AO Tax Interview Questions and Answers

Tax rates for the present financial year vary based on income levels and filing status.

• Tax rates range from 10% to 37% for individuals based on income levels

• Different tax brackets apply for single filers, married couples filing jointly, and heads of household

• Long-term capital gains tax rates range from 0% to 20% depending on income

• Standard deduction amounts have increased for the current year

Types of accounts include asset accounts, liability accounts, equity accounts, revenue accounts, and expense accounts.

• Asset accounts represent items of value owned by a business, such as cash, inventory, and equipment.

• Liability accounts represent debts or obligations owed by a business, such as loans and accounts payable.

• Equity accounts represent the owner's stake in the business.

• Revenue accounts track income generated...read more