INTUIT ACADEMY TAX LEVEL 1 EXAM ALL 400
FINAL PAPER COMPLETE QUESTIONS AND
ANSWERS VERIFIED PREPARATION
◉ 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
FINAL PAPER COMPLETE QUESTIONS AND
ANSWERS VERIFIED PREPARATION
◉ 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