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[Show more]Circular 230 - ANSWER Regulations governing the practice of attorneys, certified public 
accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. 
Disclosure - ANSWER The release of tax information by an IRS employee. 
Due Diligence - ANSWER Requirements that tax professional...
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Add to cartCircular 230 - ANSWER Regulations governing the practice of attorneys, certified public 
accountants, enrolled agents, enrolled actuaries, and appraisers before the IRS. 
Disclosure - ANSWER The release of tax information by an IRS employee. 
Due Diligence - ANSWER Requirements that tax professional...
Which of the following is a requirement for all taxpayers who want to claim the EIC? 
Live in the U.S. for more than half a year. 
Have a valid social security number. 
Have a qualifying child dependent. 
Have AGI less than $21,430 ($27,380 MFJ). - ANSWER Have a valid social security 
number. 
A com...
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Add to cartWhich of the following is a requirement for all taxpayers who want to claim the EIC? 
Live in the U.S. for more than half a year. 
Have a valid social security number. 
Have a qualifying child dependent. 
Have AGI less than $21,430 ($27,380 MFJ). - ANSWER Have a valid social security 
number. 
A com...
Which of the following is considered earned income? C - ANSWER a) Interest from a 
bank 
b) Unemployment compensation 
c) Income from farming 
d) Gambling winnings 
The tax on income that comes entirely from wages under $100,000 is determined 
according to the: A - ANSWER a) Tax Tables 
b) Tax Compu...
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Add to cartWhich of the following is considered earned income? C - ANSWER a) Interest from a 
bank 
b) Unemployment compensation 
c) Income from farming 
d) Gambling winnings 
The tax on income that comes entirely from wages under $100,000 is determined 
according to the: A - ANSWER a) Tax Tables 
b) Tax Compu...
Sam pays his 19 yr. old son, Joshua, $550/month to maintain the lawn & garden at the 
family residence. Sam is subject to what household employment tax rules for Joshua? - 
ANSWER A. Since Joshua is not performing any child case services, the household tax 
rules do not apply. 
B. Since Joshua is th...
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Add to cartSam pays his 19 yr. old son, Joshua, $550/month to maintain the lawn & garden at the 
family residence. Sam is subject to what household employment tax rules for Joshua? - 
ANSWER A. Since Joshua is not performing any child case services, the household tax 
rules do not apply. 
B. Since Joshua is th...
What is the standard deduction for a taxpayer filing single? - ANSWER $6200 
What is the standard deduction for a taxpayer filing married filing joint? - ANSWER 
$12400 
What is the standard deduction for a taxpayer filing married filing separate? - ANSWER 
$6200
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Add to cartWhat is the standard deduction for a taxpayer filing single? - ANSWER $6200 
What is the standard deduction for a taxpayer filing married filing joint? - ANSWER 
$12400 
What is the standard deduction for a taxpayer filing married filing separate? - ANSWER 
$6200
Which of the following is an example of a casualty and/or theft loss? 
Termite damage 
Misplaced property 
Damage or loss from a terrorist attack 
Property broken through ordinary use - ANSWER Damage or loss from a terrorist attack
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Add to cartWhich of the following is an example of a casualty and/or theft loss? 
Termite damage 
Misplaced property 
Damage or loss from a terrorist attack 
Property broken through ordinary use - ANSWER Damage or loss from a terrorist attack
What is Gross Income? - ANSWER - Any money that you made or worked for that is subject to tax. Also, all world-wide income from whatever source derived, unless specifically excluded from taxation by law. 
( Money realized in any form whether in money, property, or services.) 
 
Income - ANSWER...
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Add to cartWhat is Gross Income? - ANSWER - Any money that you made or worked for that is subject to tax. Also, all world-wide income from whatever source derived, unless specifically excluded from taxation by law. 
( Money realized in any form whether in money, property, or services.) 
 
Income - ANSWER...
Which of the following dependent relatives does not have to live in the same household with the taxpayer at any time during the year to qualify the taxpayer for head of household status? Aunt,mother,brother, married child? - ANSWER Mother 
 
Ronald and Sue Dobbins, a married couple, were both 61 ...
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Add to cartWhich of the following dependent relatives does not have to live in the same household with the taxpayer at any time during the year to qualify the taxpayer for head of household status? Aunt,mother,brother, married child? - ANSWER Mother 
 
Ronald and Sue Dobbins, a married couple, were both 61 ...
What is Gross Income? - ANSWER - Any money that you made or worked for that is subject to tax. Also, all world-wide income from whatever source derived, unless specifically excluded from taxation by law. 
( Money realized in any form whether in money, property, or services.) 
 
Income - ANSWER...
Preview 1 out of 2 pages
Add to cartWhat is Gross Income? - ANSWER - Any money that you made or worked for that is subject to tax. Also, all world-wide income from whatever source derived, unless specifically excluded from taxation by law. 
( Money realized in any form whether in money, property, or services.) 
 
Income - ANSWER...
What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - ANSWER Form 1099-MISC (15.6) 
 
Schedule C, Line F asks for the accounting method used in the business. 
What is the difference between the cash method and the accrual me...
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Add to cartWhat income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - ANSWER Form 1099-MISC (15.6) 
 
Schedule C, Line F asks for the accounting method used in the business. 
What is the difference between the cash method and the accrual me...
Why is the Payroll Calculator helpful in determining the effect of a 401K contribution on net pay? - ANSWER 401(k) contributions reduce the federal tax owed. 
 
What minimum balance must be maintained in the emergency fund in order to earn the trophy? - ANSWER $500 
 
How can a participant ear...
Preview 1 out of 3 pages
Add to cartWhy is the Payroll Calculator helpful in determining the effect of a 401K contribution on net pay? - ANSWER 401(k) contributions reduce the federal tax owed. 
 
What minimum balance must be maintained in the emergency fund in order to earn the trophy? - ANSWER $500 
 
How can a participant ear...
Frank's electric bill has a cycle day of the 3rd and a due date 8 days later with a one day grace period. What happens if Frank pays his electric bill on the 12th of the month? - ANSWER His payment is received after the due date but he will not be assessed a late fee because of the grace period....
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Add to cartFrank's electric bill has a cycle day of the 3rd and a due date 8 days later with a one day grace period. What happens if Frank pays his electric bill on the 12th of the month? - ANSWER His payment is received after the due date but he will not be assessed a late fee because of the grace period....
How does credit utilization affect your credit score? - ANSWER Keeping credit utilization below 30% increases your score. 
 
Which would not be identifying information included in a credit report? - ANSWER Marital status 
 
What would be the most likely difference between loans offered to some...
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Add to cartHow does credit utilization affect your credit score? - ANSWER Keeping credit utilization below 30% increases your score. 
 
Which would not be identifying information included in a credit report? - ANSWER Marital status 
 
What would be the most likely difference between loans offered to some...
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