Question 1

To qualify for the moving expense deduction,an employee must change job sites,move a required distance,and change employers.

Accepted Answer

A) True 
 B)False  False

Question 2

The self-employment tax is calculated on:

Accepted Answer

A) Schedule D. 
B) Schedule C. 
C) Form SE. 
D) Form 1040. 
A) Schedule D. 
B) Schedule C. 
C) Form SE. 
D) Form 1040. C

Question 3

What are the two limitations associated with the deduction for health insurance for self-employed individuals?

Accepted Answer

First,the deduction cannot exceed net earnings from self-employment.Second,the taxpayer cannot be eligible to participate in any subsidized health plan maintained by any employer of the taxpayer or the taxpayer's spouse.

Question 4

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

Accepted Answer

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

Question 5

A qualified education loan is one incurred by the taxpayer solely to pay qualified education expenses incurred on behalf of the:

Accepted Answer

A) taxpayer's spouse. 
B) a dependent of the taxpayer. 
C) taxpayer. 
D) all of these. 
A) taxpayer's spouse. 
B) a dependent of the taxpayer. 
C) taxpayer. 
D) all of these.

Question 6

For 2016,taxpayers are eligible to take a student loan interest deduction of up to:

Accepted Answer

A) $3,000. 
B) $2,500. 
C) $2,800. 
D) $2,150. 
A) $3,000. 
B) $2,500. 
C) $2,800. 
D) $2,150.

Question 7

If a taxpayer withdraws his or her deposit on a CD before the instrument matures,the penalty for the early withdrawal on interest will be reported by the financial institution:

Accepted Answer

A) In Box 2 of Form 1099-INT. 
B) On Form EWIP. 
C) In a letter of notification. 
D) None of these. 
A) In Box 2 of Form 1099-INT. 
B) On Form EWIP. 
C) In a letter of notification. 
D) None of these.

Question 8

In order to meet the time test for qualifying moving expenses,a taxpayer must:

Accepted Answer

A) Remain employed only in the initial new job for the entire 39 or 78 week period. 
B) Be a full-time employee for a period of 39 weeks during the 12 months following arrival in the new area. 
C) Be a full-time employee for a period of 39 weeks during the 12 months following arrival in the new area or be a self-employed individual for at least 78 weeks during the 24 months immediately following arrival in the new area.At least 39 of the 78 weeks must be during the first 12-month period. 
D) Be a self-employed individual for at least 78 weeks during the 24 months immediately following arrival in the new area.At least 39 of the 78 weeks must be during the first 12-month period. 
A) Remain employed only in the initial new job for the entire 39 or 78 week period. 
B) Be a full-time employee for a period of 39 weeks during the 12 months following arrival in the new area. 
C) Be a full-time employee for a period of 39 weeks during the 12 months following arrival in the new area or be a self-employed individual for at least 78 weeks during the 24 months immediately following arrival in the new area.At least 39 of the 78 weeks must be during the first 12-month period. 
D) Be a self-employed individual for at least 78 weeks during the 24 months immediately following arrival in the new area.At least 39 of the 78 weeks must be during the first 12-month period.

Question 9

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 10

If an employer contributes to an employee's HSA,the payment will:

Accepted Answer

A) be deductible by the employee. 
B) not be counted as income to the employee. 
C) not be allowed as a contribution on behalf of the employee. 
D) none of these. 
A) be deductible by the employee. 
B) not be counted as income to the employee. 
C) not be allowed as a contribution on behalf of the employee. 
D) none of these.

Question 11

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 12

Rena had the following moving expenses during 2016:   Rena moved to start a new job and met all the required tests for moving expense deductibility.What is the total amount of moving expenses that can be deducted on her 2016 return?

Accepted Answer

A) $2,275. 
B) $1,675. 
C) $2,100. 
D) $600. 
A) $2,275. 
B) $1,675. 
C) $2,100. 
D) $600.

Question 13

What is meant by a penalty on early withdrawal of savings and under what circumstances is it deductible?

