What is the difference between a tax deduction and a tax credit?
A) To report self-employment income B) To report dividend income C) To report employee wages and taxes withheld D) To report business expenses
A) April 15, 2022 B) June 15, 2022 C) September 15, 2022 D) October 15, 2022 intuit academy tax preparation exam answers
What is the purpose of Form W-2?
A) A single taxpayer with two children and an income of $25,000 B) A married taxpayer filing jointly with no children and an income of $30,000 C) A self-employed taxpayer with an income of $40,000 D) A taxpayer with an income of $50,000 and two dependents What is the difference between a tax deduction
A) A tax deduction reduces taxable income, while a tax credit reduces tax liability B) A tax deduction reduces tax liability, while a tax credit reduces taxable income C) A tax deduction is only available for business expenses, while a tax credit is only available for personal expenses D) A tax deduction is only available for individuals, while a tax credit is only available for businesses
Which of the following taxpayers is eligible for the Earned Income Tax Credit (EITC)? A) $0 B) $1,000 C) $3,000 D) $5,000
A) $0 B) $1,000 C) $3,000 D) $5,000
