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Tax Exemptions
Test Description: Tax Exemptions
Instructions: Answer all questions to get your test result.
1) An exemption increases the income that is subject to tax.
A
Depends on the number of dependents
B
False
C
Depends on the tax rate
D
True
2) When working with above and below-the-line exemptions, what is the line?
A
Itemized Deductions
B
Gross Income
C
Adjusted Gross Income
D
Standard Deduction
3) Above-the-Line Exemptions are available to:
A
Both standard and itemized deductions
B
Itemized deduction selection only
C
Persons who served in the military only
D
Standard deduction selection only
4) Below-the Line Exemptions are available to:
A
Standard deduction selection only
B
Itemized deduction selection only
C
Both standard and itemized deductions
D
Persons who served in the military only
5) If a person’s spouse passes away and they have no dependents, after a year, what will be their filing status?
A
Widower
B
Married Jointly
C
Single
D
Head of Household
6) If a single person made $88,560, what would their tax rate be?
A
24%
B
22%
C
10%
D
12%
7) A tax rate percentage is applied to which amount?
A
Gross Income
B
Taxable Income
C
Tips and Wages
D
Adjusted Gross Income
8) Exemptions for charitable donations are considered:
A
Adjusted gross income
B
Taxable income
C
Below-the-Line exemptions
D
Above-the-Line exemptions
9) Energy-efficient home improvements are considered:
A
Adjusted gross income
B
Below-the-Line exemptions
C
Above-the-Line exemptions
D
Taxable income
10) Political contributions are considered:
A
Above-the-Line exemptions
B
Below-the-Line exemptions
C
Standard deduction
D
Taxable income
*select an answer for all questions
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