Molly is a full-time engineer for Y-Corporation.  On the weekends, Molly enters fishing competitions in order to earn cash prizes.  Molly really enjoys the relaxation of fishing and being near the water.  Molly made $5,200 in income and incurred the following expenses during the year for her fishing activities:             Contest Entrance Fees: $5,000             Property taxes on boat: $200             Fishing supplies: $1,000             Depreciation on equipment:  $500 Which of the following statements is FALSE about Molly’s fishing activities? Group of answer choices Molly’s income from her fishing activities is taxable, even though the fishing activities constitute a hobby. Hobby losses are not allowed as a deduction. Since hobby expenses are categorized as miscellaneous itemized

Manji

Leon Martin is single and has never been married. Leon earned wages of $23,000 during the first half of the year. Leon lost his job in July and received a total of $9,000 in unemployment compensation. Leon is a barber and took a class at the community barber college to improve his barbering skills. He paid the cost of tuition and a course-related book. His qualified education expenses were $2,500. Leon also paid student loan interest for the courses he previously took to earn his Bachelor’s degree. For 2022, he paid student loan interest of $550. Leon does not have any dependents. Leon is a U.S. citizen with a valid Social Security number. 11. What is the taxable amount of Leon's unemployment compensation?                         A. $0                   B. $4,500                   C. $9,000                   D. $10,200

Kate is an executive for the Cozy Furniture Manufacturing Company. She purchased furniture from the company for $9,500, the price Cozy ordinarily would charge a wholesaler for the same items. The retail price of the furniture was $12,500, and Cozy’s cost was $9,000. The company also paid for Kate’s parking space in a garage near the office. The parking fee was $600 for the year. All employees are allowed to buy furniture at a discounted price comparable to that charged to Kate. However, the company does not pay other employees’ parking fees.  Kate’s gross income from the above is:   answer choices: $3,500. $4,100. $-0-. $900 $600.