Intuit Tax 1 Exam with accurate detailed solutions|| || || || || || ||
The are _________ filing statuses. - ✔✔Five.
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Single
Married Filing Jointly || ||
Married Filing Separately || ||
Head of Household|| ||
Qualifying Widow(er) ||
Which is a non-deductible business expense?
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investments made in your business || || || ||
costs of goods sold
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family vacation ||
employees' pay - ✔✔family vacation || || || ||
The self-employed health insurance deduction is limited to the net self-employment profit shown
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on the return reduced by the deduction for ____________ of the self-employment tax. - ✔✔one-
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half
Which is considered an adjustment to Gross Income?
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Moving Expense ||
Employee Wages ||
Municipal bond interest || ||
, Workers' compensation payments received as compensation for personal injury or sickness -
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✔✔Moving Expense ||
short-gains - ✔✔gains on assets that you have held for one year or less.
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______________ is used to offset income and payroll taxes for low-income workers and to || || || || || || || || || || || || || ||
provide an incentive to work. - ✔✔Earned Income Tax Credi
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To satisfy the Substantial Presence Test, how many minimum days (in the current year) must you
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be physically present in the United States? - ✔✔31 days
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Which is not a common tax credit? - ✔✔American Family Credit
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Which is not considered a gambling winning? - ✔✔games of chance
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Ordinary dividends are taxed at the same rate as __________ income tax rate. - ✔✔ordinary
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Social Security benefits can be taxed to a maximum of ___________% based on the beneficiary's
|| || || || || || || || || || || || || || ||
annual income - ✔✔85 || || ||
Taxable interest is reported on - ✔✔Form 1099-INT
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Distributions from HSA, Archer MSA, or MS MSA are non-taxable when
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_________________________________________. - ✔✔spent for qualified medical expenses of || || || || || || || ||
your dependent
||
_____________ and ____________ are what taxpayers must know to calculate their tax amount. || || || || || || || || || || || || ||
- ✔✔Taxable income and filing status
|| || || || ||
The are _________ filing statuses. - ✔✔Five.
|| || || || || ||
Single
Married Filing Jointly || ||
Married Filing Separately || ||
Head of Household|| ||
Qualifying Widow(er) ||
Which is a non-deductible business expense?
|| || || || ||
investments made in your business || || || ||
costs of goods sold
|| || ||
family vacation ||
employees' pay - ✔✔family vacation || || || ||
The self-employed health insurance deduction is limited to the net self-employment profit shown
|| || || || || || || || || || || || ||
on the return reduced by the deduction for ____________ of the self-employment tax. - ✔✔one-
|| || || || || || || || || || || || || ||
half
Which is considered an adjustment to Gross Income?
|| || || || || || ||
Moving Expense ||
Employee Wages ||
Municipal bond interest || ||
, Workers' compensation payments received as compensation for personal injury or sickness -
|| || || || || || || || || || || ||
✔✔Moving Expense ||
short-gains - ✔✔gains on assets that you have held for one year or less.
|| || || || || || || || || || || || ||
______________ is used to offset income and payroll taxes for low-income workers and to || || || || || || || || || || || || || ||
provide an incentive to work. - ✔✔Earned Income Tax Credi
|| || || || || || || || ||
To satisfy the Substantial Presence Test, how many minimum days (in the current year) must you
|| || || || || || || || || || || || || || || ||
be physically present in the United States? - ✔✔31 days
|| || || || || || || || ||
Which is not a common tax credit? - ✔✔American Family Credit
|| || || || || || || || || ||
Which is not considered a gambling winning? - ✔✔games of chance
|| || || || || || || || || ||
Ordinary dividends are taxed at the same rate as __________ income tax rate. - ✔✔ordinary
|| || || || || || || || || || || || || ||
Social Security benefits can be taxed to a maximum of ___________% based on the beneficiary's
|| || || || || || || || || || || || || || ||
annual income - ✔✔85 || || ||
Taxable interest is reported on - ✔✔Form 1099-INT
|| || || || || || ||
Distributions from HSA, Archer MSA, or MS MSA are non-taxable when
|| || || || || || || || || || ||
_________________________________________. - ✔✔spent for qualified medical expenses of || || || || || || || ||
your dependent
||
_____________ and ____________ are what taxpayers must know to calculate their tax amount. || || || || || || || || || || || || ||
- ✔✔Taxable income and filing status
|| || || || ||
