Which, if any, of the following is a deduction for Adjusted Gross Income?
A portion of Federal self-employment taxes paid by the taxpayer. |
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Child support payments. |
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Property taxes on the taxpayer's residence. |
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Loss on the sale of a personal residence. |
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None of these are deductible for Adjusted Gross Income |
A portion of Federal self-employment taxes paid by the taxpayer is a deduction for Adjusted Gross Income.
Correct answer is option 1.
Which, if any, of the following is a deduction for Adjusted Gross Income? A portion of...
Which, if any, of the following is a deduction for Adjusted Gross Income? A portion of Federal self-employment taxes paid by the taxpayer. Child support payments. Property taxes on the taxpayer's residence. Loss on the sale of a personal residence. None of these are deductible for Adjusted Gross Income
Which of the following statements is false? Taxes paid by a husband on a home owned by his wife are not deductible by the husband on the husband's separate tax return. Special assessments paid to improve streets, sidewalks, and other like improvements are not deductible as real estate taxes even though they are assessed by a county or municipality for the public welfare. If a taxpayer's mortgage requires his real estate taxes to be "escrowed," or included in the taxpayer's...
Which of the following, if any, is a deduction for AGI? a. Contributions to a traditional Individual Retirement Account. b. Child support payments. c. Funeral expenses. d. Loss on the sale of a personal residence. e. Medical expenses.
Calculate the taxpayer's adjusted gross income (AGI) for 2018. The taxpayer has the following 4. items: Wages received Dividend received $90,000 $ 1,000 (from Google stock) $ 4,000 Child support received Home mortgage-interest paid $ 3,000 Interest income 200 (from city of Akron) $ 4,000 $ 12,000 Net Capital Loss Standard Deduction
Possible Options: Adjusted gross income Adjustments Capital gains tax categories Deductions Exemption Itemized deduction Standard Deduction Steps to AGI Steps to taxable income 4. Vocabulary - Terminology for components of taxable income Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.) Description...
Achoices: Total tax liability owed, Adjusted gross income (AGI), Gross income (all income subject to income taxes] Bchoices: Total personal exemptions, (AGI), Adjustments to (gross) income Cchoices: Total tax liability owed, Itemized deductions, (AGI) Dchoices: Taxable income Total personal exemptions Total tax liability owed E: Taxable income (AGI) Other taxes F: Other taxes Total personal exemptions Tax credits G: Tax credits Other credits Tax liability owed H: Taxable income Total tax liability owed Adjestments to (gross) income Ch 03: Assignment...
Jordan Johnson is single and has adjusted gross income of $50,000 in the current year. Additional information is as follows: State income taxes paid $ 2,000 Mortgage interest on her personal residence 9,000 Points paid on purchase of her personal residence 1,000 Deductible contributions to her IRA 3,000 Uninsured realized casualty loss (in a Federal disaster area) 6,000 Tax preparation fees for her prior year income tax return 400 What amount may Jordan claim as itemized deductions on her current-year...
Explain the use of the standard deduction in computing taxable income. In choosing between the standard deduction and itemizing deductions from AGI, what effect, if any, does each of the following variables have? The age of the taxpayer(s). The health (i.e., physical condition) of the taxpayer(s). Whether the taxpayer(s) rent or own their personal residence. Taxpayer's filing status (e.g., single; married, filing jointly). Whether married taxpayers decide to file separate returns. The taxpayer's uninsured personal residence that recently was destroyed...
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and...
True/False 1. There is a wage cap on the HI portion but not on the OASDI portion of the self-employment tax. 2.The Additional Medicare Tax applies to both net earnings from self-employment and salary. 3. One-half of the Additional Medicare Tax is deductible for AGI. 4. There is no penalty for underpayment of estimated tax as long as the required annual payment is made by January 15 of the year following the end of the taxpayer's tax year. 5. Gross...