TEST BANK
FULL TESTBANK | RATED GRADE A|MULTICHOICES | DETAILED
RATIONALES|LATEST UPDATE| GUARANTEED PASS| 100% PASS
Intuit Academy Tax Preparation Certification Exam Q&A
,ALL QUESTIONS AND ANSWERS
Schedule A
ANSWER-itemized deductions
Schedule B
-ANSWER-Interest and Dividend Income
Schedule C
-ANSWER-Profit or Loss from Business (Sole Proprietorship)
Schedule D
-ANSWER-Capital Gains and Losses
Schedule E
-ANSWER-Supplemental Income and Loss
Schedule EIC
-ANSWER-Earned Income Credit
Schedule F
,-ANSWER-Profit or Loss From Farming
Schedule H
-ANSWER-Household Employment Taxes
Schedule J
-ANSWER-Income Averaging for Farmers and Fishermen
Schedule R
-ANSWER-Credit for the Elderly or the Disabled
Schedule SE
-ANSWER-Self-Employment Tax
Schedule 8812
-ANSWER-Credits for Qualifying Children and Other Dependents
, 1.
A client wants to know which income is taxable. Which source
should the tax preparer include in taxable income?
a. Child support received
b. Social Security benefits (fully taxable for some)
c. Gifts from relatives
d. Life insurance proceeds from a parent’s death
Correct Answer: b. Social Security benefits (fully taxable for
some)
Rationale:
Social Security benefits can be partially or fully taxable
depending on total income. Other options are generally non-
taxable.
DIF: Application OBJ: Identify taxable income TOP: Income /
Taxation
2.
A taxpayer wants to reduce taxable income. Which action is
allowed?
a. Deducting personal commuting costs
b. Claiming student loan interest
c. Deducting gym membership
d. Deducting personal vacation expenses
FULL TESTBANK | RATED GRADE A|MULTICHOICES | DETAILED
RATIONALES|LATEST UPDATE| GUARANTEED PASS| 100% PASS
Intuit Academy Tax Preparation Certification Exam Q&A
,ALL QUESTIONS AND ANSWERS
Schedule A
ANSWER-itemized deductions
Schedule B
-ANSWER-Interest and Dividend Income
Schedule C
-ANSWER-Profit or Loss from Business (Sole Proprietorship)
Schedule D
-ANSWER-Capital Gains and Losses
Schedule E
-ANSWER-Supplemental Income and Loss
Schedule EIC
-ANSWER-Earned Income Credit
Schedule F
,-ANSWER-Profit or Loss From Farming
Schedule H
-ANSWER-Household Employment Taxes
Schedule J
-ANSWER-Income Averaging for Farmers and Fishermen
Schedule R
-ANSWER-Credit for the Elderly or the Disabled
Schedule SE
-ANSWER-Self-Employment Tax
Schedule 8812
-ANSWER-Credits for Qualifying Children and Other Dependents
, 1.
A client wants to know which income is taxable. Which source
should the tax preparer include in taxable income?
a. Child support received
b. Social Security benefits (fully taxable for some)
c. Gifts from relatives
d. Life insurance proceeds from a parent’s death
Correct Answer: b. Social Security benefits (fully taxable for
some)
Rationale:
Social Security benefits can be partially or fully taxable
depending on total income. Other options are generally non-
taxable.
DIF: Application OBJ: Identify taxable income TOP: Income /
Taxation
2.
A taxpayer wants to reduce taxable income. Which action is
allowed?
a. Deducting personal commuting costs
b. Claiming student loan interest
c. Deducting gym membership
d. Deducting personal vacation expenses
