INTUIT TAX LEVEL 1 FINAL PAPER EXAM QUESTIONS ACCURATE ANSWERS FULL
SOLUTION
●● All other filing status': Social Security Tax. Answer: Below $25,000 -
No tax
$25k-$34k - 50%
$34k+ - 85%
●● States that tax social security income. Answer: Colorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
●● Non-deductible Expenses. Answer: 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. Answer: 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?. Answer: False
●● Can you amend your tax return from married filing jointly to married
filing separately?. Answer:
SOLUTION
●● All other filing status': Social Security Tax. Answer: Below $25,000 -
No tax
$25k-$34k - 50%
$34k+ - 85%
●● States that tax social security income. Answer: Colorado
CT
Kansas
Minnesota
Montana
New Mexico
RI
Utah
Vermont
WV
●● Non-deductible Expenses. Answer: 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. Answer: 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?. Answer: False
●● Can you amend your tax return from married filing jointly to married
filing separately?. Answer: