true or false: the deduction for interest on student loans is an example of a subsidy for higher education that is deductible for AGI
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true or false: the deduction for interest on student loans is an example of a subsidy for higher education that is deductible for AGI
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- . Could the following reduce a taxpayer AGI income A. Student loan interest1. What loan from the federal government given to individual states is used to provide unemployment benefits to state residents? Answer: A. SUTA Advances B. FUTA Advances C. Title XII Advances D. Title 15 Advances 2. The SUTA tax rate is determined by an employer’s _____. Answer: A. credit reduction B. FUTA tax rate C. experience rating D. Medicare tax rate 3. Identify each item as associated with Form 1099-NEC, Form 1096, or both. A. Displays earnings for one individual Form 1099-NEC Form 1096 Both B. Displays earnings for multiple individuals Form 1099-NEC Form 1096 Both C. Requires a signature Form 1099-NEC Form 1096…What are the underlying reasons for the implementation of allowing student loan interest to be considered a reduction to your taxable income? Why did the government and the IRS allow for this reduction to income?
- Which of the following costs is not a qualified education expense for the American Opportunity tax credit? tuition room and board course-related books lab supplies required by the coursehelpWhich of the following accounts has special tax advantages under certain conditions when used to fund qualified college education expenses? Group of answer choices certificate of deposit money market mutual fund U.S. Treasury bill US EE savings bonds
- Which statement is NOT true about the structure of the Earned Income Tax Credit (EITC)? A. EITC payments decrease as earnings increase, but everyone qualifies for some amount. B. At a particular range of income, government reduces EITC payments based on a certain fixed percent of income earned. C. EITC pays a fixed amount at a range of income. D. Up to a threshold, EITC pays a certain fixed percent of wage earned.Which of the following statements regarding a Qualified Tuition Program (Section 529 plan) is true? a.Contributions to the plan are deductible for AGI. b. Distributions from a Qualified Tuition Program are not allowed for room and board expenses. c. Earnings on the plan assets are not taxable if the money distributed from the plan is used for qualified education expenses. d. A resident of California may not contribute to a Qualified Tuition Program in another state.Which of the following statements about credits is false? A. Credits reduce a taxpayer's liability dollar for dollar. B. Not all credits are refundable. C. The CARES Act stimulus payments were advance credits for 2020. D.Nonrefundable credits are limited to the tax balance due.
- What is the tax rate range for Social Security benefits received? How is the deductible amount of personal property tax figured for personal vehicles? Remember, the tax must be calculated based on the vehicle’s value (not its weight) in order to be deducted. Are donations of time and services deductible? What types of state and local taxes are deductible as itemized deductions on Schedule A?2Explain what qualifies a educational expense for the purposes of educational tax credit?
