CTA Individual Income Tax

Question 1

What is the standard deduction for a single filer for tax year 2024?

Accepted Answer

$14,600

Answer

$12,950

Answer

$13,850

Answer

$15,000

Question 2

Which form is used by US taxpayers to file their individual federal income tax return?

Accepted Answer

Form 1040

Answer

Form 1099

Answer

Form W-2

Answer

Form 941

Question 3

Which of the following is considered ordinary income for federal tax purposes?

Accepted Answer

Wages and salaries

Answer

Long-term capital gains

Answer

Qualified dividends

Answer

Tax-exempt bond interest

Question 4

What is the top marginal federal income tax rate for individuals in 2024?

Accepted Answer

37%

Answer

32%

Answer

35%

Answer

39.6%

Question 5

Which filing status generally results in the lowest tax liability for an eligible taxpayer?

Accepted Answer

Married Filing Jointly

Answer

Single

Answer

Married Filing Separately

Answer

Head of Household

Question 6

Alimony received under a divorce agreement finalized after December 31, 2018 is treated how for federal income tax purposes?

Accepted Answer

Tax-exempt

Answer

Taxable as ordinary income

Answer

Taxed as capital gains

Answer

Subject to self-employment tax