Accepted Answer

Banks often require minimum or fixed dep

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

The educator's expense deduction is taken:

Accepted Answer

A) On the educator's expense form. 
B) Above the line on the Form 1040. 
C) On Form 2106. 
D) On Schedule C. 
A) On the educator's expense form. 
B) Above the line on the Form 1040. 
C) On Form 2106. 
D) On Schedule C.

Question 16

The deduction for qualified tuition and related expenses includes:

Accepted Answer

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

Question 17

Are any moving expenses deductible other than those incurred directly for the taxpayer? If so,what are the requirements for deductibility?

Accepted Answer

Moving expenses of persons other than th

Question 18

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

Question 19

As a for AGI deduction,the expense for self-employed health insurance premiums:

Accepted Answer

A) Can be limited by both the amount of net earnings of the business and can be limited by the availability of other health insurance coverage. 
B) Can be limited by the amount of net earnings of the business. 
C) Can be limited by the availability of other health insurance coverage. 
D) Is never limited. 
A) Can be limited by both the amount of net earnings of the business and can be limited by the availability of other health insurance coverage. 
B) Can be limited by the amount of net earnings of the business. 
C) Can be limited by the availability of other health insurance coverage. 
D) Is never limited.

Question 20

The determination for the deduction of the self-employment tax is based upon the:

Accepted Answer

A) gross earnings of the business. 
B) total of 7.65% of FICA taxes. 
C) net earnings of the business. 
D) total of itemized deductions. 
A) gross earnings of the business. 
B) total of 7.65% of FICA taxes. 
C) net earnings of the business. 
D) total of itemized deductions.

To qualify for the moving expense deduction,an employee must change job sites,move a required distance,and change employers.

The self-employment tax is calculated on:

What are the two limitations associated with the deduction for health insurance for self-employed individuals?

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

A qualified education loan is one incurred by the taxpayer solely to pay qualified education expenses incurred on behalf of the:

For 2016,taxpayers are eligible to take a student loan interest deduction of up to:

If a taxpayer withdraws his or her deposit on a CD before the instrument matures,the penalty for the early withdrawal on interest will be reported by the financial institution:

In order to meet the time test for qualifying moving expenses,a taxpayer must:

If an employer contributes to an employee's HSA,the payment will:

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.

Rena had the following moving expenses during 2016: Rena moved to start a new job and met all the required tests for moving expense deductibility.What is the total amount of moving expenses that can be deducted on her 2016 return?

What is meant by a penalty on early withdrawal of savings and under what circumstances is it deductible?

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

The educator's expense deduction is taken:

The deduction for qualified tuition and related expenses includes:

Are any moving expenses deductible other than those incurred directly for the taxpayer? If so,what are the requirements for deductibility?

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:

As a for AGI deduction,the expense for self-employed health insurance premiums:

The determination for the deduction of the self-employment tax is based upon the:

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 46 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

To qualify for the moving expense deduction,an employee must change job sites,move a required distance,and change employers.

The self-employment tax is calculated on:

What are the two limitations associated with the deduction for health insurance for self-employed individuals?

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

A qualified education loan is one incurred by the taxpayer solely to pay qualified education expenses incurred on behalf of the:

For 2016,taxpayers are eligible to take a student loan interest deduction of up to:

If a taxpayer withdraws his or her deposit on a CD before the instrument matures,the penalty for the early withdrawal on interest will be reported by the financial institution:

In order to meet the time test for qualifying moving expenses,a taxpayer must:

If an employer contributes to an employee's HSA,the payment will:

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.

Rena had the following moving expenses during 2016: Rena moved to start a new job and met all the required tests for moving expense deductibility.What is the total amount of moving expenses that can be deducted on her 2016 return?

What is meant by a penalty on early withdrawal of savings and under what circumstances is it deductible?

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

The educator's expense deduction is taken:

The deduction for qualified tuition and related expenses includes:

Are any moving expenses deductible other than those incurred directly for the taxpayer? If so,what are the requirements for deductibility?

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:

As a for AGI deduction,the expense for self-employed health insurance premiums:

The determination for the deduction of the self-employment tax is based upon the:

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 46 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