Intuit Academy Tax Level 1 Flashcards
Test your knowledge of tax-related terms and principles with these flashcards from Intuit Academy's Tax Level 1 course. Each card focuses on key deductions, eligibility, and regulations that are important for tax preparation. Perfect for students and individuals looking to improve their understanding of taxation.
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Activities
Quiz24 Questions
Flashcards21 Cards
Study Notes1 Note
Podcast1 Episode
Modules
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Start with the earlier modules and work forward. Each one builds on the last, so the course gets more advanced as you go.
Intuit Academy Tax Level 1 Flashcards
Quiz • 24 Questions
Intuit Academy Tax Level 1 Flashcards - Flashcards
Flashcards • 21 Cards
Study Notes
2 min • Summary
Podcast
Podcast
Materials
List of Questions24 questions
- Question 1
- Standard deduction
- Question 2
- $250
- Question 3
- Prescription drugs
- Vision correction
- Breast enhancement
- Dental care
- Question 4
- 0%
- Question 5
- qualifying relative test
- Question 6
- ordinary
- Question 7
- spent for qualified medical expenses of your dependent
- Question 8
- Non-resident alien
- Question 9
- Taxable income and filing status
- Question 10
- 750,000
- Question 11
- Tax credits
- Question 12
- Form 1041
- Question 13
- Taxable income
- Question 14
- 31
- Question 15
- Capital Loss or Capital Gain
- Question 16
- Schedule C
- Question 17
- Above-the-Line Deduction
- Question 18
- where the service is performed
- Question 19
- military personnel allowances
- Question 20
- Earned Income Tax Credit
- Question 21
- family vacation
- Question 22
- $25
- Question 23
- $1500
- Question 24
- five
List of Flashcards21 flashcards
- Card 1HintIt's a type of below-the-line deduction.Memory TipFixed amount, reduces taxable income.
- Card 2HintFor educators, certain qualified expenses are deductible.Memory Tip$250 educator expense limit.
- Card 3HintIt's different from a deduction.Memory TipReduces tax owed, directly.
- Card 4HintSome medical expenses aren't covered by health savings accounts.Memory TipHSAs don't cover breast enhancement!
- Card 5HintRelated to money from a health savings account.Memory TipHSA, medical, dependents, no tax.
- Card 6HintA type of income from selling investments.Memory Tip$80,800 limit, zero tax.
- Card 7HintCommon type of dividend.Memory TipSame as ordinary income tax.
- Card 8HintThe amount used to compute taxes due.Memory TipIncome minus deductions.
- Card 9HintIt is a crucial condition for claiming a child.Memory TipSpecific tests for qualifying.
- Card 10HintIt is a crucial condition for claiming a relative.Memory TipSpecific tests for qualifying.
- Card 11HintSingle, Married Filing Jointly, etcMemory TipSingle, Married, etc
- Card 12HintLimit on how much mortgage interest can be deducted.Memory Tip$750,000 mortgage interest.
- Card 13HintExpenses not related to business or income.Memory TipPersonal, not deductible.
- Card 14HintTrusts, estates income form.Memory TipTrusts and estates form.
- Card 15HintSole proprietor income reporting form.Memory TipSole proprietor, Schedule C.
- Card 16HintFor determining tax residency.Memory Tip31 days US presence test.
- Card 17HintFor tax purposes, not a U.S. resident.Memory TipNon-US resident, no tax.
- Card 18HintLimit for business gifts.Memory Tip$25 business gift limit.
- Card 19HintUsed to report dividend details.Memory TipDividends over $1,500, Schedule B.
- Card 20HintCredit for low-income workers.Memory TipLow income, tax offset.
- Card 21HintCertain military allowances are not taxed.Memory TipMilitary, non-taxable.