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Intuit Academy Tax Level 1
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Terms in this set (335)
Below the line deductions include Standard deduction
Eligible educators can deduct up to _______ $250
of qualified expenses paid during the tax
year.
Which of the following is an ineligible Breast enhancement
medical expense for HSA, Archer MSA,
and MA MSA?
The net capital gain is taxed at _______ if the 0%
married filing jointly taxpayer income is
less than $80,800.
To claim a child as a dependent, they qualifying relative test
must meet the qualifying child test or
________________.
Ordinary dividends are taxed at the same ordinary
rate as __________ income tax rate.
Distributions from HSA, Archer MSA, or spent for qualified medical expenses of your dependent
MS MSA are non-taxable when
_________________________________________.
Which residency status is used when an Non-resident alien
individual is neither a U.S. citizen nor a
resident alien for tax purposes?
_____________ and ____________ are what taxpayers Taxable income and filing status
must know to calculate their tax amount.
For mortgages entered into after 750,000
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.
__________ reduce the amount of tax due. Tax credits
, Which form is for beneficiaries who get Form 1041
income from trusts and estates?
___________________ consists of both earned and Taxable income
unearned income that is used to calculate
the tax. It is generally less than adjusted
gross income due to the deductions.
To satisfy the Substantial Presence Test, 31
how many minimum days (in the current
year) must you be physically present in
the United States?
Complete the equation. ___________ = Selling Capital Loss or Capital Gain
Price - Purchase Price
_________________ helps sole proprietorships Schedule C
calculate the profit or loss from a
business while also providing the IRS with
your total business income and
deductions.
Above-the-Line Deduction Some of the common expenses on which Above-the-
Line deductions are available include:
Educator expenses
Early withdrawal penalties of saving accounts
Moving expenses
Business expenses
What type of deduction is a HSA HSA contributions
contribution? Self-employment tax
Alimony payments
Tuition fees
Contributions to a traditional IRA
Student loan interest deduction
Health insurance premiums
Retirement account contribution
As it applies to compensation income, the where the service is performed The general rule for sourcing wages and personal
general rule for sourcing wages and services income is controlled by where the service is performed. The residence of
personal services income is controlled by the recipient of the service, the place of contracting, and the time and place of
________________________________. payment are irrelevant.
military personnel allowances Payments received as a member of military service
Which is considered non-taxable
are generally taxed as wages except for retirement pay, which is taxed as a
income?
pension. Allowances generally aren't taxed.
______________ is used to offset income and Earned Income Tax Credit Earned Income Tax Credit is used to offset income and
payroll taxes for low-income workers and payroll taxes for low-income workers and to provide an incentive to work.
to provide an incentive to work.
Which is a non-deductible business family vacation Expenses done for personal and recreational purposes are
expense? personal expenses and are non-deductible.
What amount of upper cap is applicable $25 The upper cap of $25 is applicable on business gifts.
on business gifts?
If yearly dividend amounts exceed $1500 If yearly dividend amounts exceed $1500, a Schedule B must be completed
__________, a Schedule B must be completed and attached.
and attached to Form 1040.
five There are five filing statuses.
Single
Married Filing Jointly
The are _________ filing statuses.
Married Filing Separately
Head of Household
Qualifying Widow(er)
Intuit Academy Tax Level 1
54 studiers today 5.0 (2 reviews)
Save
Students also studied
Banking Terms and Checks: Definitio... long margin accounts Financial Analysis Exam 2 Bu
18 terms 23 terms 156 terms 70
Janice_Tang51 Preview Rylee_Wilkins6 Preview Austinmc03 Preview
Terms in this set (335)
Below the line deductions include Standard deduction
Eligible educators can deduct up to _______ $250
of qualified expenses paid during the tax
year.
Which of the following is an ineligible Breast enhancement
medical expense for HSA, Archer MSA,
and MA MSA?
The net capital gain is taxed at _______ if the 0%
married filing jointly taxpayer income is
less than $80,800.
To claim a child as a dependent, they qualifying relative test
must meet the qualifying child test or
________________.
Ordinary dividends are taxed at the same ordinary
rate as __________ income tax rate.
Distributions from HSA, Archer MSA, or spent for qualified medical expenses of your dependent
MS MSA are non-taxable when
_________________________________________.
Which residency status is used when an Non-resident alien
individual is neither a U.S. citizen nor a
resident alien for tax purposes?
_____________ and ____________ are what taxpayers Taxable income and filing status
must know to calculate their tax amount.
For mortgages entered into after 750,000
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.
__________ reduce the amount of tax due. Tax credits
, Which form is for beneficiaries who get Form 1041
income from trusts and estates?
___________________ consists of both earned and Taxable income
unearned income that is used to calculate
the tax. It is generally less than adjusted
gross income due to the deductions.
To satisfy the Substantial Presence Test, 31
how many minimum days (in the current
year) must you be physically present in
the United States?
Complete the equation. ___________ = Selling Capital Loss or Capital Gain
Price - Purchase Price
_________________ helps sole proprietorships Schedule C
calculate the profit or loss from a
business while also providing the IRS with
your total business income and
deductions.
Above-the-Line Deduction Some of the common expenses on which Above-the-
Line deductions are available include:
Educator expenses
Early withdrawal penalties of saving accounts
Moving expenses
Business expenses
What type of deduction is a HSA HSA contributions
contribution? Self-employment tax
Alimony payments
Tuition fees
Contributions to a traditional IRA
Student loan interest deduction
Health insurance premiums
Retirement account contribution
As it applies to compensation income, the where the service is performed The general rule for sourcing wages and personal
general rule for sourcing wages and services income is controlled by where the service is performed. The residence of
personal services income is controlled by the recipient of the service, the place of contracting, and the time and place of
________________________________. payment are irrelevant.
military personnel allowances Payments received as a member of military service
Which is considered non-taxable
are generally taxed as wages except for retirement pay, which is taxed as a
income?
pension. Allowances generally aren't taxed.
______________ is used to offset income and Earned Income Tax Credit Earned Income Tax Credit is used to offset income and
payroll taxes for low-income workers and payroll taxes for low-income workers and to provide an incentive to work.
to provide an incentive to work.
Which is a non-deductible business family vacation Expenses done for personal and recreational purposes are
expense? personal expenses and are non-deductible.
What amount of upper cap is applicable $25 The upper cap of $25 is applicable on business gifts.
on business gifts?
If yearly dividend amounts exceed $1500 If yearly dividend amounts exceed $1500, a Schedule B must be completed
__________, a Schedule B must be completed and attached.
and attached to Form 1040.
five There are five filing statuses.
Single
Married Filing Jointly
The are _________ filing statuses.
Married Filing Separately
Head of Household
Qualifying Widow(er)
