Intuit Tax Level 1 Exam || with Complete Solutions.
Married Filing Jointly: Social Security Taxes correct answers Below $32,000 - No tax
$32k -$44k - 50%
$44k + - 85%
All other filing status': Social Security Tax correct answers Below $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
States that tax social security income correct answers Colorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
Non-deductible Expenses correct answers Federal income
Social Security
Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
State & local income AND sales taxes
All real estate taxes that year if sold home
Nontaxable Income correct answers child support payments, welfare benefits, cash rebates,
damage awards for personal injury or sickness, gifts, alimony for divorce after 2018, healthcare
benefits, money reimbursed from qualifying adoptions, life insurance policy when someone dies,
money from a qualified scholarship except if spent on rent, personal expenses.
Is Gofund me taxable? correct answers False
Can you amend your tax return from married filing jointly to married filing separately? correct
answers
Are guaranteed payments considered wages in Box 1 on 1040? correct answers The payments
are recorded on schedule k-1 and included as income on schedule E of their form 1040
, Form 8812 correct answers Additional Child Tax Credit
Form 1040 correct answers The standard Internal Revenue Service (IRS) form that individuals
use to file their annual income tax returns.
Form 1116 correct answers Foreign Tax Credit (Individual, Estate or Trust)
Form 2241 correct answers Child and dependent care expenses
Form 5695 correct answers Residential Energy Credits
Form 8862 correct answers Information To Claim Earned Income Credit
After Disallowance
Form 2210 correct answers Underpayment of Estimated Tax by Individuals, Estates, and Trusts
Form 1040 X correct answers Amended U.S. Individual Income Tax Return
Form 1040-SR correct answers U.S. Tax Return for Seniors
Form 1040-NR correct answers nonresident alien
Form 1040 (Schedule C) correct answers Used to report income or (loss) from a business
operated or a profession practiced as a sole proprietor
Schedule B correct answers Interest and Ordinary Dividends
Schedule SE correct answers Form used to calculate self-employment tax.
Schedule EIC Form correct answers Earned income credit
Schedule E correct answers Supplemental income and loss ( rent, royalty, and pass through
income from Forms 1065, 1120S and 1041)
Schedule D correct answers Capital Gains and Losses
Schedule F correct answers Profit or Loss From Farming
Schedule 1 correct answers additional income and adjustments to income
Alimony
Self employment tax
IRA
Schedule 2 correct answers additional taxes
Married Filing Jointly: Social Security Taxes correct answers Below $32,000 - No tax
$32k -$44k - 50%
$44k + - 85%
All other filing status': Social Security Tax correct answers Below $25,000 - No tax
$25k-$34k - 50%
$34k+ - 85%
States that tax social security income correct answers Colorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
Non-deductible Expenses correct answers Federal income
Social Security
Medicare
Federal unemployment
Railroad retirement
Custom duties
Federal estate & gift taxes
Gasoline, car, property improvements, license fee taxes
Foreign personal or real property taxes
State & local income AND sales taxes
All real estate taxes that year if sold home
Nontaxable Income correct answers child support payments, welfare benefits, cash rebates,
damage awards for personal injury or sickness, gifts, alimony for divorce after 2018, healthcare
benefits, money reimbursed from qualifying adoptions, life insurance policy when someone dies,
money from a qualified scholarship except if spent on rent, personal expenses.
Is Gofund me taxable? correct answers False
Can you amend your tax return from married filing jointly to married filing separately? correct
answers
Are guaranteed payments considered wages in Box 1 on 1040? correct answers The payments
are recorded on schedule k-1 and included as income on schedule E of their form 1040
, Form 8812 correct answers Additional Child Tax Credit
Form 1040 correct answers The standard Internal Revenue Service (IRS) form that individuals
use to file their annual income tax returns.
Form 1116 correct answers Foreign Tax Credit (Individual, Estate or Trust)
Form 2241 correct answers Child and dependent care expenses
Form 5695 correct answers Residential Energy Credits
Form 8862 correct answers Information To Claim Earned Income Credit
After Disallowance
Form 2210 correct answers Underpayment of Estimated Tax by Individuals, Estates, and Trusts
Form 1040 X correct answers Amended U.S. Individual Income Tax Return
Form 1040-SR correct answers U.S. Tax Return for Seniors
Form 1040-NR correct answers nonresident alien
Form 1040 (Schedule C) correct answers Used to report income or (loss) from a business
operated or a profession practiced as a sole proprietor
Schedule B correct answers Interest and Ordinary Dividends
Schedule SE correct answers Form used to calculate self-employment tax.
Schedule EIC Form correct answers Earned income credit
Schedule E correct answers Supplemental income and loss ( rent, royalty, and pass through
income from Forms 1065, 1120S and 1041)
Schedule D correct answers Capital Gains and Losses
Schedule F correct answers Profit or Loss From Farming
Schedule 1 correct answers additional income and adjustments to income
Alimony
Self employment tax
IRA
Schedule 2 correct answers additional taxes
