1|Page
Intuit Academy Tax Level 1 Final Exam Newest Verified
With Complete 300 Questions And Correct Detailed
Answers| Newest Exam!!!
What type of deduction is a HSA contribution? - Answers-
Above-the-Line Deduction Some of the common expenses
on which Above-the-Line deductions are available include:
Educator expenses
Early withdrawal penalties of saving accounts
Moving expenses
Business expenses
HSA contributions
Self-employment tax
Alimony payments
Tuition fees
Contributions to a traditional IRA
Student loan interest deduction
Health insurance premiums
Retirement account contribution
,2|Page
As it applies to compensation income, the general rule for
sourcing wages and personal services income is
controlled by ________________________________. -
Answers-where the service is performed The general rule
for sourcing wages and personal services income is
controlled by where the service is performed. The
residence of the recipient of the service, the place of
contracting, and the time and place of payment are
irrelevant.
Which is considered non-taxable income? - Answers-
military personnel allowances Payments received as a
member of military service are generally taxed as wages
except for retirement pay, which is taxed as a pension.
Allowances generally aren't taxed.
______________ is used to offset income and payroll
taxes for low-income workers and to provide an incentive
to work. - Answers-Earned Income Tax Credit Earned
Income Tax Credit is used to offset income and payroll
taxes for low-income workers and to provide an incentive
to work.
Which is a non-deductible business expense? - Answers-
family vacation Expenses done for personal and
,3|Page
recreational purposes are personal expenses and are non-
deductible.
What amount of upper cap is applicable on business gifts?
- Answers-$25 The upper cap of $25 is applicable on
business gifts.
If yearly dividend amounts exceed __________, a
Schedule B must be completed and attached to Form
1040. - Answers-$1500 If yearly dividend amounts exceed
$1500, a Schedule B must be completed and attached.
The are _________ filing statuses. - Answers-five There
are five filing statuses.
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er)
Taxpayers can claim a Child Tax Credit of up to
__________ for each child under age 17 in 2021(2022). -
, 4|Page
Answers-$3,600.00 Taxpayers can claim a CTC of up to
$3,600 for each child under age 17 in 2021(2022). Since
2021, qualifying families may now receive up to $3,600
per child under the age of 5 and $3,000 for those ages 6
to 17. That's up from $2,000 per child, provided families
fall under certain income thresholds (less than $150,000
for couples and $112,500 for single parents).
______________ includes supplemental income and loss.
- Answers-Schedule E includes supplemental income and
loss
Supplemental Income and Loss consists of:
Income or Loss from Rental Real Estate and Royalties
Income or Loss from Partnerships and S Corporations
Income or Loss from Estates and Trusts, and
Income or Loss from Real Estate Mortgage Investment
Conduits (REMICs)
Payments and refundable credits are listed between what
lines on Form 1040? - Answers-Lines 25 through 30 are
payments and refundable credits.
Intuit Academy Tax Level 1 Final Exam Newest Verified
With Complete 300 Questions And Correct Detailed
Answers| Newest Exam!!!
What type of deduction is a HSA contribution? - Answers-
Above-the-Line Deduction Some of the common expenses
on which Above-the-Line deductions are available include:
Educator expenses
Early withdrawal penalties of saving accounts
Moving expenses
Business expenses
HSA contributions
Self-employment tax
Alimony payments
Tuition fees
Contributions to a traditional IRA
Student loan interest deduction
Health insurance premiums
Retirement account contribution
,2|Page
As it applies to compensation income, the general rule for
sourcing wages and personal services income is
controlled by ________________________________. -
Answers-where the service is performed The general rule
for sourcing wages and personal services income is
controlled by where the service is performed. The
residence of the recipient of the service, the place of
contracting, and the time and place of payment are
irrelevant.
Which is considered non-taxable income? - Answers-
military personnel allowances Payments received as a
member of military service are generally taxed as wages
except for retirement pay, which is taxed as a pension.
Allowances generally aren't taxed.
______________ is used to offset income and payroll
taxes for low-income workers and to provide an incentive
to work. - Answers-Earned Income Tax Credit Earned
Income Tax Credit is used to offset income and payroll
taxes for low-income workers and to provide an incentive
to work.
Which is a non-deductible business expense? - Answers-
family vacation Expenses done for personal and
,3|Page
recreational purposes are personal expenses and are non-
deductible.
What amount of upper cap is applicable on business gifts?
- Answers-$25 The upper cap of $25 is applicable on
business gifts.
If yearly dividend amounts exceed __________, a
Schedule B must be completed and attached to Form
1040. - Answers-$1500 If yearly dividend amounts exceed
$1500, a Schedule B must be completed and attached.
The are _________ filing statuses. - Answers-five There
are five filing statuses.
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er)
Taxpayers can claim a Child Tax Credit of up to
__________ for each child under age 17 in 2021(2022). -
, 4|Page
Answers-$3,600.00 Taxpayers can claim a CTC of up to
$3,600 for each child under age 17 in 2021(2022). Since
2021, qualifying families may now receive up to $3,600
per child under the age of 5 and $3,000 for those ages 6
to 17. That's up from $2,000 per child, provided families
fall under certain income thresholds (less than $150,000
for couples and $112,500 for single parents).
______________ includes supplemental income and loss.
- Answers-Schedule E includes supplemental income and
loss
Supplemental Income and Loss consists of:
Income or Loss from Rental Real Estate and Royalties
Income or Loss from Partnerships and S Corporations
Income or Loss from Estates and Trusts, and
Income or Loss from Real Estate Mortgage Investment
Conduits (REMICs)
Payments and refundable credits are listed between what
lines on Form 1040? - Answers-Lines 25 through 30 are
payments and refundable credits.
