OBBBA Quiz One Big Beautiful Bill Act

OBBBA Quiz

How well do you know the new tax law under OBBBA?

All True or False Questions:

(Answers Below)

1. The first $25,000 in tip income is not reported as income, assuming it qualifies for the "No Tax on Tips" provision of the OBBA. True or False?

2. All tips paid by a customer qualify for "No Tax on Tips." True or False?

3. Qualified tips shared with the kitchen staff do not qualify for "No Tax on Tips." True or False?

4. If an employee makes $10 per hour, their overtime pay would be $15 per hour. Therefore, $15 per hour is included in the "No Tax on Overtime" provision. True or False?

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5. An employee who makes $60,000 and is paid overtime of $43.27* per hour would qualify for "No Tax on Overtime." (*$60,000 divided by 2,080 hours (52 weeks x 40 hours per week) multiplied by 1.5) True or False?

6. In order to qualify for the new senior tax deduction under the OBBBA, they must have received social security income for that year. True or False?

7. The new senior tax deduction under the OBBBA is only available to senior that take the standard deduction. True or False?

8. For a brand new car with final assembly in the U.S. bought in 2024, the new car loan interest deduction under the OBBBA would only include the interest paid actually paid in 2025. True or False?

9. A business can take 100% bonus depreciation on an SUV weighing over 6,000 lbs GVWR purchased on January 19, 2025, as long as it is placed in service after January 19, 2025, assuming no section 179 depreciation was elected, and it was used 100% for business. True or False?

10. The new adoption tax credit allows for $5,000 of the qualified adoption expenses to be a refundable tax credit in both the first and second years only. True or False?

1. False. All tips are reportable as income, regardless if tips qualify.

2. False. Only tips paid voluntarily count.

3. False. Qualifying tips shared are included regardless of the employee's position.

4. False. Only $5, as the 1/2 is the only amount required to be paid under FLSA.

5. False. The employee makes too much money to qualify under the FSLA.

6. False. There is no such requirement.

7. False. The deduction is available regardless.

8. False. The car must be purchased after 12/31/24 and before 1/1/29.

9. False. The SUV must be acquired after January 19, 2025.

10. False. The refundable credit is only available in the first year.

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