Intuit Tax 1 || Actual Answers 100%.
The are _________ filing statuses. correct answers 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 correct answers 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. correct
answers 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
correct answers Moving Expense
short-gains correct answers 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. correct answers 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? correct answers 31 days
Which is not a common tax credit? correct answers American Family Credit
Which is not considered a gambling winning? correct answers games of chance
Ordinary dividends are taxed at the same rate as __________ income tax rate. correct answers
ordinary
Social Security benefits can be taxed to a maximum of ___________% based on the
beneficiary's annual income correct answers 85
, Taxable interest is reported on correct answers Form 1099-INT
Distributions from HSA, Archer MSA, or MS MSA are non-taxable when
_________________________________________. correct answers spent for qualified medical
expenses of your dependent
_____________ and ____________ are what taxpayers must know to calculate their tax amount.
correct answers Taxable income and filing status
What amount of upper cap is applicable on business gifts? correct answers $25
___________________ consists of both earned and unearned income that is used to calculate the
tax. It is generally less than adjusted gross income due to the deductions. correct answers
Taxable Income
What is on Line 2b of Form 1040? correct answers Taxable Interest
Line 2b includes taxable interest. This line consists of the taxable interest earned from savings
accounts, personal loans, certificates of deposits, and annuity contracts. An interest-paying
institution will send these amounts on a Form 1099-INT to the taxpayer. If interest income
exceeds $1500, a Schedule B will need to be completed and attached.
Which residency status is used when an individual is neither a U.S. citizen nor a resident alien
for tax purposes? correct answers nonresident alien
for any period that you're neither a U.S. citizen nor a resident alien for tax purposes.
What type of deduction is a HSA contribution? correct answers Above-the-Line Deduction
For mortgages entered into after December 15, 2017, the amount of interest the taxpayer can
deduct is no more than ______________ of the debt used to buy, build, or substantially improve
their principal home and a second home. correct answers $750,000
What dividend comes from mutual funds and real estate investment trusts (REITs)? correct
answers capital gains
Which form is for beneficiaries who get income from trusts and estates? correct answers Form
1041
If yearly dividend amounts exceed __________, a Schedule B must be completed and attached to
Form 1040. correct answers 1500
When using the standard mileage rate or actual expense to calculate business auto expenses,
which expense is separately deductible?
The are _________ filing statuses. correct answers 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 correct answers 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. correct
answers 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
correct answers Moving Expense
short-gains correct answers 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. correct answers 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? correct answers 31 days
Which is not a common tax credit? correct answers American Family Credit
Which is not considered a gambling winning? correct answers games of chance
Ordinary dividends are taxed at the same rate as __________ income tax rate. correct answers
ordinary
Social Security benefits can be taxed to a maximum of ___________% based on the
beneficiary's annual income correct answers 85
, Taxable interest is reported on correct answers Form 1099-INT
Distributions from HSA, Archer MSA, or MS MSA are non-taxable when
_________________________________________. correct answers spent for qualified medical
expenses of your dependent
_____________ and ____________ are what taxpayers must know to calculate their tax amount.
correct answers Taxable income and filing status
What amount of upper cap is applicable on business gifts? correct answers $25
___________________ consists of both earned and unearned income that is used to calculate the
tax. It is generally less than adjusted gross income due to the deductions. correct answers
Taxable Income
What is on Line 2b of Form 1040? correct answers Taxable Interest
Line 2b includes taxable interest. This line consists of the taxable interest earned from savings
accounts, personal loans, certificates of deposits, and annuity contracts. An interest-paying
institution will send these amounts on a Form 1099-INT to the taxpayer. If interest income
exceeds $1500, a Schedule B will need to be completed and attached.
Which residency status is used when an individual is neither a U.S. citizen nor a resident alien
for tax purposes? correct answers nonresident alien
for any period that you're neither a U.S. citizen nor a resident alien for tax purposes.
What type of deduction is a HSA contribution? correct answers Above-the-Line Deduction
For mortgages entered into after December 15, 2017, the amount of interest the taxpayer can
deduct is no more than ______________ of the debt used to buy, build, or substantially improve
their principal home and a second home. correct answers $750,000
What dividend comes from mutual funds and real estate investment trusts (REITs)? correct
answers capital gains
Which form is for beneficiaries who get income from trusts and estates? correct answers Form
1041
If yearly dividend amounts exceed __________, a Schedule B must be completed and attached to
Form 1040. correct answers 1500
When using the standard mileage rate or actual expense to calculate business auto expenses,
which expense is separately deductible?
