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A taxpayer will need to file Schedule A, Itemized Deductions, to deduct which of the following?
- An amount contributed to a traditional IRA.
- State and local income tax withheld from the taxpayer's regular pay.
- Student loan interest paid on a qualified student loan.
- Unreimbursed business expenses incurred by an eligible educator, including amounts paid for classroom supplies, books, and computer equipment.
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- Which of the following is a deductible expense for an individual taxpayer? A) Rent payments for personal use B) Mortgage interest on a vacation home C) Childcare expenses while working D) Personal clothing purchasesWhich expenses are deductible FOR AGI? Select one: a. Loss on a sale of a personal residence and the standard deduction b. Alimony paid by payor for divorce in 2018 and student loan interest c. Deductions on a sole proprietorship and deductible part of the self-employment tax d. Property taxes on personal residence and student loan interest expenseDeductions (Obj. 3) Use the knowledge you have acquired from Chapters 1 through 6 to identify the following expenditures as (A) deductible for AGI (B) deductible from AGI or (C) not deductible. Ignore any AGI limitations. A Purchase of uniforms for work suitable for street wear B Homeowner’s insurance on the taxpayer’s main home C Union Dues paid by a steelworker D Unreimbursed employee business travel expense E Mortgage interest on rental property F Unreimbursed storm damage to trees in main home’s yard in federally-declared disaster area G Loss on sale of the taxpayer’s personal car not in federally declared disaster area H Repairs to friend’s car for damage caused when taxpayer’s car hit friend’s car
- A taxpayer will need to file a schedule a itemized deduction to with of the following An amount contributed to a traditional ira State and local income tax with held Studen loan interest on a paod qualified student lona Unreimbursed business expense incures by an eligible educator including pain class room suppliesWhich of the following, if any, correctly describes the earned income credit? a. Would be available regardless of the amount of the taxpayer's adjusted gross income. b. Is not available to a surviving spouse. c. Requires a taxpayer to have a qualifying child to take advantage of the credit. d. Is a refundable credit. 25. X, is an accrual method, calendar year, taxpayer in the business of sponsoring classical music concerts. X sponsored a concert performed on December 23, 2003. X generated $120,000 of revenue from this concert. In connection with this concert X had the following expenses: (i) X rented a concert venue for one night (the night of the 23rd) at Lincoln center for $30,000, which X paid on December 21, 2023, (ii) X hired performers (for the one night performance on Dec. 23) whom X paid $25,000 on January 4, 2024, and (iii) X hired a clean-up agency to restore the concert hall to its original condition. X hired and paid the clean-up agency $17,000 on December 29, 2023, and the…True or False Points paid in connection with the purchase of a second residence may be deducted in the year paid. Answer: Points paid to refinance a mortgage on a principal residence are fully deductible in the year paid. Answer: If an employee incurs travel expenditures and is fully reimbursed by the employer, neither the reimbursement nor the deduction is reported on the employeeʹs tax return if reporting is pursuant to an accountable plan. Answer: answer all 3
- When determining earnings subject to SE tax, the taxpayer may want to use one of the optional methods whether if they have a small net profit or loss and which of the following conditions applies A. They are eligible to receive the Additional Child Tax Credit B. They can claim a Credit for Dependent or Child Care Expenses C. Taxpayer wants to receive a Credit for Social Security Benefit Coverage D. All of the above-Which of the following should not be claimed as deductions from gross income? * interest payment on loans for the purchase of machinery and equipment used inbusiness. salaries and bonuses paid to employees. discounts given to senior citizens on certain goods and services. advertising expense to maintain some form of goodwill for the taxpayer’s business.What is required for the employer's payment of a student's loan to be tax - free to the student?Payment must not exceed $2,500Payment must be only for loan principal Payment must be only for loan interestThe student employee must not have the option to receive the funds as taxable income