DETAILED ANSWERS|LATEST
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
The are _________ filing statuses. - ANSWER 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 - ANSWER 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. - ANSWER one-half
Which is considered an adjustment to Gross Income?
Moving Expense
1
, Employee Wages
Municipal bond interest
Workers' compensation payments received as compensation for personal injury or sickness -
ANSWER Moving Expense
short-gains - ANSWER 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. - ANSWER 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? - ANSWER 31 days
Which is not a common tax credit? - ANSWER American Family Credit
Which is not considered a gambling winning? - ANSWER games of chance
Ordinary dividends are taxed at the same rate as __________ income tax rate. -
ANSWER ordinary
Social Security benefits can be taxed to a maximum of ___________% based on the
beneficiary's annual income - ANSWER 85
Taxable interest is reported on - ANSWER Form 1099-INT
Distributions from HSA, Archer MSA, or MS MSA are non-taxable when
_________________________________________. - ANSWER spent for qualified
medical expenses of your dependent
2
UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
The are _________ filing statuses. - ANSWER 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 - ANSWER 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. - ANSWER one-half
Which is considered an adjustment to Gross Income?
Moving Expense
1
, Employee Wages
Municipal bond interest
Workers' compensation payments received as compensation for personal injury or sickness -
ANSWER Moving Expense
short-gains - ANSWER 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. - ANSWER 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? - ANSWER 31 days
Which is not a common tax credit? - ANSWER American Family Credit
Which is not considered a gambling winning? - ANSWER games of chance
Ordinary dividends are taxed at the same rate as __________ income tax rate. -
ANSWER ordinary
Social Security benefits can be taxed to a maximum of ___________% based on the
beneficiary's annual income - ANSWER 85
Taxable interest is reported on - ANSWER Form 1099-INT
Distributions from HSA, Archer MSA, or MS MSA are non-taxable when
_________________________________________. - ANSWER spent for qualified
medical expenses of your dependent
2
