligible for HSA, Archer MSA, or MA MSA?
Breast enhancement
What is the net capital gains tax rate for married filing jointly with income below $80,800?
0%
To claim a child as a dependent, they must meet the qualifying child test or the ________?
Qualifying relative test
Ordinary dividends are taxed at the same rate as what type of income?
Ordinary income
When are distributions from HSA, Archer MSA, or MS MSA non-taxable?
When spent on qualified medical expenses for the taxpayer or dependents
Which residency status applies to someone who is neither a U.S. citizen nor a resident
alien?
Nonresident alien
, What two items are needed to calculate tax liability?
Taxable income and filing status
For mortgages after Dec 15, 2017, what is the maximum deductible mortgage debt?
$750,000
What reduces the amount of tax owed dollar-for-dollar?
Tax credits
Which form is used by beneficiaries of trusts and estates?
Form 1041
What income measure is used to calculate tax and is usually lower than AGI?
Taxable income
What is the minimum number of days required in the U.S. to meet the Substantial
Presence Test (current year)?
31 days
Complete the equation: ________ = Selling Price − Purchase Price
Capital Gain or Capital Loss
Which schedule is used to calculate profit or loss from a sole proprietorship?
Schedule C
HSA contributions are classified as what type of deduction?
Above-the-line deduction
Rationales Guaranteed 100% Pass
Below-the-line deductions include:
Standard deduction
Eligible educators can deduct up to how much of qualified expenses per year?
$250
Which medical expense is NOT eligible for HSA, Archer MSA, or MA MSA?
Breast enhancement
What is the net capital gains tax rate for married filing jointly with income below $80,800?
0%
To claim a child as a dependent, they must meet the qualifying child test or the ________?
Qualifying relative test
Ordinary dividends are taxed at the same rate as what type of income?
Ordinary income
When are distributions from HSA, Archer MSA, or MS MSA non-taxable?
When spent on qualified medical expenses for the taxpayer or dependents
Which residency status applies to someone who is neither a U.S. citizen nor a resident
alien?
Nonresident alien
, What two items are needed to calculate tax liability?
Taxable income and filing status
For mortgages after Dec 15, 2017, what is the maximum deductible mortgage debt?
$750,000
What reduces the amount of tax owed dollar-for-dollar?
Tax credits
Which form is used by beneficiaries of trusts and estates?
Form 1041
What income measure is used to calculate tax and is usually lower than AGI?
Taxable income
What is the minimum number of days required in the U.S. to meet the Substantial
Presence Test (current year)?
31 days
Complete the equation: ________ = Selling Price − Purchase Price
Capital Gain or Capital Loss
Which schedule is used to calculate profit or loss from a sole proprietorship?
Schedule C
HSA contributions are classified as what type of deduction?
Above-the-line deduction
