Question 1

Qualified self-employed taxpayers can deduct,as a for AGI deduction,80% of health insurance payments for 2017.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following is deductible as a moving expense?

Accepted Answer

A) The cost of moving household goods. 
B) Meal costs incurred during the move. 
C) The cost of a pre-move house hunting trip. 
D) All of these are deductible as moving expenses. 
A) The cost of moving household goods. 
B) Meal costs incurred during the move. 
C) The cost of a pre-move house hunting trip. 
D) All of these are deductible as moving expenses.

Question 3

An early withdrawal penalty is reported on Form:

Accepted Answer

A) W-2. 
B) 1098. 
C) 1099-DIV. 
D) 1099-INT. 
A) W-2. 
B) 1098. 
C) 1099-DIV. 
D) 1099-INT.

Question 4

Self-employment tax is calculated on the gross earnings of the business.

Accepted Answer

A) True 
 B)False

Question 5

An eligible educator,in the K through 12 educational system,for purposes of the educator's expense deduction is:

Accepted Answer

A) A teacher. 
B) A counselor. 
C) A principal. 
D) All of these. 
A) A teacher. 
B) A counselor. 
C) A principal. 
D) All of these.

Question 6

Is the self-employed health insurance deduction available to individuals other than self-employed taxpayers? If so,to whom is it available?

Accepted Answer

The self-employed health insurance deduc

Question 7

For family coverage in 2017,the maximum deductible and out of pocket expense to a Health Savings Account is:

Accepted Answer

A) $2,600. 
B) $12,900. 
C) $13,100. 
D) None of these. 
A) $2,600. 
B) $12,900. 
C) $13,100. 
D) None of these.

Question 8

An eligible educator for the educator expense deduction must work at least 600 hours during the school year.

Accepted Answer

A) True 
 B)False

Question 9

The Sharps were granted a decree of divorce effective January 1,2017.In accordance with the decree,Susan Sharp is to pay her spouse $24,000 a year until their only child,Mealnie now 11,turns 18,and then the payments will decrease by $11,000 per year.For 2017,how much can Susan deduct as alimony?

Accepted Answer

A) $11,000. 
B) $13,000. 
C) $35,000. 
D) None of these. 
A) $11,000. 
B) $13,000. 
C) $35,000. 
D) None of these.

Question 10

Under a 2017 divorce decree,Antoine is required pay $800 of alimony and $400 of child support each month for the next 10 years.In addition,Antoine makes a voluntary payment of $200 per month.How much of the total monthly payments are deductible by Antoine?

Accepted Answer

A) $200. 
B) $400. 
C) $800. 
D) $1000. 
A) $200. 
B) $400. 
C) $800. 
D) $1000.

Question 11

Elena is required under a divorce agreement effective January 1,2017 to pay $800 of alimony and $250 of child support per month for 10 years.Elena also makes a voluntary payment of $150 per month.How much of each monthly payment can Elena deduct as alimony in 2017?

Accepted Answer

A) $0. 
B) $800. 
C) $950. 
D) $1050. 
A) $0. 
B) $800. 
C) $950. 
D) $1050.

Question 12

The deduction for self-employment taxes in 2017 is deductible as an above-the-line deduction at a rate of 7.65% based on the employer's portion of the taxes.

Accepted Answer

A) True 
 B)False

Question 13

Due to a company consolidation,Tran transfers from Boston to San Diego.Under a new job description,he is reclassified from department manager to a staff member.His moving expenses,which are not reimbursed,are as follows: $\begin{array}{lr}
\text { Transportation } & 1,200 \
\text { Meals } & 300 \
\text { Lodging } & 400 \
\text { Cost of moving household goods } & 4,000 \
\text { Pre-move house hunting costs } & 2,500
\end{array}$ Renaldo's deductible moving expense is:

Accepted Answer

A) $1,900. 
B) $4,400. 
C) $5,600. 
D) $8,400. 
A) $1,900. 
B) $4,400. 
C) $5,600. 
D) $8,400.

Question 14

The percentage of self-employed health insurance premiums that could be deductible as a for AGI deduction is:

Accepted Answer

A) 100%. 
B) 80%. 
C) 70%. 
D) 50%. 
A) 100%. 
B) 80%. 
C) 70%. 
D) 50%.

Question 15

The self-employed health insurance deduction is also available to a partner in a partnership and to a shareholder in a Subchapter S corporation who owns more than 2% of the stock in the corporation.

Accepted Answer

A) True 
 B)False

Question 16

Taxpayers who contribute to or withdraw from an HSA during the year must:

Accepted Answer

A) do nothing. 
B) report it on Schedule A. 
C) file a Form 8889 and attach it to their Form 1040. 
D) attach a written note to their tax return. 
A) do nothing. 
B) report it on Schedule A. 
C) file a Form 8889 and attach it to their Form 1040. 
D) attach a written note to their tax return.

Question 17

Deductible moving expenses may include moving household goods and personal effects from the old residence to the new residence.

Accepted Answer

A) True 
 B)False

Question 18

Madison is a teacher at a parochial elementary school.If she spends $600 on art supplies for her classes,$250 of this amount can be claimed as a deduction for AGI.

Accepted Answer

A) True 
 B)False

Question 19

For 2017,the maximum amount of deductible student loan interest is $2,500.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following items are considered alimony?

