#1
What is the filing status for an unmarried individual with no dependents?
Single
ExplanationFiling status for unmarried individuals with no dependents.
#2
Which form is used to report wages, salaries, tips, and other income?
Form W-2
ExplanationForm for reporting various types of income including wages, salaries, and tips.
#3
What is the purpose of Form W-4?
To determine the amount of federal income tax to withhold from an employee's paycheck
ExplanationForm for determining federal income tax withholding from an employee's paycheck; Form W-4.
#4
Which of the following is a tax credit available to help offset the cost of higher education expenses?
Lifetime Learning Credit
ExplanationTax credit for higher education expenses; Lifetime Learning Credit.
#5
What is the standard deduction for a single taxpayer for the tax year 2023?
$18,800
ExplanationStandard deduction amount for single taxpayers in the tax year 2023.
#6
Which of the following is NOT a refundable tax credit?
Lifetime Learning Credit
ExplanationNon-refundable tax credit; Lifetime Learning Credit.
#7
Which of the following is considered a qualified medical expense for the purpose of Health Savings Accounts (HSAs)?
Prescription drugs
ExplanationQualified medical expense for HSAs; Prescription drugs.
#8
What is the maximum contribution limit for a Health Savings Account (HSA) for an individual in 2023?
$3,600
ExplanationMaximum contribution limit for an individual's HSA in 2023.
#9
What is the maximum contribution limit for an individual retirement account (IRA) for the tax year 2023?
$6,000
ExplanationMaximum contribution limit for an IRA in the tax year 2023.
#10
What is the penalty for failing to file a tax return by the due date?
10% of the unpaid tax
ExplanationPenalty for late tax return filing; 10% of the unpaid tax.
#11
Which tax credit allows taxpayers to reduce their federal income tax liability for qualified expenses related to the adoption of a child?
Adoption Tax Credit
ExplanationTax credit for adoption-related expenses; Adoption Tax Credit.
#12
What is the additional tax rate applied to income above a certain threshold for high-income taxpayers?
37%
ExplanationAdditional tax rate for high-income taxpayers; 37%.