INTUIT ACADEMY TAX LEVEL 1 EXAM QUESTION BANK
NEWEST 2025 ACTUAL EXAM WITH COMPLETE 330+
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ | GUARANTEED PASS
John and Denise are filing return with married status. John gets pension of
$15,000 every year and has social security benefits of $10,000. Denise has interest
income on bonds of $10,250 every year. What will be the tax on John's social
security income?
Nil
Distributions from HSA, Archer MSA, or MS MSA are non-taxable when
_________________________________________.
spent for qualified medical expenses of your dependent
As it applies to compensation income, the general rule for sourcing wages and
personal services income is controlled by ________________________________.
where the service is performed The general rule for sourcing wages and personal
services income is controlled by where the service is performed. The residence
of the recipient of the service, the place of contracting, and the time and place
of payment are irrelevant.
,Which residency status is used when an individual is neither a U.S. citizen nor a
resident alien for tax purposes?
Non-resident alien
Sandeep, 70, and Mary, 67, are married. Sandeep's unmarried brother, John, lives
with them. Their daughter is a U.S. citizen who has been living and working
abroad for many years.
Based on this information, which option is correct?
Sandeep's daughter's income is subject to U.S. income tax.
Michelle has two foster children, both under 10, and her 22 year old son, who is in
college. He is a full-time student.
Do all of her children qualify as dependents?
Yes
Samson files with a single filing status on his return. His income includes a taxable
pension of $18,600, a taxable interest of $990, $9,400 wages on W-2, and a social
security income of $5,980.What percentage of his social security income will be
taxable?
50%
,The net capital gain is taxed at _______ if the married filing jointly taxpayer
income is less than $80,800.
0%
To claim a child as a dependent, they must meet the qualifying child test or
________________.
qualifying relative test
Ordinary dividends are taxed at the same rate as __________ income tax rate.
ordinary
_____________ and ____________ are what taxpayers must know to calculate
their tax amount.
Taxable income and filing status
For mortgages entered into after December 15, 2017, the amount of interest the
taxpayer can deduct is no more than ______________ of the debt used to buy,
build, or substantially improve their principal home and a second home.
750,000
, __________ reduce the amount of tax due.
Tax credits
Which form is for beneficiaries who get income from trusts and estates?
Form 1041
___________________ consists of both earned and unearned income that is used
to calculate the tax. It is generally less than adjusted gross income due to the
deductions.
Taxable income
To satisfy the Substantial Presence Test, how many minimum days (in the current
year) must you be physically present in the United States?
31
Complete the equation. ___________ = Selling Price - Purchase Price
Capital Loss or Capital Gain
NEWEST 2025 ACTUAL EXAM WITH COMPLETE 330+
QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+ | GUARANTEED PASS
John and Denise are filing return with married status. John gets pension of
$15,000 every year and has social security benefits of $10,000. Denise has interest
income on bonds of $10,250 every year. What will be the tax on John's social
security income?
Nil
Distributions from HSA, Archer MSA, or MS MSA are non-taxable when
_________________________________________.
spent for qualified medical expenses of your dependent
As it applies to compensation income, the general rule for sourcing wages and
personal services income is controlled by ________________________________.
where the service is performed The general rule for sourcing wages and personal
services income is controlled by where the service is performed. The residence
of the recipient of the service, the place of contracting, and the time and place
of payment are irrelevant.
,Which residency status is used when an individual is neither a U.S. citizen nor a
resident alien for tax purposes?
Non-resident alien
Sandeep, 70, and Mary, 67, are married. Sandeep's unmarried brother, John, lives
with them. Their daughter is a U.S. citizen who has been living and working
abroad for many years.
Based on this information, which option is correct?
Sandeep's daughter's income is subject to U.S. income tax.
Michelle has two foster children, both under 10, and her 22 year old son, who is in
college. He is a full-time student.
Do all of her children qualify as dependents?
Yes
Samson files with a single filing status on his return. His income includes a taxable
pension of $18,600, a taxable interest of $990, $9,400 wages on W-2, and a social
security income of $5,980.What percentage of his social security income will be
taxable?
50%
,The net capital gain is taxed at _______ if the married filing jointly taxpayer
income is less than $80,800.
0%
To claim a child as a dependent, they must meet the qualifying child test or
________________.
qualifying relative test
Ordinary dividends are taxed at the same rate as __________ income tax rate.
ordinary
_____________ and ____________ are what taxpayers must know to calculate
their tax amount.
Taxable income and filing status
For mortgages entered into after December 15, 2017, the amount of interest the
taxpayer can deduct is no more than ______________ of the debt used to buy,
build, or substantially improve their principal home and a second home.
750,000
, __________ reduce the amount of tax due.
Tax credits
Which form is for beneficiaries who get income from trusts and estates?
Form 1041
___________________ consists of both earned and unearned income that is used
to calculate the tax. It is generally less than adjusted gross income due to the
deductions.
Taxable income
To satisfy the Substantial Presence Test, how many minimum days (in the current
year) must you be physically present in the United States?
31
Complete the equation. ___________ = Selling Price - Purchase Price
Capital Loss or Capital Gain