Accepted Answer

A) Payments made to a third party on behalf of the former spouse for the former spouse's dental expenses. 
B) Payments made for a six month period after the death of the recipient spouse. 
C) Noncash property settlement. 
D) Payments made on a piece of property transferred to the ex-spouse under the settlement agreement. 
A) Payments made to a third party on behalf of the former spouse for the former spouse's dental expenses. 
B) Payments made for a six month period after the death of the recipient spouse. 
C) Noncash property settlement. 
D) Payments made on a piece of property transferred to the ex-spouse under the settlement agreement.

Qualified self-employed taxpayers can deduct,as a for AGI deduction,80% of health insurance payments for 2017.

Which of the following is deductible as a moving expense?

An early withdrawal penalty is reported on Form:

Self-employment tax is calculated on the gross earnings of the business.

An eligible educator,in the K through 12 educational system,for purposes of the educator's expense deduction is:

Is the self-employed health insurance deduction available to individuals other than self-employed taxpayers? If so,to whom is it available?

For family coverage in 2017,the maximum deductible and out of pocket expense to a Health Savings Account is:

An eligible educator for the educator expense deduction must work at least 600 hours during the school year.

The Sharps were granted a decree of divorce effective January 1,2017.In accordance with the decree,Susan Sharp is to pay her spouse $24,000 a year until their only child,Mealnie now 11,turns 18,and then the payments will decrease by $11,000 per year.For 2017,how much can Susan deduct as alimony?

Under a 2017 divorce decree,Antoine is required pay $800 of alimony and $400 of child support each month for the next 10 years.In addition,Antoine makes a voluntary payment of $200 per month.How much of the total monthly payments are deductible by Antoine?

Elena is required under a divorce agreement effective January 1,2017 to pay $800 of alimony and $250 of child support per month for 10 years.Elena also makes a voluntary payment of $150 per month.How much of each monthly payment can Elena deduct as alimony in 2017?

The deduction for self-employment taxes in 2017 is deductible as an above-the-line deduction at a rate of 7.65% based on the employer's portion of the taxes.

The percentage of self-employed health insurance premiums that could be deductible as a for AGI deduction is:

The self-employed health insurance deduction is also available to a partner in a partnership and to a shareholder in a Subchapter S corporation who owns more than 2% of the stock in the corporation.

Taxpayers who contribute to or withdraw from an HSA during the year must:

Deductible moving expenses may include moving household goods and personal effects from the old residence to the new residence.

Madison is a teacher at a parochial elementary school.If she spends $600 on art supplies for her classes,$250 of this amount can be claimed as a deduction for AGI.

For 2017,the maximum amount of deductible student loan interest is $2,500.

Which of the following items are considered alimony?

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

Filters

Exam 4: Adjustments for Adjusted Gross Income

Qualified self-employed taxpayers can deduct,as a for AGI deduction,80% of health insurance payments for 2017.

Which of the following is deductible as a moving expense?

An early withdrawal penalty is reported on Form:

Self-employment tax is calculated on the gross earnings of the business.

An eligible educator,in the K through 12 educational system,for purposes of the educator's expense deduction is:

Is the self-employed health insurance deduction available to individuals other than self-employed taxpayers? If so,to whom is it available?

For family coverage in 2017,the maximum deductible and out of pocket expense to a Health Savings Account is:

An eligible educator for the educator expense deduction must work at least 600 hours during the school year.

The Sharps were granted a decree of divorce effective January 1,2017.In accordance with the decree,Susan Sharp is to pay her spouse $24,000 a year until their only child,Mealnie now 11,turns 18,and then the payments will decrease by $11,000 per year.For 2017,how much can Susan deduct as alimony?

Under a 2017 divorce decree,Antoine is required pay $800 of alimony and $400 of child support each month for the next 10 years.In addition,Antoine makes a voluntary payment of $200 per month.How much of the total monthly payments are deductible by Antoine?

Elena is required under a divorce agreement effective January 1,2017 to pay $800 of alimony and $250 of child support per month for 10 years.Elena also makes a voluntary payment of $150 per month.How much of each monthly payment can Elena deduct as alimony in 2017?

The deduction for self-employment taxes in 2017 is deductible as an above-the-line deduction at a rate of 7.65% based on the employer's portion of the taxes.

The percentage of self-employed health insurance premiums that could be deductible as a for AGI deduction is:

The self-employed health insurance deduction is also available to a partner in a partnership and to a shareholder in a Subchapter S corporation who owns more than 2% of the stock in the corporation.

Taxpayers who contribute to or withdraw from an HSA during the year must:

Deductible moving expenses may include moving household goods and personal effects from the old residence to the new residence.

Madison is a teacher at a parochial elementary school.If she spends $600 on art supplies for her classes,$250 of this amount can be claimed as a deduction for AGI.

For 2017,the maximum amount of deductible student loan interest is $2,500.

Which of the following items are considered alimony?

Introduction to Taxation, the Income Tax Formula, and Form 1040EZ

Expanded Tax Formula, forms 1040A and 1040, and Basic Concepts

Gross Income: Inclusions and Exclusions

Itemized Deductions

Self-Employed Business Income Line 12 of Form 1040 and Schedule C

Capital Gains and Other Sales of Property Schedule D and Form 4797

Rental Property, Royalties, and Income From Flow- Through Entities Line 17, form 1040, and Schedule E

Tax Credits Form 1040,lines 48 Through 54 and Lines 66A Through 73

Payroll Taxes

Retirement and Other Tax-Deferred Plans and Annuities

Special Property Transactions

At-Riskpassive Activity Loss Rules and the Individual Alternative Minimum Tax

Partnership Taxation

Corporate Taxation

Filters