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

Head of Household provides wider tax brackets and a higher standard deduction than Single status for eligible taxpayers.

Question 2

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

Accepted Answer

$14,600

Answer

The standard deduction for a single filer in 2024 is $14,600, adjusted annually for inflation.

Question 3

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

Accepted Answer

Capital expenditures for equipment

Answer

Capital expenditures must be capitalized and depreciated rather than immediately deducted as ordinary business 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

The 2024 IRA contribution limit is $7,000 for individuals under age 50.

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

Form 1120 is due on the 15th day of the 4th month after year-end, which is 3.5 months after a December 31 year-end.

B. Acy Bachelor of Accountancy Practice Test