When calculating the tax liability what items should be removed to be taxed at special rates? Life Insurance Proceeds Long Term Capital Gains Partnership Income Municipal Bond Interest
1. When calculating the tax liability what items should be removed to be taxed at special rates?
Life Insurance Proceeds
Long Term
Partnership Income
Municipal Bond Interest
2. Which of the following can self-employed taxpayers NOT deducts as deductions for AGI?
The cost of the health insurance premiums paid by the self-employed
The employers portion of self-employment tax
Contributions to a SEP or other retirement programs from the self-employment
The income tax paid on the income earned by the self-employment
There are two multiple type questions but only the first question is solved as per our authorising guidelines.
A tax liability is computed on the taxable incomes and on the incomes as well which are having the special tax rates upon it and those tax liabilities are also to be paid by the taxpayer.
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