Intuit Tax 1 EXAM WITH CORRECT |\ |\ |\ |\ |\ |\
ANSWERS
The are _________ filing statuses. - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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. - CORRECT ANSWERS ✔✔one-
|\ |\ |\ |\ |\ |\ |\ |\
half
, Which is considered an adjustment to Gross Income?
|\ |\ |\ |\ |\ |\ |\
Moving Expense |\
Employee Wages |\
Municipal bond interest |\ |\
Workers' compensation payments received as compensation for personal
|\ |\ |\ |\ |\ |\ |\ |\
injury or sickness - CORRECT ANSWERS ✔✔Moving Expense
|\ |\ |\ |\ |\ |\ |\
short-gains - CORRECT ANSWERS ✔✔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. - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔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? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔31 days |\ |\ |\
Which is not a common tax credit? - CORRECT ANSWERS ✔✔American
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Family Credit|\
Which is not considered a gambling winning? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔games of chance |\ |\
ANSWERS
The are _________ filing statuses. - CORRECT ANSWERS ✔✔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 - CORRECT ANSWERS ✔✔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. - CORRECT ANSWERS ✔✔one-
|\ |\ |\ |\ |\ |\ |\ |\
half
, Which is considered an adjustment to Gross Income?
|\ |\ |\ |\ |\ |\ |\
Moving Expense |\
Employee Wages |\
Municipal bond interest |\ |\
Workers' compensation payments received as compensation for personal
|\ |\ |\ |\ |\ |\ |\ |\
injury or sickness - CORRECT ANSWERS ✔✔Moving Expense
|\ |\ |\ |\ |\ |\ |\
short-gains - CORRECT ANSWERS ✔✔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. - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔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? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔31 days |\ |\ |\
Which is not a common tax credit? - CORRECT ANSWERS ✔✔American
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Family Credit|\
Which is not considered a gambling winning? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔games of chance |\ |\
