FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 9: Deductions: Employee and Self-Employed-Related Expenses

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 101

Essay

Review LaterAdd Note

Review Later

For the current year,Wilbur is employed as a deputy sheriff of a county.He has AGI of $50,000 and the following unreimbursed employee expenses: Attendance at a law enforcement conference ($800 for travel and $220 for meals) $1,020 Uniforms (does not include $300 for laundry and dry cleaning) 1,000 Professional dues and journals 300 Contribution to sheriff's reelection campaign (highly recommended by Wilbur's boss) 400 ​ How much of these expenses are allowed as deductions from AGI?

Correct Answer

verified

$1,510.$910 + $1,300 + $300 = $2,510 - (...

View Answer

Show Answer

Question 102

True/False

Review LaterAdd Note

Review Later

On their birthdays,Lily sends gift certificates (each valued at $25) to Caden (a key client) and to each of Caden's two minor children.Lily can deduct only $25 as to these gifts.

A) True
B) False

Correct Answer

verified

Show Answer

Question 103

True/False

Review LaterAdd Note

Madison is an instructor of fine arts at a local community college.If she spends $600 (not reimbursed) on art supplies for her classes,$250 of this amount can be claimed as a deduction for AGI.

By itself,credit card receipts will not constitute adequate substantiation for travel expenses.

In terms of meeting the distance test for purposes of deducting moving expenses,which of the following statements is correct?

The § 222 deduction for tuition and related expenses is available:

Corey is the city sales manager for "RIBS," a national fast food franchise.Every working day,Corey drives his car as follows: Miles Home to office 20 Office to RIBS No.1 15 RIBS No.1 to No.2 18 RIBS No.2 to No.3 13 RIBS No.3 to home 30 ​ Corey's deductible mileage is:

Aaron is a self-employed practical nurse who works out of his home.He provides nursing care for disabled persons living in their residences.During the day he drives his car as follows. Miles Aaron's home to patient Louise 12 Patient Louise to patient Carl 4 Patient Carl to patient Betty 6 Patient Betty to Aaron's home 10 ​ Aaron's deductible mileage for each workday is:

Compare a § 401(k) plan with an IRA.

After graduating from college with a degree in chemistry,Alberto obtains a job as a chemist with DuPont.Alberto's job search expenses qualify as deductions.

Rachel is single and has a college degree in finance.She is employed as a loan officer at a bank;her yearly AGI approximates $50,000.During the year,she enrolled in a weekend MBA program and incurred the following nonreimbursed expenses: $4,100 (tuition) ,$300 (books) ,$200 (other school supplies) ,and $200 (transportation to and from campus) .Disregarding the 2%-of-AGI limitation,as to the MBA program,Rachel has a:

Concerning the deduction for moving expenses,what circumstances,if any,will excuse a taxpayer from meeting the time test of 39 or 78 weeks?

A taxpayer who lives and works in Tulsa travels to Buffalo for five days.If three days are spent on business and two days are spent on visiting relatives,only 60% of the airfare is deductible.

A taxpayer who claims the standard deduction will not be able to claim an office in the home deduction.

A taxpayer who claims the standard deduction will not avoid the 2% floor on unreimbursed employee expenses.