Which of the following is not an adjustment to arrive at adjusted gross income? O A. Self-employed health insurance. O B. Qualified mortgage interest paid. C. Alimony paid pursuant to a divorce settled on or before December 31, 2018. D. Self-employment tax (50 percent).
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- Which of the following is a deduction for adjusted gross income in 2019? Personal casualty losses Medical expenses Student loan interest Charitable contributions None of the aboveIn 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. 10; 20 20; 28 15; 25 25; 281. Which of the following must be included in the gross income of the recipient in 2021? a.Unemployment compensation b.Child support payments c.Welfare payments d.Gifts e.All of these choices are included in gross income. 2. All of the following must be included in gross income, except: a.Gambling winnings b.Jury duty fees c.Dividends d.Gifts e.Partnership income 3. All of the following amounts are excluded from gross income, except: a.Gifts b.Veterans' benefits c.Tips and gratuities d.Child support payments e.Scholarship grants for tuition
- Which 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 expenseWhich of the following can be adjustment(s) to gross income on the 1040 form? Multiple correct question Alimony paid Child care deductions Health insurance premiums paid by self-employed individuals Traditional IRA contributions Moving expensesFranklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (58 km for employment) $ 52,00€ 330 128 3,650 8,470 2,950 What amount will Franklin report as taxable income? (Round your answer to the nearest dollar amount. Omit the "S" sign in your response) Taxable income
- Mr. Jones made a contribution to his self-employed retirement plan (SEP IRA plan). This contribution is: O A. Not deductible. A deduction to arrive at adjusted gross income. A deduction from adjusted gross income. D. A deduction from adjusted gross income, subject to a 2 percent AGI floor. B. O C.1. The original Social Security tax rate was _____ of taxable earnings. Answer: A. 10% B. 1% C. 5% D. 7% 2. The 2021 Social Security wage base is _____. Answer: A. $100,000 B. $113,700 C. $125,000 D. $142,800 3. What is the earnings threshold over which an employee whose filing status is Married Filing Separately will be subject to the additional Medicare tax? Answer: A. $117,000 B. $125,000 C. $200,000 D. $250,000Unions dues, vacation account, 401k, insurance, subtracted from gross pay Options are: personal exemptions, tax deductions, adjusted gross income, social security tax, taxable wages, fit, net pay, personal deductions, Medicare tax, dependent, graduated income tax, and withholding allowances. Which one is it?
- Please answer with reason for all why the option is correct and why the other options are incorrect Which of the following would be NOT be classified as a deduction FROM adjusted gross income. a State Income Tax b . Property tax on residence . c Contribution to a qualified self-employed retirement plan d . Interest paid on a home -equity loanwhich of the following is not a covid-19 tax relief provision available to a self-employed taxpayer? A. payroll tax deferral B. sick leave credit C. family leave credit D. self-employed tax rate reduction E. all the aboveFranklin Stewart arrived at the following tax information: Gross salary Interest earnings Eligible dividend income Basic personal amount Union dues Moving expense (50 km for employment) $ 47,780 225 100 12,069 3,890 1,150 What amount will Franklin report as taxable income? (Round your answer your response.) Taxable income $