CTA Individual Income Tax

Question 1

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

Accepted Answer

$14,600

Answer

For tax year 2024, the standard deduction for single filers is $14,600.

Question 2

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

Accepted Answer

Form 1040

Answer

Form 1040 is the standard US individual income tax return form.

Question 3

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

Accepted Answer

Wages and salaries

Answer

Wages and salaries are taxed as ordinary income at regular marginal tax rates.

Question 4

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

Accepted Answer

37%

Answer

The top marginal federal income tax rate for individuals is 37% as of 2024.

Question 5

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

Accepted Answer

Married Filing Jointly

Answer

Married Filing Jointly typically provides the lowest tax liability due to wider tax brackets and higher standard deductions.

CTA - Certified Tax Advisor Practice Test