Intuitl Academyl Taxl Examl Latestl 2026l

Intuitl Academyl Taxl Examl (Latestl 2026/l 2027l Update)l Prep|l 100%l Verifiedl Questionsl &l Answersl |l Gradel A

Q:l Isl thel followingl statementl correctl whenl calculatingl thel individuall federall incomel taxl formula?

Answer:

Yes/True.l Taxpayersl subtractl Abovel Linel Deductionsl froml Grossl Incomel tol determinel Adjustedl Grossl Income.l Yes/True.l Taxpayersl subtractl Qualifiedl Businessl Incomel froml Adjustedl Grossl Incomel tol determinel Taxablel Income.

Q:l Taxpayerl Al isl al studentl athletel inl highl school.l Theyl arel beingl recruitedl byl collegesl tol playl soccerl atl al Divisionl Il schooll andl arel popularl onl severall sociall medial platforms.l Taxpayerl Al providesl sociall medial advertisementsl forl severall businessesl inl thel locall area.l Belowl isl additionall informationl forl theirl currentl year.l *Takenl asl al dependentl onl theirl parent'sl taxl return *Earnedl incomel ofl $7,500l forl sociall medial advertisementsl forl locall carl dealership,l restaurant,l autol bodyl shopl andl hairl salon *Hasl $1,000l ofl businessl expensesl relatedl tol thel sociall medial advertisements Isl thel followingl truel aboutl thisl scenario?

Answer:

Yes/True.l Thel taxpayerl willl needl tol filel Schedulel Cl inl theirl taxl return.l Yes/True.l Thel taxpayerl willl havel tol payl self-employmentl tax.

Q:l Youl arel al 30l yearl oldl engineerl workingl full-time.l Forl thel taxl yearl 2022,l youl receivedl thel following:l *$35,000l Salaryl onl W-2l *$500l Dividendl Incomel *$200l Taxl Exemptl Interestl Incomel *$1,000l Municipall Bondl Interestl Incomel *Paidl $7,000l inl Reall 1 / 3

Estatel Taxesl *Paidl $2,500l forl Homel Mortgagel Interestl *Paidl $1,000l inl charitablel contributions *Paidl $2,500l inl medicall expenses

Answer:

Yes/True.l Yourl taxablel incomel isl $23,500.

Q:l Isl thel followingl statementl truel withl regardl tol al taxpayer'sl foreignl income?

Answer:

Yes/True.l USl citizensl arel subjectl tol taxl onl alll income,l whetherl itsl generatedl inl thel USl orl foreignl countries.l Yes/True.l Thel USl allowsl taxpayersl meetingl certainl criterial tol annuallyl excludel anl annuall amountl ofl foreignl earnedl income.

Q:l Isl thel followingl incomel consideredl non-taxable?

Answer:

Yes/True.l Youl receivedl anl inheritancel ofl $10,000l Yes/True.l Youl receivel al giftl ofl

$10,000

Q:l Thel taxpayerl isl al self-employed,l cash-basisl ridesharel driverl forl Uberl andl Lyft.l Shouldl thel followingl bel includedl onl theirl Schedulel C?

Answer:

Yes/True.l Al cashl tipl froml theirl customer.l Yes/True.l Al paymentl madel tol havel theirl carl detailed

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Q:l Al taxpayerl hasl anl upscalel ridesharel business.l Theyl earnl al substantiall amountl ofl incomel byl drivingl highl netl worthl individuals,l executivesl ofl companiesl andl politiciansl aroundl thel city.l Isl thisl al businessl expensel thatl canl bel deductedl byl thel taxpayer?

Answer:

Yes/True.l Interestl chargesl ofl $900l forl thel loanl onl theirl Mercedesl Sprinter.l Yes/True.l Creditl cardl processingl feesl sol thel clientsl canl payl usingl theirl creditl cardsl insteadl ofl cash.

Q:l Al taxpayerl isl al solel proprietorl whol sellsl insurance.l Thel taxpayerl filesl al Schedulel C,l Profit/Lossl froml Business.l Canl thel taxpayerl deductl thel followingl asl al businessl expensel inl thel currentl year?

Answer:

Yes/True.l Taxpayerl deductsl 100%l ofl mealsl purchasedl froml al restaurantl forl businessl purposesl inl 2022.l Yes/True.l Taxpayerl deductsl 100%l ofl mealsl purchasedl froml al restaurantl forl businessl purposesl inl 2021.

Q:l Al taxpayerl isl al Schedulel Cl solel proprietor.l Thel taxpayerl hasl al Sprinterl vanl thatl transportsl companyl executivesl tol thel regionall airport.l Isl thisl scenariol correctl regardingl al businessl deductionl forl thel van?

Answer:

Yes/True.l Thel taxpayerl canl deductl al newl celll phonel andl thel standardl mileagel ratel forl thel vanl asl al businessl expense.l Yes/True.l Thel taxpayerl canl deductl thel costl ofl oill changesl andl tiresl forl thel vanl asl al businessl expensel inl lieul ofl thel standardl mileagel rate.

Q:l Isl thel followingl statementl truel regardingl Qualifiedl Businessl Incomel (QBI)?

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