Question 1

In order to qualify for a moving expense deduction,taxpayers must meet three tests.What are they?

Accepted Answer

The following three tests must be met fo

Question 2

Which of the following types of income is subject to the self-employment tax?

Accepted Answer

A) Income from a sole proprietor's coffee shop. 
B) Gain on the sale of a home. 
C) W-2 income. 
D) Interest earned on a bank account. 
A) Income from a sole proprietor's coffee shop. 
B) Gain on the sale of a home. 
C) W-2 income. 
D) Interest earned on a bank account.

Question 3

Sade,who is single and self-employed as a graphic artist,had net earnings from self-employment of $7,250 for the year.She paid $285 a month for health insurance premiums over the last year.Sade is entitled to a for AGI deduction for health insurance of:

Accepted Answer

A) $ 0. 
B) $ 285. 
C) $3,420. 
D) $3,830. 
A) $ 0. 
B) $ 285. 
C) $3,420. 
D) $3,830.

Question 4

For 2014,taxpayers can take an above-the-line deduction for qualified tuition and related expenses paid during the year for the taxpayer,taxpayer's spouse,or a dependent.

Accepted Answer

A) True 
 B)False

Question 5

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 6

Unreimbursed qualifying moving expenses are an above-the-line deduction for 2014.

Accepted Answer

A) True 
 B)False

Question 7

Student loan interest is deductible only by the person who actually attended the educational institution.

Accepted Answer

A) True 
 B)False

Question 8

Define each of the following: alimony,child support,and a property settlement.

Accepted Answer

Each of these items is determined in con

Question 9

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

Accepted Answer

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

Question 10

The goal of the alimony recapture rules is to properly define the substance of payments made to a former spouse in order to ensure proper tax treatment.These rules "lookback" to the following years for the calculation:

Accepted Answer

A) Years 1 and 2. 
B) Years 3 and 4. 
C) Years 1 through 3. 
D) Years 4 through 6. 
A) Years 1 and 2. 
B) Years 3 and 4. 
C) Years 1 through 3. 
D) Years 4 through 6.

Question 11

To be eligible to fund a Health Savings Account (HSA),a taxpayer must be self-employed,or an employee (or spouse)of an employer who maintains a high deductible health plan,or an employee of a company that offers no health coverage and the employee has purchased a high deductible health plan on his or her own .

Accepted Answer

A) True 
 B)False

Question 12

For 2014,the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is:

Accepted Answer

A) $ 2,500. 
B) $ 6,350. 
C) $11,900. 
D) $12,700. 
A) $ 2,500. 
B) $ 6,350. 
C) $11,900. 
D) $12,700.

Question 13

The cost of self-employed health insurance premiums are deductible above-the line at a rate of 80% of the cost.

Accepted Answer

A) True 
 B)False

Question 14

For a taxpayer to be eligible to deduct moving expenses,in addition to the employment test,he or she:

Accepted Answer

A) Must meet both the time and distance test. 
B) Must meet either the time or distance test. 
C) Must meet the distance test. 
D) Must meet the time test. 
A) Must meet both the time and distance test. 
B) Must meet either the time or distance test. 
C) Must meet the distance test. 
D) Must meet the time test.

Question 15

Jena is a self-employed fitness trainer who had net earnings from self-employment of $23,500.She paid $525 per month for health insurance over the entire last year.Jena is entitled to a for AGI deduction for health insurance of:

Accepted Answer

A) $0. 
B) $5,250. 
C) $6,300. 
D) $6,500. 
A) $0. 
B) $5,250. 
C) $6,300. 
D) $6,500.

Question 16

The amount of self-employed health insurance premiums that are 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 17

Under a 2014 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) $1,000. 
A) $ 200. 
B) $ 400. 
C) $ 800. 
D) $1,000.

Question 18

Due to a company consolidation,Rob 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:   Rob'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 19

For the moving expense distance test,the new job location must be at least 100 miles farther from the taxpayer's old residence than was the old job location.

