Which of the following are adjustments that decrease net income per books as found on Schedule M-1? O Meals that are nondeductible due to the 50% cut back rule. O Fines paid to the federal government that are nondeductible. O Related party loss - nondeductible pursuant to section 267. O Municipal bond interest income. O All of the above.

E12.6 (LO 1) (Payroll Tax Entries) The payroll of YellowCard Company for September 2025 is as follows. Total payroll was $480,000, of which $110,000 is exempt from Social Security tax because it represented amounts paid in excess of $142,800 to certain employees. The amount paid to employees in excess of $7,000 (the maximum for both federal and state unemployment taxes) was $400,000. Income taxes in the amount of $80,000 were withheld, as was $9,000 in union dues. The state unemployment tax is 3.5%, but YellowCard Company is allowed a credit of 2.3% by the state for its unemployment experience. Also, assume that the current FICA tax is 7.65% on an employee's wages to $142,800 and 1.45% in excess of $142,800. The federal unemployment tax rate is 0.8% after state credit. Instructions Prepare the necessary journal entries if the wages and salaries paid and the employer payroll taxes are recorded separately.

11.A taxpayer is claiming tax preparation expense as a legal and professional fee.  They paid $430 at your office last year.  The forms breakdown by cost is as follows:  Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75  What is the correct amount that can be deducted on their Schedule C for the current year?  Choose one answer.   a. $280     b. $180     c. $355     d. $430

please help me find the write answer for rhe ones that are wrong (red boxes) thank you

The TCJA eliminated which of the following? • A) Annual Filing Season Program B) Deduction for qualified employee fringe benefits for transportation • C) Due Diligence Requirements • D) Deduction for gambling losses

Section 529 college savings plans are state-sponsored. True Question 2 oo False Qualifying contributions to personal retirement accounts are subtracted as oooo adjustments to income itemized deductions exclusions tax credits Question 3 Which of the following types of taxes is deductible for federal income tax purposes? Federal income taxes Real estate property taxes Federal Social Security taxes Federal excise taxes on tires

Give me correct answer with explanation.j