Intuit Tax 1 exam questions with
answers
The are _________ filing statuses. - CORRECT ANSWERS
✔✔Five.
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er)
Which is a non-deductible business expense?
investments made in your business
costs of goods sold
family vacation
employees' pay - CORRECT ANSWERS ✔✔family vacation
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. - CORRECT ANSWERS ✔✔one-half
Which is considered an adjustment to Gross Income?
Moving Expense
Employee Wages
Municipal bond interest
Workers' compensation payments received as
compensation for personal injury or sickness - CORRECT
ANSWERS ✔✔Moving Expense
short-gains - CORRECT ANSWERS ✔✔gains on assets that
you have held for one year or less.
______________ is used to offset income and payroll taxes
for low-income workers and to provide an incentive to
work. - CORRECT ANSWERS ✔✔Earned Income Tax Credi
To satisfy the Substantial Presence Test, how many
minimum days (in the current year) must you be
physically present in the United States? - CORRECT
ANSWERS ✔✔31 days
answers
The are _________ filing statuses. - CORRECT ANSWERS
✔✔Five.
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er)
Which is a non-deductible business expense?
investments made in your business
costs of goods sold
family vacation
employees' pay - CORRECT ANSWERS ✔✔family vacation
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. - CORRECT ANSWERS ✔✔one-half
Which is considered an adjustment to Gross Income?
Moving Expense
Employee Wages
Municipal bond interest
Workers' compensation payments received as
compensation for personal injury or sickness - CORRECT
ANSWERS ✔✔Moving Expense
short-gains - CORRECT ANSWERS ✔✔gains on assets that
you have held for one year or less.
______________ is used to offset income and payroll taxes
for low-income workers and to provide an incentive to
work. - CORRECT ANSWERS ✔✔Earned Income Tax Credi
To satisfy the Substantial Presence Test, how many
minimum days (in the current year) must you be
physically present in the United States? - CORRECT
ANSWERS ✔✔31 days
