Lebron obtained $50,000 of compensation indigenous his employer and also he received $400 of attention from a municipal bond. What is the quantity of Lebron"s gross earnings from this items? A) $0. B) $400. C) $50,000. D) $50,400.
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Joanna got $60,000 compensation from she employer, the worth of her stock in ABC agency appreciated by $5,000 during the year (but she did not sell any kind of of the stock), she got $30,000 of life insurance proceeds native the death of she husband. What is the quantity of Joanna"s gross revenue from this items? A) $60,000. B) $65,000. C) $95,000. D) $90,000.
A) $60,000. Concept=Insurance proceeds room not taxable, expenses generated come incur taxable revenue is not deductible
Which the the following statements regarding tax deductions is false? A) Taxpayers are not entitled to any deductions unless particular provisions in the taxation code enable the deductions. B) Deductions can be labeled together deductions above the line or deductions listed below the line. C) indigenous AGI deductions often tend to be connected with business activities while for AGI deductions often tend to be associated with an individual activities. D) The standard deduction is a indigenous AGI deduction.
C) indigenous AGI deductions often tend to be associated with business activities while because that AGI deductions tend to be linked with personal activities.
Which that the adhering to statements regarding for AGI taxation deductions is true? A) Taxpayers subtract because that AGI deductions indigenous gross earnings to recognize AGI. B) A taxpayer might deduct for AGI deductions only if the deductions exceed the taxpayer"s conventional deduction amount. C) The deduction because that qualified business income is a for AGI deduction. D) A taxpayer may deduct because that AGI deductions just if the deductions exceed the taxpayer"s itemized deductions.
All of the complying with are for AGI deductions except: A) contribute to default retirement accounts B) Rental and royalty expenses. C) company expenses for a self-employed taxpayer. D) charitable contributions.
Which the the complying with is not a indigenous AGI deduction? A) typical deduction. B) Itemized deduction. C) Deduction because that qualified organization income. D) none of these. Every one of these room from AGI deductions.
Which the the following is no an itemized deduction? A) Alimony paid. B) clinical expenses. C) real estate taxes. D) charity contributions.
Which the the complying with shows the exactly relationship amongst standard deduction quantities for the corresponding filing statuses? A) single > Head of family > Married submit Jointly B) Married filing Jointly > Married Filing individually > Head of household C) Married submit Jointly > Head of family members > solitary D) Head of family members > Married Filing separately > Married filing Jointly
C) Married filing Jointly > Head of household > Singleconcept=24,000 married submit jointly, 18,000 head of household, 12,00 single
All the the following represents a form or character of earnings except: A) taxation exempt. B) Capital. C) default dividend. D) Normal.
Which the the complying with statements is true? A) earnings character determines the tax year in i beg your pardon the revenue is taxed. B) revenue character depends on the taxpayer"s submit status. C) qualified dividend income is taxed at a lower rate 보다 an same amount of simple income. D) A taxpayer marketing a funding asset at a obtain recognizes ordinary income.
Which of the adhering to statements concerning tax credits is true? A) taxes credits alleviate taxable earnings dollar for dollar. B) taxes credits carry out a better tax benefit the better the taxpayer"s marginal tax rate. C) tax credits alleviate taxes payable dollar because that dollar. D) nobody of these statements is true.
Jamison"s gross tax liability is $7,000. Jamison had $2,000 of easily accessible credits and also he had actually $4,000 of count withheld by his employer. What is Jamison"s taxes early (or counting refunded) v his taxation return? A) $5,000 taxes due. B) $1,000 counting due. C) $1,000 taxes refund. D) $3,000 count due.
14) Madison"s gross tax liability is $9,000. Madison had actually $3,000 of taxes credits easily accessible and she had $8,000 of taxes withheld by her employer. What is Madison"s taxes due (or taxes refunded) with her taxes return? A) $0 taxes due and $0 taxes refund. B) $6,000 counting due. C) $2,000 tax refund. D) $1,000 taxes due.
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Which of the adhering to statements regarding dependents is false? A) A taxpayer might be enabled to claim one more as a dependent even if the taxpayer has actually no family relationship v the other person. B) to qualify together a dependent of another, an individual must be a residents of the unified States. C) one individual that qualifies as a dependent of another taxpayer might not claim any dependents. D) one individual cannot qualify as a dependent of one more as a qualifying family member taxpayer if the individual"s gross income exceeds a specific amount.
B) to qualify as a dependence of another, one individual must be a resident of the joined States. - false due to the fact that your parents deserve to be overseas and you can claim them as dependentsconcept= qualifying child-relationship- son, daughter, step, brother, sister or steps, not cousinsage-under 19, under 24 and also full time student, or permanently disabled.residence-lives v taxpayer more than 1/2 the year, exception= educationsupport- does no provide an ext than 1/2 support, scholarships excludedqualifying relative=relationship-descendant, sibling, kid or daughter of tp"s brothers or sister, no cousins, aunt, uncle, inlaw, unrelated human who resides with them whole yearsupport-tp have to pay >1/2 living expensesgross income-