((exclusive)) | Intuit Academy Tax Preparation Exam Answers

Which of the following taxpayers is eligible for the Earned Income Tax Credit (EITC)?

A) A single taxpayer with two children and an income of $25,000

What is the difference between a tax deduction and a tax credit? intuit academy tax preparation exam answers

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) A tax deduction reduces taxable income, while a tax credit reduces tax liability Which of the following taxpayers is eligible for

Here are some sample exam questions and answers to give you an idea of the exam format and content:

What is the purpose of Form W-2?

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