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Intuit Tax 1 Practice Exam questions and answers. The are _________ filing statuses. - n ANS ✔ Five. Single Married Filing Jointly Married Filing Separately Head of Household Qualifying Widow(er) Qs Which is a non-deductible business expense? investments made in your business costs of goods sold family vacation employees' pay - n ANS ✔ family vacation Qs 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. - n ANS ✔ one-half Qs Which is considered an adjustment to Gross Income? Moving Expense Employee Wages Municipal bond interest
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The are _________ filing statuses. - n ANS ✔ Five. Single Married Filing Jointly Married Filing Separately Head of Household Qualifying Widow(er) Qs Which is a non-deductible business expense? investments made in your business costs of goods sold family vacation employees' pay - n ANS ✔ family vacation Qs
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.
Qs Taxable interest is reported on - n ANS ✔ Form 1099-INT Qs Distributions from HSA, Archer MSA, or MS MSA are non-taxable when _________________________________________. - n ANS ✔ spent for qualified medical expenses of your dependent Qs _____________ and ____________ are what taxpayers must know to calculate their tax amount.
Qs What is on Line 2b of Form 1040? - n ANS ✔ Taxable Interest Line 2b includes taxable interest. This line consists of the taxable interest earned from savings accounts, personal lo Ans , 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. Qs Which residency status is used when an individual is neither a U.S. citizen nor a resident alien for tax purposes? - n ANS ✔ nonresident alien for any period that you're neither a U.S. citizen nor a resident alien for tax purposes. Qs What type of deduction is a HSA contribution? - n ANS ✔ Above-the-Line Deduction Qs 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. - n ANS ✔ $750,
Toll charges and parking fees are separately deductible irrespective of the fact whether you use standard mileage rate or actual expense. Qs __________ reduce the amount of tax due. - n ANS ✔ Tax credits Qs Which is considered non-taxable income? clergy fees received for marriage services performed volunteer leave allowance employee fringe benefits military personnel allowances - n ANS ✔ military personnel allowances Qs To claim a child as a dependent, they must meet the qualifying child test or ________________. - n ANS ✔ qualifying relative test Qs Payments and refundable credits are listed between what lines on Form 1040? - n
Lines 25 - 30 lines 25-30 are refundable credits Qs Being an international entity is not a requirement for S-Corporation election. Being a domestic entity Having no more than 100 shareholders Being an international entity Having only one class of stock - n ANS ✔ Being an international entity Qs What schedule splits partnership income so that every partner is taxed at an individual income tax rate instead of the corporate tax rate. - n ANS ✔ Schedule K- Qs Which is not a nonrefundable tax credit? (Select all that apply) Adoption Credit American Opportunity Tax Credit Child Tax Credit/Credit for Other Dependents
located listed - n ANS ✔ located Qs _______________ is used to set limits to various items such as retirement contributions, certain deductions, and credits. - n ANS ✔ Adjusted Gross Income (AGI) Qs There are ________ types of Social Security trust funds. one two three four - n ANS ✔ Two Old-Age and Survivors Insurance (OASI) trust fund, and the Disability Insurance (DI) trust fund. Qs ________________ generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.
Individuals State and local Corporations National governments - n ANS ✔ Corporations Qs The net capital gain is taxed at _______ if the married filing jointly taxpayer income is less than $80,800. 0% 15% 25% - n ANS ✔ 0% Qs Eligible educators can deduct up to _______ of qualified expenses paid during the tax year. $ $ $ $450 - n ANS ✔ $
As it applies to compensation income, the general rule for sourcing wages and personal services income is controlled by ________________________________. - n ANS ✔ where the service is performed Qs _________________ helps sole proprietorships calculate the profit or loss from a business while also providing the IRS with your total business income and deductions. Schedule K- Schedule A Schedule B Schedule C - n ANS ✔ Schedule C Qs ______________ includes supplemental income and loss. Schedule D Schedule 1 Schedule E - n ANS ✔ Schedule D Qs Taxpayers must file Form 1116 to claim the foreign tax credit when the foreign tax paid is more than ____________ for Married Filing Jointly. - n
Qs A partnership files a tax return on ______________. - n ANS ✔ Form 1065 Qs
