Taxpro Basic Income Tax Quiz! Trivia
(55).jpg "Taxpro Basic Income Tax Quiz! Trivia")
- 1.What is Adjusted Gross Income?
- A.
Your after-tax income
- B.
Your taxable income after deductions
- C.
Your taxable income before deductions
- D.
None of the above
- 2.Which of the following is NOT an itemized deduction?
- A.
The cost of utilities such as gas and water
- B.
Medical Expenses
- C.
Real Estate Taxes
- D.
Church Donations
- 3.Which of the following is NOT a reason to file an amendment?
- A.
You want to choose a different preparer
- B.
You chose the wrong filing status
- C.
You forgot to add a dependent
- D.
You did not include a taxable source of income (W2, interest,etc)
- 4.Which form does your employer need to know about your tax-related allowance information?
- A.
W-2
- B.
W-4
- C.
W-10
- D.
1099-G
- 5.A taxpayer is considered Single if, on the last day of the tax year, the taxpayer was either:
- A.
Never Married
- B.
Legally Separated or Divorced
- C.
Spouse decides to file separate return
- D.
Both A&B
- 6.Taxable income is any income that is subject to federal income tax. All taxable income must be reported on a tax return unless the amount is so small that the individual is not required to file a return. Most employment compensation is taxable, including
- A.
Tips and compensation for personal services
- B.
Wages and Salaries
- C.
Bonuses and Commissions
- D.
All of the above
- 7.Self Employment income or losses are reported on which form?
- A.
Schedule C-EZ , Net Profit or Loss from Business
- B.
Schedule C, Net Profit or Loss from business
- C.
Either A or B
- D.
None of the above
- 8.The standard deduction can be taken on Forms.
- A.
1040
- B.
1040EZ
- C.
1040A
- D.
All of the above
- 9.For purposed of the Earned Income Credit, a taxpayer has a qualifying child if the child meets certain tests including
- A.
Relationship & Residency Test
- B.
School Test
- C.
Spousal Support Test
- D.
Luxury Car Test
- 10.To meet the Earned Income Credit Age Test, the child must be:
- A.
Under Age 19 at the end of the year
- B.
Full Time Student under age 24 at the end of the year
- C.
Permanently and totally disabled regardless of age
- D.
All of the above
- 11.To qualify for the American Opportunity or Lifetime Learning Credit, a taxpayer must have paid higher education expenses that qualify as tuition and related expenses. Tuition expense are tuition and fees required for enrollment or attendance at an eligible educational institution. Related expensed can include fee for
- A.
Course related books
- B.
Course related supplies and equipment
- C.
Student activity fees
- D.
All of the above
- 12.Dependency exemptions involve individuals other than the taxpayer or spouse. A dependent is a person other than the taxpayer or spouse who entitles the taxpayer to claim a dependency exemption. Some examples of dependents include:
- A.
Child, Stepchild, Brother, Sister, Family Friend
- B.
Child, Stepchild, Brother, Sister, Parent
- C.
Child, Stepchild, Brother, Sister, Bingo Buddy
- D.
Child, Stepchild, Brother, Sister, Long-Time Pet
- 13.To meet the Support Test:
- A.
A child cannot have provided more than 20% of his or her own support during the tax year
- B.
A child cannot have provided more than 45% of his or her own support during the tax year
- C.
A child cannot have provided more than 50% of his or her own support during the tax year
- D.
All of the above
- 14.A non-refundable credit is a credit in which taxpayers receive a credit in the form of a payment.
- A.
True
- B.
False
- 15.Federal income tax withheld is reported to the taxpayer on:
- A.
Forms W2
- B.
Forms 1099-INT
- C.
Form 1099-R
- D.
All of the above
- 16.Certain government payments, such as unemployment and state tax refunds, are reported on Form:
- A.
W2
- B.
1099 MISC
- C.
W2-G
- D.
1099-G
- 17.Taxpayers who bought their own health care policy under the Affordable Care Act requirements may be eligible for a tax credit. It's known as:
- A.
Medical Insurance Credit
- B.
Obamacare Assistance Credit
- C.
Premium Tax Credit
- D.
Marketplace subsidy
- 18.If you have health insurance through your employer, you still need to enroll in health insurance provided by the government.
- A.
True
- B.
False
- 19.What is the website to the IRS?
- A.
Www.irs.gov
- B.
Www.taxes.irs.com
- C.
Www.taxes.com
- D.
Www.irs.taxes.gov
- 20.A taxpayer with no earned income can still qualify for earned income credit.
- A.
True
- B.
False
- 21.Bob is 27 years old. No one can claim him as a dependent. His gross income was $17,000 during the tax year. Based only on this information, should Bob file a tax return.
- A.
Yes
- B.
No
- C.
Bob is not required to file a tax return
- 22.Please explain your answer from Question 22 (Whether Bob should/should not file a tax return)
- 23.What is the personal exemption amount for 2014?
- A.
$3500
- B.
$4000
- C.
$3950
- D.
$6,200
- 24.Freda, who is a clerk, received Form W-2, reporting federal income tax withholding of $1,000. She also received Form 1099-INT from her bank, which reflected federal income tax withholding of $50. The correct total withholding to report on her return is
- A.
$1000
- B.
$1050
- C.
$50
- D.
Not required to report withholding
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