INTUIT PRACTICE EXAM (TAX) QUESTIONS
WITH 100% CORRECT ANSWERS!!
Taxpayer A and Taxpayer B met in early December through an online app and
decided to get married on December 31, 2021.What is an acceptable filing
status? Answer - Yes/True. Married Filing Jointly Yes/True. Married Filing
Separately
A taxpayer needs assistance in determining their residency status for the
current year The taxpayer is not a U.S. citizen but is treated as a resident alien
for tax purposes. Is this statement true? Answer - Yes/True. Since the taxpayer
met the substantial presence test, they would be considered a resident for the
current year. Yes/True. Since the taxpayer met the green card test, they would
be considered a resident for the current year.
Josephine is a Canadian citizen and resident. She is not a US citizen, but was
physically present in the USA for 170 days in the current year. She was in the
USA for 30 days and 60 days in each of the previous two years. Will Josephine
be considered a citizen or resident of the USA when applying the substantial
presence test in the current year? Answer - Yes/True. She will qualify as she
meets the substantial presence test with 190 days when applying the formula.
Is this a test that individual must satisfy to be considered a qualifying child of a
taxpayer? Answer - Yes/True. Relationship test Yes/True. Support test
, In the following scenario, is Form 1040 required to be filed for 2022? Answer -
Yes/True. Taxpayer is single, has income of $6,000 and $300 of federal income
taxes withheld. They want to claim the refund.
Yes/True. Taxpayer is married filing jointly. Taxpayer has $80,000 in earned
income and spouse has net profits of $40,000 from their sole proprietorship.
Is the following statement correct about Form W-2? Answer - Yes/True. Box 1
provides the total of how much you were paid in wages, tips, and other
compensation.
Is the following statement correct when calculating the individual federal
income tax formula? Answer - Yes/True. Taxpayers subtract Above Line
Deductions from Gross Income to determine Adjusted Gross Income. Yes/True.
Taxpayers subtract Qualified Business Income from Adjusted Gross Income to
determine Taxable Income.
Taxpayer A is a student athlete in high school. They are being recruited by
colleges to play soccer at a Division I school and are popular on several social
media platforms. Taxpayer A provides social media advertisements for several
businesses in the local area. Below is additional information for their current
year. *Taken as a dependent on their parent's tax return
*Earned income of $7,500 for social media advertisements for local car
dealership, restaurant, auto body shop and hair salon
*Has $1,000 of business expenses related to the social media advertisements
Is the following true about this scenario? Answer - Yes/True. The taxpayer will
need to file Schedule C in their tax return. Yes/True. The taxpayer will have to
pay self-employment tax.
You are a 30 year old engineer working full-time. For the tax year 2022, you
received the following: *$35,000 Salary on W-2 *$500 Dividend Income *$200
Tax Exempt Interest Income *$1,000 Municipal Bond Interest Income *Paid
WITH 100% CORRECT ANSWERS!!
Taxpayer A and Taxpayer B met in early December through an online app and
decided to get married on December 31, 2021.What is an acceptable filing
status? Answer - Yes/True. Married Filing Jointly Yes/True. Married Filing
Separately
A taxpayer needs assistance in determining their residency status for the
current year The taxpayer is not a U.S. citizen but is treated as a resident alien
for tax purposes. Is this statement true? Answer - Yes/True. Since the taxpayer
met the substantial presence test, they would be considered a resident for the
current year. Yes/True. Since the taxpayer met the green card test, they would
be considered a resident for the current year.
Josephine is a Canadian citizen and resident. She is not a US citizen, but was
physically present in the USA for 170 days in the current year. She was in the
USA for 30 days and 60 days in each of the previous two years. Will Josephine
be considered a citizen or resident of the USA when applying the substantial
presence test in the current year? Answer - Yes/True. She will qualify as she
meets the substantial presence test with 190 days when applying the formula.
Is this a test that individual must satisfy to be considered a qualifying child of a
taxpayer? Answer - Yes/True. Relationship test Yes/True. Support test
, In the following scenario, is Form 1040 required to be filed for 2022? Answer -
Yes/True. Taxpayer is single, has income of $6,000 and $300 of federal income
taxes withheld. They want to claim the refund.
Yes/True. Taxpayer is married filing jointly. Taxpayer has $80,000 in earned
income and spouse has net profits of $40,000 from their sole proprietorship.
Is the following statement correct about Form W-2? Answer - Yes/True. Box 1
provides the total of how much you were paid in wages, tips, and other
compensation.
Is the following statement correct when calculating the individual federal
income tax formula? Answer - Yes/True. Taxpayers subtract Above Line
Deductions from Gross Income to determine Adjusted Gross Income. Yes/True.
Taxpayers subtract Qualified Business Income from Adjusted Gross Income to
determine Taxable Income.
Taxpayer A is a student athlete in high school. They are being recruited by
colleges to play soccer at a Division I school and are popular on several social
media platforms. Taxpayer A provides social media advertisements for several
businesses in the local area. Below is additional information for their current
year. *Taken as a dependent on their parent's tax return
*Earned income of $7,500 for social media advertisements for local car
dealership, restaurant, auto body shop and hair salon
*Has $1,000 of business expenses related to the social media advertisements
Is the following true about this scenario? Answer - Yes/True. The taxpayer will
need to file Schedule C in their tax return. Yes/True. The taxpayer will have to
pay self-employment tax.
You are a 30 year old engineer working full-time. For the tax year 2022, you
received the following: *$35,000 Salary on W-2 *$500 Dividend Income *$200
Tax Exempt Interest Income *$1,000 Municipal Bond Interest Income *Paid