Homework Answers
Answer: 3rd option
This section includes other incomes, which are taxable.
Awards, prizes, jury duty pay, and cancelled debts should be in this section since these are incomes during the tax year.
Only, the long-term D.I.P should not be in this category.
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S S 0 D Question 3 of 65. Which of the following is NOT correctly reported...
Which of the following is NOT correctly reported on Form 1040, line 1? a) Alimony received...
Which of the following is NOT correctly reported on Form 1040, line 1? a) Alimony received from a taxpayer's ex-husband. The ex-husband's income was 100% derived from his wages. b) Payments from a disability pension received by a person who has not yet reached normal retirement age. c) Wages of $1,000 paid to a nanny in a private household. The nanny did not receive a Form W-2 from his employer. d) A scholarship used to pay for housing expenses.
which of the following is a right in adjustment on schedule one line 36 Question 5...
which of the following is a right in adjustment on schedule
one line 36
Question 5 of 65. Which of the following is a write-in adjustment on Schedule 1 (Form 1040), line 36? Deductible contribution to a Health Savings Account Deduction for self-employed health insurance, Deductible attorney fees for actions involving certain unlawful discrimination claims. Deductible contributions to a 401(k). Mark for follow up
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□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040)....
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square fest of nis 2.100-uars foon rented loft exclusively and regularly for business Blabe used the cash-ce unting method·nd had hewo and ngwa Gross receipts: $36,96o Expenses Advertising: $80 . Business insurance: $685 Business license: $100 Cmpreensive heaith insurance (entire year);: $7,788 Office supplies: $76 e Postage: $38 e Rent (entire year): $14,400 . Renter's insurance (entire year): $1,055 e Second...
Marie makes baked goods Question 2 of 45. Marie makes baked goods and jams and sells...
Marie makes baked goods
Question 2 of 45. Marie makes baked goods and jams and sells them at craft fairs and farmer's markets in her local area. In 2018, she collected $4,738 as a result of these sales. She doesn't consider herself to be self-employed, but she does have expenses related to this income. Marie plans to open a small bakery in town within a few years. How should Marie report this income on her 2018 return? She should file...
21. Taxable interest received by the taxpayer is reported on which of the following forms? A. Form 1040 (secon...
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Question 66 of 75. All of the following are deductible business expenses reported in Part II...
Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign...
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Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040)....
Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square toot rented loft exclusively and regularly for business. Blake used the cash accounting method and had tihe following income and e for his financial planning business Gross receipts: $36,960 Expenses: e Advertising: $80 e Business insurance: $685 e Business license: $100 Comprehensive health insurance (entire year): $7,788 e Office supplies: $76 o Postage: $38 o Rent...
Question 49 of 75 est on home equity debt is fully deductible as long as the debt is used to_ O P...
question 49 of 75 est on home equity debt is fully deductible as long as the debt is used to_ O Pay for personal living expenses O To pay off credit card debts To buy, build or substantially improve a main home or second home. O To purchase a new vehicle. □Mark for follow up Question 50 of 75. Written substantiation is required for all contributions to qualified charitable organizations when the am O $50 or more. O $100 or...
which of the following is a right in adjustment on schedule
one line 36
Question 5 of 65. Which of the following is a write-in adjustment on Schedule 1 (Form 1040), line 36? Deductible contribution to a Health Savings Account Deduction for self-employed health insurance, Deductible attorney fees for actions involving certain unlawful discrimination claims. Deductible contributions to a 401(k). Mark for follow up
□Mark for follow up Question 35 of 75 A sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of home expenses? O Depreciation O Mortgage interest. O Rent O Utilities. Question 36 of 75. Rents received as payment for use of real estate held for investment purposes are: O Not-for-profit income, reported on Form 1040, line 21. O Investment income, reported on Schedule E O Business earned income, reported on Schedule C. O None of...
e Question 75 of 75 d as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square fest of nis 2.100-uars foon rented loft exclusively and regularly for business Blabe used the cash-ce unting method·nd had hewo and ngwa Gross receipts: $36,96o Expenses Advertising: $80 . Business insurance: $685 Business license: $100 Cmpreensive heaith insurance (entire year);: $7,788 Office supplies: $76 e Postage: $38 e Rent (entire year): $14,400 . Renter's insurance (entire year): $1,055 e Second...
Marie makes baked goods
Question 2 of 45. Marie makes baked goods and jams and sells them at craft fairs and farmer's markets in her local area. In 2018, she collected $4,738 as a result of these sales. She doesn't consider herself to be self-employed, but she does have expenses related to this income. Marie plans to open a small bakery in town within a few years. How should Marie report this income on her 2018 return? She should file...
Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or...
Mark for follow up Question 58 of 75. Which statement best describes a nonresident alien (foreign national) of the U.S.? O An individual who is not a U.s. citizen or a resident alien. o A U.S. citizen who has renounced their US. citizenship. ⓔ A taxpayer who is not required to file a U.S. income tax return. 0 A foreign diplomat stationed in the U.S. for three years. Mark for follow up Question 61 of 75. Bronson sustained a $43,290...
Question 74 of 75 Blake operated as a sole proprietor, reported on Schedule C (Form 1040). He used 350 square feet of his 2.100-square toot rented loft exclusively and regularly for business. Blake used the cash accounting method and had tihe following income and e for his financial planning business Gross receipts: $36,960 Expenses: e Advertising: $80 e Business insurance: $685 e Business license: $100 Comprehensive health insurance (entire year): $7,788 e Office supplies: $76 o Postage: $38 o Rent...
question 49 of 75 est on home equity debt is fully deductible as long as the debt is used to_ O Pay for personal living expenses O To pay off credit card debts To buy, build or substantially improve a main home or second home. O To purchase a new vehicle. □Mark for follow up Question 50 of 75. Written substantiation is required for all contributions to qualified charitable organizations when the am O $50 or more. O $100 or...
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