B. Acy Bachelor of Accountancy Tax Accounting (REG)

Question 1

Which filing status generally results in the lowest tax rate for a single parent with a dependent child?

Accepted Answer

Head of Household

Answer

Single

Answer

Married Filing Separately

Answer

Qualifying Widow(er)

Question 2

Under US tax law, what is the standard deduction for a single filer for tax year 2024?

Accepted Answer

$14,600

Answer

$10,400

Answer

$12,950

Answer

$13,850

Question 3

Which of the following is NOT a deductible business expense under IRC Section 162?

Accepted Answer

Capital expenditures for equipment

Answer

Employee salaries

Answer

Rent for office space

Answer

Business travel expenses

Question 4

What is the maximum annual contribution limit for a Traditional IRA for an individual under age 50 in 2024?

Accepted Answer

$7,000

Answer

$5,500

Answer

$6,000

Answer

$6,500

Question 5

A corporation's tax return (Form 1120) is generally due how many months after the close of its tax year?

Accepted Answer

3.5 months

Answer

2.5 months

Answer

4 months

Answer

6 months

Question 6

Which depreciation method is used for most personal property under the Modified Accelerated Cost Recovery System (MACRS)?

Accepted Answer

Double declining balance

Answer

Straight-line

Answer

Sum-of-the-years digits

Answer

Units of production