🎯Income Tax formula: 10 MCQs

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Justin Wedul 8 January 2024

..

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HIMANI 27 November 2024

6/10.. could improve on this.Silly mistakes

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1. Maroun, CPA 28 November 2024
  
  Hi Himani,
  
  Mistakes are a natural part of the learning process! What’s important is recognizing where you can improve, and you’ve already taken that step by identifying the “silly mistakes.” With focus and practice, you’ll turn those into strengths in no time.
  Keep practicing, stay positive, and remember that every bit of progress counts.
  You’ve got this!
  
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Bobin Babu 17 May 2025

How does he got a refund 12800-15000 = -2200 ?

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1. Maroun, CPA 19 May 2025
  
  Hello Bobin,
  
  Katy’s net tax after credits is $12,800.
  Her employer already sent the IRS $15,000.
  Because $15,000 paid – $12,800 owed = $2,200 more than necessary, the excess is returned to her as a $2,200 refund (the negative sign just shows she overpaid).
  
  Here’s what happens on Form 1040, line by line:
  • Total tax (line 24) – After all credits are applied, Katy’s tax comes to $12,800.
  • Payments already made (line 25d) – Her employer has already withheld $15,000.
  • Overpayment (line 32) – Because $15,000 > $12,800, the difference ($2,200) shows up as “amount overpaid.”
  • Refund (line 34) – Katy indicates whether she wants the $2,200 sent by direct deposit or paper check (or applied to next year’s tax).
  
  Hope this helps!
  
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Taraka Phanindra Alluri 1 August 2025

Hello can you please let me know to visit the completed quiz to see where i have done worong.

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1. Maroun, CPA 3 August 2025
  
  Hello Taraka,
  
  We currently don’t have the option to revisit completed quizzes to see your specific answers, but we’re actively working on implementing this feature.
  
  Thank you for your patience!
  
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Seth Warncke 20 April 2026

Q3

Business income and loss goes on Schedule C as a supplement to Schedule 1, which is for calculating AGI.

I noticed on Q4 QBI is capitalized. Would be clearer to me to keep uniform since there are differences between deductions for business income and THE Qualified Business Income deduction.

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1. Maroun, CPA 22 April 2026
  
  Hello Seth,
  
  Yes, your point is valid.
  
  Using “QBI” in a capitalized way helps distinguish Qualified Business Income from ordinary business income. We’ll make the wording clearer.
  
  Thank you for pointing this out, and keep up the great work!
  
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🎯Income Tax formula: 10 MCQs

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