25. Is the following statement regarding qualified business income deductions accurate. A. form 11:20 the death qualified business income online 29b. B. A taxpayer with of income of $30,000 to qualify business income comes with a specific side service trade or business must limit their qbi deduction

25. Is the following statement regarding qualified business income deductions accurate. A. form 11:20 the death qualified business income online 29b. B. A taxpayer with of income of $30,000 to qualify business income comes with a specific side service trade or business must limit their qbi deduction

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 2BCRQ

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B4. please answer 2 and 3 correctly. follow instructions carefully and show solution
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Ac. Which of the following statements regarding the home office deduction is true? In order to qualify for the deduction, a portion of the taxpayer's home must be used regularly and exclusively to meet with clients or customers. A home office deduction is not allowed for using the home office for administrative or management activities only. The home office deduction is limited to the taxable income of the business before the deduction. A depreciation deduction is not allowed for a home office.
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3. Which one of the following are valid deductible educational expenses? A. Professional development courses required by an employer for retaining a position. B. A tax seminar attended for reasons unrelated to one’s present job. C. A college or vocational course necessary to be considered for a job. D. A professional continuing education program that qualified the taxpayer for a new job.
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Question 3 of 15. A taxpayer must file Form 8862 to claim certain credits after disallowance by the IRS. Which credit is affected by this requirement? Adoption Credit. Child and Dependent Care Credit. Earned Income Credit. Residential Energy Credit. Mark for follow up
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1. An employee whose current-year earnings subject to Social Security tax are $137,900 and whose earnings subject to Social Security tax during the current period are $6,450, owes Social Security tax of $_______ . 2. A small business, for which the SIMPLE IRA plan is designed, consists of fewer than _____ employees. Answer: A. 50 B. 100 C. 500 D. 1,000 3. The income threshold for Additional Medicare Tax levied is based on the _____. Answer: A. age of the employee B. amount in the employee's Social Security account C. Social Security income threshold D. employee's tax return filing status
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