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HR Block (TKA Exam Prep) |
Comprehensive Key Questions With
Answers
IRC-correct-answer-Internal Revenue Code
Standard Deduction-correct-answer-Set by statute. Included in calculating the
Below-the-Line deductions (for Taxable Income). Alternative is Itemized Deduction
Itemized Deduction-correct-answer-Sum of allowable deductions in calculating
the Below-the-Line deductions (for Taxable Income). Alternative is Standard
Deduction
Tax Rate (Individuals) - Ordinary Income-correct-answer-10% - 37%
Tax Rate (Individuals) - Net Gains / Qualified Dividends-correct-answer-0% - 20%
(sometimes) 20% - 28% (usually)
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Alternative Minimum Tax Rate-correct-answer-26% - 28%
Capital Gains-correct-answer-Profit (or Loss) from the sale of property or
investments (preferential tax rate compared to Ordinary Income)
Adjusted Gross Income (AGI)-correct-answer-Gross Income - Deductions
Taxable Income-correct-answer-AGI - (Larger of Standard or Itemized Deduction)
Internal Revenue Bulletin-correct-answer-The IRS's weekly publication containing
revenue rulings and revenue procedures.
§ 7805-correct-answer-Authorized the Secretary of the Treasury or their delegate
to prescribe all rules and regulations
Internal Revenue Service (IRS)-correct-answer-A bureau under the Department of
Treasury who issues administrative interpretations of the Code
HR Block (TKA Exam Prep) |
Comprehensive Key Questions With
Answers
IRC-correct-answer-Internal Revenue Code
Standard Deduction-correct-answer-Set by statute. Included in calculating the
Below-the-Line deductions (for Taxable Income). Alternative is Itemized Deduction
Itemized Deduction-correct-answer-Sum of allowable deductions in calculating
the Below-the-Line deductions (for Taxable Income). Alternative is Standard
Deduction
Tax Rate (Individuals) - Ordinary Income-correct-answer-10% - 37%
Tax Rate (Individuals) - Net Gains / Qualified Dividends-correct-answer-0% - 20%
(sometimes) 20% - 28% (usually)
, 2|Page
Alternative Minimum Tax Rate-correct-answer-26% - 28%
Capital Gains-correct-answer-Profit (or Loss) from the sale of property or
investments (preferential tax rate compared to Ordinary Income)
Adjusted Gross Income (AGI)-correct-answer-Gross Income - Deductions
Taxable Income-correct-answer-AGI - (Larger of Standard or Itemized Deduction)
Internal Revenue Bulletin-correct-answer-The IRS's weekly publication containing
revenue rulings and revenue procedures.
§ 7805-correct-answer-Authorized the Secretary of the Treasury or their delegate
to prescribe all rules and regulations
Internal Revenue Service (IRS)-correct-answer-A bureau under the Department of
Treasury who issues administrative interpretations of the Code
