Exam (elaborations)
REG CPA Exam (R1) Detailed Questions and Expert Answers
- Course
- CPA
- Institution
- University Of Southern California
REG CPA Exam (R1) Detailed Questions and Expert Answers
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REG CPA Exam (R1) Detailed Questions and ExpertAnswers
What is the individual income tax formula - ANS gross income
-adjustments
adjusted gross income (AGI)
- standard OR itemized deduction
taxable income before QBI deduction
QBI deduction
taxable income
what is thee tax due/refund formula - ANS federal income tax
-credits
+other taxes
-payments
tax due or refund
who meets head of household qualifying person requirements - ANS child or
descendent -- lives with them
parents -- do not live with them (nursing homes)
other relative - lives with them
,* must all be qualifying relatives
what are the requirements to be a qualifying child - ANS (CARES) - " i really CARES
about my CHILD"
Close relative
Age
Residency
Eliminate gross income test
Support
what are the requirements to be a qualifying relative - ANS (SUPORT) -- "you are
my RELATIVE so i SUPORT you"
Suport
Under gross income amount
Precludes dependent filing a joint return
Only US citizens
Relative
or
Taxpayer lives with them
what is a multiple support agreement - ANS when 2 or more together contribute
greater than 50% of support
, -- must individually contribute at least 10%
-- must "SUPORT"
who claims children of divorced parents - ANS - whoever has custody for greater
part of year ( $ doesn't matter, its the custody)
-if equal, whoever has a higher AGI claims them
what are some income items (uncommon) - ANS -employer contributing to your
ROTH 401(k)
-portion of life insurance premiums (above $50,000)
-taxable fringe benefits (using company car)
what are some important nontaxable fringe benefits (employer contributions) -
ANS These amounts may be excluded:
educational expenses - $5,250
adoption - $15,950
dependent care assistance - $5,000
parking - $300 per month
what interest income is tax exempt - ANS -state and local (municipal)
-U.S series EE savings bonds
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