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Exam (elaborations)

Intuit Tax Level 1 Exam questions with answers

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Intuit Tax Level 1 Exam questions with answers

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Intuit Tax Level 1 Exam questions
with answers


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.

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