Intuit Academy 1 Continuation - Gross
Income (Continuation Intuit Academy 1)
(Latest Update ) Questions &
Answers {Grade A} 100% Correct
You are a 30 year old engineer working full-time. For the tax year 2022, you received
the following: *$35,000 Salary on W-2 *$500 Dividend Income *$200 Tax Exempt
Interest Income *$1,000 Municipal Bond Interest Income *Paid $7,000 in Real Estate
Taxes *Paid $2,500 for Home Mortgage Interest *Paid $1,000 in charitable contributions
*Paid $2,500 in medical expenses - correct answer Yes/True. Your taxable income is
$23,500.
Is the following statement true with regard to a taxpayer's foreign income? - correct
answer Yes/True. US citizens are subject to tax on all income, whether its generated in
the US or foreign countries. Yes/True. The US allows taxpayers meeting certain criteria
to annually exclude an annual amount of foreign earned income.
,Is the following income considered non-taxable? - correct answer Yes/True. You
received an inheritance of $10,000 Yes/True. You receive a gift of $10,000
The taxpayer is a self-employed, cash-basis rideshare driver for Uber and Lyft. Should
the following be included on their Schedule C? - correct answer Yes/True. A cash tip
from their customer. Yes/True. A payment made to have their car detailed
A taxpayer has an upscale rideshare business. They earn a substantial amount of
income by driving high net worth individuals, executives of companies and politicians
around the city. Is this a business expense that can be deducted by the taxpayer? -
correct answer Yes/True. Interest charges of $900 for the loan on their Mercedes
Sprinter. Yes/True. Credit card processing fees so the clients can pay using their credit
cards instead of cash.
, A taxpayer is a sole proprietor who sells insurance. The taxpayer files a Schedule C,
Profit/Loss from Business. Can the taxpayer deduct the following as a business
expense in the current year? - correct answer Yes/True. Taxpayer deducts 100% of
meals purchased from a restaurant for business purposes in 2022. Yes/True. Taxpayer
deducts 100% of meals purchased from a restaurant for business purposes in 2021.
A taxpayer is a Schedule C sole proprietor. The taxpayer has a Sprinter van that
transports company executives to the regional airport. Is this scenario correct
regarding a business deduction for the van? - correct answer Yes/True. The taxpayer
can deduct a new cell phone and the standard mileage rate for the van as a business
expense. Yes/True. The taxpayer can deduct the cost of oil changes and tires for the
van as a business expense in lieu of the standard mileage rate.
Income (Continuation Intuit Academy 1)
(Latest Update ) Questions &
Answers {Grade A} 100% Correct
You are a 30 year old engineer working full-time. For the tax year 2022, you received
the following: *$35,000 Salary on W-2 *$500 Dividend Income *$200 Tax Exempt
Interest Income *$1,000 Municipal Bond Interest Income *Paid $7,000 in Real Estate
Taxes *Paid $2,500 for Home Mortgage Interest *Paid $1,000 in charitable contributions
*Paid $2,500 in medical expenses - correct answer Yes/True. Your taxable income is
$23,500.
Is the following statement true with regard to a taxpayer's foreign income? - correct
answer Yes/True. US citizens are subject to tax on all income, whether its generated in
the US or foreign countries. Yes/True. The US allows taxpayers meeting certain criteria
to annually exclude an annual amount of foreign earned income.
,Is the following income considered non-taxable? - correct answer Yes/True. You
received an inheritance of $10,000 Yes/True. You receive a gift of $10,000
The taxpayer is a self-employed, cash-basis rideshare driver for Uber and Lyft. Should
the following be included on their Schedule C? - correct answer Yes/True. A cash tip
from their customer. Yes/True. A payment made to have their car detailed
A taxpayer has an upscale rideshare business. They earn a substantial amount of
income by driving high net worth individuals, executives of companies and politicians
around the city. Is this a business expense that can be deducted by the taxpayer? -
correct answer Yes/True. Interest charges of $900 for the loan on their Mercedes
Sprinter. Yes/True. Credit card processing fees so the clients can pay using their credit
cards instead of cash.
, A taxpayer is a sole proprietor who sells insurance. The taxpayer files a Schedule C,
Profit/Loss from Business. Can the taxpayer deduct the following as a business
expense in the current year? - correct answer Yes/True. Taxpayer deducts 100% of
meals purchased from a restaurant for business purposes in 2022. Yes/True. Taxpayer
deducts 100% of meals purchased from a restaurant for business purposes in 2021.
A taxpayer is a Schedule C sole proprietor. The taxpayer has a Sprinter van that
transports company executives to the regional airport. Is this scenario correct
regarding a business deduction for the van? - correct answer Yes/True. The taxpayer
can deduct a new cell phone and the standard mileage rate for the van as a business
expense. Yes/True. The taxpayer can deduct the cost of oil changes and tires for the
van as a business expense in lieu of the standard mileage rate.
