Tax 101
What does IRS stand for?
Internal Revenue Service
What is a Form 1040 used for?
What is filing your personal federal income taxes?
You dont have to report income under $600
Cap (False)
What does CPA stand for?
What is Certified Public Accountant
What is the form most people use to file their federal income tax return?
What is Form 1040
What is a W-2 form used for?
What is reporting employee wages and tax withholdings?
The IRS can audit you after your refund is sent
Fact (True)
What are some CPA study materials
What is becker?
What is UWorld
What is Gleim?
What is UWorld Roger?
What is kesler?
What is the deadline to file taxes each year, unless extended?
What is April 15
What is a Form 1099-INT used for?
If you win money at a casino or from sports betting is it taxable?
Fact (What is gambling earnings)
What are the four sections of the CPA exam
FAR, AUD, REG, and (TCP , ISC, BAR)
What is a W-2 used for?
What is reporting wages and taxes withheld by an employer
What is a form 1099-NEC used for?
What is to report payments to independent contractors.
The IRS will call you to demand payment over the Phone
To earn a CPA licenese you must usually work under a CPA for this many years?
What is 1 year.
what do you call money earned from a job?
What is earned income
What is form 1098-T
If you make money from a hobby, like art or baking you dont have to report it unless you make more than $1,000.
Cap ( All income - even from hobbies is taxable)
What is a path you can take to obtain your CPA
- Bachelor's + 30 Credit hours and 1 year of experience.
- Bachelor's + 2 years of work experience.