Intuit Tax Level 1 Examw with questions and well
researched 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.
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
researched 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.
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
