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28. The only income Ramon needs to report on his Schedule C is his income from Form 1099 K. Payment Card and Third Party Netw
29 Ramons mileage expense deduction at the standard mileage rate) for his business as a ride share driver (rounded to the ne
30. What is the amount of Ramons student loan interest deduction shown on Form 1040, Schedule 12 $ (Do not enter dollar sign
31. How does Ramons self-employment tax affect his tax return? OA Ramons self-employment tax is not reported anywhere on Fo
32. What is the amount of Ramons qualified business income (QBI) deduction? OA $1,800, 20% of Ramons net qualified business
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34. Ramon has been assigned an Identity Protection PIN by the IRS. How does this affect preparation of Ramons tax return? A
35. What is the reason Ramon does not qualify for the earned income tax credit? OA His income is too high. OB. His self emplo
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Answer #1

(28) False

Reason: Income for sole - Proprietors is reported on their schedule C as gross receipts subject to the self employment tax.

Other than card payment & third party network transaction income paid by cash and cheque also reported here.

(29) False

Reason: The standard mileage deduction for the tax year 2019 is 0.58 cents/mile of business usage. so there is no straightway amount of deduction.

(30) The student loan interest deduction is a federal income tax deduction that allows you to subtract up to $2500 as interest on qualified student loan.

(31) In ramon's self employment tax return, the self employment tax is added to his other taxes and one half of the self - employment tax is an adjustment to income. (D)

  • Option A is wrong because self employment tax is reported in other taxes section of form 1040.
  • Option B is also wrong because 550% of what you pay in self employment tax is an income tax deduction.
  • Option C is wrong because full amount of self employment tax is not deducted as an adjustment to income.
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