Accepted Answer

A) True 
 B)False

Question 20

The deduction for qualified tuition and related expenses includes:

Accepted Answer

A) Insurance and medical expenses. 
B) Only tuition and related expenses. 
C) Room and board. 
D) Transportation and other personal living expenses. 
A) Insurance and medical expenses. 
B) Only tuition and related expenses. 
C) Room and board. 
D) Transportation and other personal living expenses.

In order to qualify for a moving expense deduction,taxpayers must meet three tests.What are they?

Which of the following types of income is subject to the self-employment tax?

Sade,who is single and self-employed as a graphic artist,had net earnings from self-employment of $7,250 for the year.She paid $285 a month for health insurance premiums over the last year.Sade is entitled to a for AGI deduction for health insurance of:

For 2014,taxpayers can take an above-the-line deduction for qualified tuition and related expenses paid during the year for the taxpayer,taxpayer's spouse,or a dependent.

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.

Unreimbursed qualifying moving expenses are an above-the-line deduction for 2014.

Student loan interest is deductible only by the person who actually attended the educational institution.

Define each of the following: alimony,child support,and a property settlement.

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

The goal of the alimony recapture rules is to properly define the substance of payments made to a former spouse in order to ensure proper tax treatment.These rules "lookback" to the following years for the calculation:

For 2014,the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is:

The cost of self-employed health insurance premiums are deductible above-the line at a rate of 80% of the cost.

For a taxpayer to be eligible to deduct moving expenses,in addition to the employment test,he or she:

Jena is a self-employed fitness trainer who had net earnings from self-employment of $23,500.She paid $525 per month for health insurance over the entire last year.Jena is entitled to a for AGI deduction for health insurance of:

The amount of self-employed health insurance premiums that are deductible as a for AGI deduction is:

Under a 2014 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?

Due to a company consolidation,Rob 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: Rob's deductible moving expense is:

For the moving expense distance test,the new job location must be at least 100 miles farther from the taxpayer's old residence than was the old job location.

The deduction for qualified tuition and related expenses includes:

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, and Income From Flow-Through Entities

Tax Credits

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

In order to qualify for a moving expense deduction,taxpayers must meet three tests.What are they?

Which of the following types of income is subject to the self-employment tax?

Sade,who is single and self-employed as a graphic artist,had net earnings from self-employment of $7,250 for the year.She paid $285 a month for health insurance premiums over the last year.Sade is entitled to a for AGI deduction for health insurance of:

For 2014,taxpayers can take an above-the-line deduction for qualified tuition and related expenses paid during the year for the taxpayer,taxpayer's spouse,or a dependent.

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.

Unreimbursed qualifying moving expenses are an above-the-line deduction for 2014.

Student loan interest is deductible only by the person who actually attended the educational institution.

Define each of the following: alimony,child support,and a property settlement.

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

The goal of the alimony recapture rules is to properly define the substance of payments made to a former spouse in order to ensure proper tax treatment.These rules "lookback" to the following years for the calculation:

For 2014,the maximum deductible and annual out-of-pocket expenses for family coverage on a high deductible health plan for a Health Savings Account is:

The cost of self-employed health insurance premiums are deductible above-the line at a rate of 80% of the cost.

For a taxpayer to be eligible to deduct moving expenses,in addition to the employment test,he or she:

Jena is a self-employed fitness trainer who had net earnings from self-employment of $23,500.She paid $525 per month for health insurance over the entire last year.Jena is entitled to a for AGI deduction for health insurance of:

The amount of self-employed health insurance premiums that are deductible as a for AGI deduction is:

Under a 2014 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?

Due to a company consolidation,Rob 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: Rob's deductible moving expense is:

For the moving expense distance test,the new job location must be at least 100 miles farther from the taxpayer's old residence than was the old job location.

The deduction for qualified tuition and related expenses includes:

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

Capital Gains and Other Sales of Property

Rental Property, Royalties, and Income From Flow-Through Entities

Tax Credits

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