Which, if any, of the Following is a Deduction forAGI?

Which, if any, of the following is a deduction forAGI?

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.

.

2. Which, if any, of the following is a deduction forAGI?

a. State and local sales taxes.

b. Interest on home mortgage.

c. Charitable contributions.

d. Unreimbursed moving expenses of an employee.

e. None of the above.

3. Which, if any, of the statements regarding the standard deduction is correct?

a. Some taxpayers may qualify for two types of standard deductions.

b. Not available to taxpayers who choose to deduct their personal and dependency exemptions.

c. May be taken as a forAGI deduction.

d. The basic standard deduction is indexed for inflation but the additional standard deduction is not.

e. None of the above.
4. Which, if any, of the following statements relating to the standard deduction is correct?

a. If a taxpayer dies during the year, his (or her) standard deduction must be prorated.

b. If a taxpayer is claimed as a dependent of another, his (or her) additional standard deduction is allowed in full (i.e., no adjustment is necessary).

c. If spouses file separate returns, both spouses must claim the standard deduction (rather than itemize their deductions fromAGI).

d. If a taxpayer is claimed as a dependent of another, no basic standard deduction is allowed.

e. None of the above.

5. During 2014, Marvin had the following transactions:

Salary $50,000
Bank loan (proceeds used to buy personal auto) 10,000
Alimony paid 12,000
Child support paid 6,000
Gift from aunt 20,000
Marvin’s AGI is:

a. $32,000.
b. $38,000.
c. $44,000.
d. $56,000.
e. $64,000.
6. During 2014, Esther had the following transactions:

Salary $70,000
Interest income on Xerox bonds 2,000
Inheritance from uncle 40,000
Contribution to traditional IRA 5,500
Capital losses 2,500
Esther’s AGI is:

a. $62,000.
b. $64,000.
c. $67,000.
d. $102,000.
e. $104,000.
.

7. During 2014, Sarah had the following transactions:

Salary $ 80,000
Interest income on City of Baltimore bonds 1,000
Damages for personal injury (car accident) 100,000
Punitive damages (same car accident) 200,000
Cash dividends from Chevron Corporation stock 7,000
Sarah’s AGI is:

a. $185,000.
b. $187,000.
c. $285,000.
d. $287,000.
e. $387,000.
.

8. In 2014, Cindy had the following transactions:

Salary $90,000
Short-term capital gain from a stock investment 4,000
Moving expense to change jobs (11,000)
Received repayment of $20,000 loan she made to her sister in 2009 (includes no interest) 20,000
State income taxes (5,000)
Cindy’s AGI is:

a. $114,000.
b. $103,000.
c. $98,000.
d. $94,000.
e. $83,000.
9. Sylvia, age 17, is claimed by her parents as a dependent. During 2014, she had interest income from a bank savings account of $2,000 and income from a part­time job of $4,200. Sylvia’s taxable income is:

a. $4,200 – $4,550 = $0.

b. $6,200 – $5,700 = $500.

c. $6,200 – $4,550 = $1,650.

d. $6,200 – $1,000 = $5,200.

e. None of the above.


 

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