As some of you know, I am taking a tax course right now. Final exam is Nov 22 and once I finish I will be preparing tax returns this winter for some extra income.
I will post the questions here and the answers around a day later in the response section.
#1 what is gross income?
#2 what are the two types of gross income?
#3 what are the 3 types of individual income tax forms?
#4 how should dollar amounts be rounded on the tax return?
#5 how should percentages be rounded?
#6 how would you round $999.51?
#7 how would you round 30.493%?
#8 what form is used by an employer to report wage and tax information to an employee?
#9 where are total wages entered on form 1040? 1040A? 1040EZ?
#10 What does code D in box 12 signify?
#11 What does it mean if the retirement plan in box 13 of the W-2 is checked?
#12 where are state and local income taxes withheld entered?
#13 if the employee thinks his form W-2 is not correct, what should he do?
#14 where can the regular standard deduction amounts be found?
#15 what is the exemption amount for 2007?
#16 under what circumstances must a tax payer use the tax table to determine tax liability?
#17 what steps must be taken to compute taxable income?
Review for tax course #1
November 10th, 2008 at 01:49 pm
November 10th, 2008 at 02:04 pm
Good luck on the test at the end of the month.
November 24th, 2008 at 05:24 pm
#2 what are the two types of gross income? Earned/Unearned
#3 what are the 3 types of individual income tax forms? 1040,1040A,1040EZ
#4 how should dollar amounts be rounded on the tax return?
okay where did the rest go?
November 24th, 2008 at 06:17 pm
all income from all sources
November 24th, 2008 at 06:18 pm
earned and unearned
November 24th, 2008 at 06:18 pm
1040A
1040EZ
1040
November 24th, 2008 at 06:18 pm
to nearest dollar
November 24th, 2008 at 06:19 pm
to nearest hundredth of a percent. X.XX%
November 24th, 2008 at 06:19 pm
$1000
November 24th, 2008 at 06:19 pm
30.49%
November 24th, 2008 at 06:20 pm
W-2
November 25th, 2008 at 04:36 am