Title: QUIZ: Individual Income Tax (Part 2: New Changes) -- Page One Economics®
Course: Kelly's Copy and Export Course > Section: Individual Income Tax: The Basics and New Changes -- Page One Economics®

Q: The 2017 Tax Cuts and Jobs Act
- increases the number of tax brackets and the tax percentage rate in each bracket.
- decreases the standard deduction and increases the amount for personal exemptions.
- increases the amount of the standard deduction for each filing status.
- makes no change in the number of tax brackets and increases the tax percentage rate in each bracket.
A: increases the amount of the standard deduction for each filing status.

Q: The standard deduction amount for 2018 after the 2017 Tax Cuts and Jobs Act is
- more than the standard deduction for 2017.
- less than the standard deduction for 2017.
- the same as for the past seven years.
- designed to increase individual income tax liability.
A: more than the standard deduction for 2017.

Q: The 2017 Tax Cuts and Jobs Act increases the ________ and eliminates the ________
- deduction for moving expenses; standard deduction.
- personal exemption amount; tax brackets.
- standard deduction; personal exemption.
- standard deduction; child tax credit.
A: standard deduction; personal exemption.

Q: The 2017 Tax Cuts and Jobs Act
- eliminates the child tax credit.
- increases the deduction for moving expenses.
- changes the number of income tax brackets.
- includes a number of changes.
A: includes a number of changes.

Q: The 2017 Tax Cuts and Jobs Act made changes to the Child Tax Credit by __________ the amount of earned income a taxpayer must have to qualify and __________ the amount of credit for each qualifying child.
- increasing; increasing
- decreasing; increasing
- decreasing; decreasing
- increasing; decreasing
A: decreasing; increasing

Q: For 2018, a single taxpayer with a taxable income of $13,530 will calculate income tax liability
- by multiplying the total taxable income by the 10 percent rate.
- by multiplying the total taxable income by the 12 percent rate.
- by using percentage tax rates from three different tax brackets.
- by using percentage tax rates from the lower two tax brackets.
A: by using percentage tax rates from the lower two tax brackets.

Q: For 2018, the Earned Income Tax Credit
- is a refundable tax credit based on income level, filing status, and number of qualifying children.
- has been increased to $6,431 for all taxpayers regardless of the amount of taxable income.
- is designed as a benefit for all taxpayers regardless of taxable income levels.
- remains the same without any new guidelines or adjustments for inflation.
A: is a refundable tax credit based on income level, filing status, and number of qualifying children.

Q: The 2017 Tax Cuts and Jobs Act has changed the filing form, and the new form
- will simplify income tax filing for all taxpayers.
- is basically the same as the old Form 1040 with unnoticeable changes.
- is much smaller in size and is designed to simplify filing for many taxpayers.
- consolidates the older Form 1040, Form 1040A, and Form 1040EZ into one longer form.
A: is much smaller in size and is designed to simplify filing for many taxpayers.