Please do no cheat the previous answer, this was not correct, The Trump tax changes (i.e., the TCJA) allows deductions (either as a FOR or FROM AGI Deduction) for all of the following except: Multiple Choice All of these are allowed deductions under the TCJA Casualty losses on personal use assets in a Presidentially-Declared Disaster Area. Unreimbursed employee business expenses. Penalties for the early withdrawal of savings. Gambling losses

Please do no cheat the previous answer, this was not correct, The Trump tax changes (i.e., the TCJA) allows deductions (either as a FOR or FROM AGI Deduction) for all of the following except: Multiple Choice All of these are allowed deductions under the TCJA Casualty losses on personal use assets in a Presidentially-Declared Disaster Area. Unreimbursed employee business expenses. Penalties for the early withdrawal of savings. Gambling losses

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter1: The Individual Income Tax Return

Section: Chapter Questions

Problem 1MCQ

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LO.3, 4, 5 Using the legend provided below, classify each statement under 2019 tax law. a. A foreign tax credit is available. b. The deduction of charitable contributions is subject to percentage limitation(s). c. Excess charitable contributions can be carried forward for five years. d. On the contribution of inventory to charity, the full amount of any appreciation can be claimed as a deduction. e. Excess capital losses can be carried forward indefinitely. f. Excess capital losses cannot be carried back. g. A net short-term capital gain is subject to the same tax rate as ordinary income. h. The deduction for qualified business income may be available. i. A dividends received deduction is available. j. The like-kind exchange provisions of 1031 are available. k. A taxpayer with a fiscal year of May 1April 30 has a due date for filing a Federal income tax return of July 15. l. Estimated Federal income tax payments may be required.
Which one of the statement regarding itemized deductions in 2020 is false? Group of answer choices A.Itemized deductions provide relief to taxpayers whose ability to pay taxes has been involuntarily reduced. B.Itemized deductions subsidize desirable activities. C.Itemized deductions include medical expenses, taxes, mortgage interest, charitable contributions, and unreimbursed employee business expenses. D.Taxpayers only itemize deductions if they exceed their standard deduction.
The Trump tax changes (i.e., the TCJA) allows deductions (either as a FOR or FROM AGI Deduction) for all of the following except: Multiple Choice All of these are allowed deductions under the TCJA Casualty losses on personal use assets in a Presidentially-Declared Disaster Area. Unreimbursed employee business expenses. Penalties for the early withdrawal of savings. Gambling losses
Which of the following is NOT a new tax attribute found on the 2020 Form 1040? The Recovery Rebate Credit. The Virtual Currency Question. The Deduction for Qualified Business Income. The Charitable Contribution Deduction for taxpayers not itemizing.
Which of the following is NOT true about an RESP? Select one: a. Withdrawals are taxed in the hands of the beneficiary b. There is a lifetime contribution limit per beneficiary c. The federal government subsidizes the parents' deposits with a grant d. Deposits are not deductible, beneficiary's withdrawals are not taxable
Social Security taxes are regressive because Question 13 options:they apply only to rich people.they are applied to retired people only.they are not applied to income beyond a certain amount.they are applied to welfare recipients.Save
3. Choosing the standard deduction or itemized deductions The IRS allows you to reduce your adjusted gross income by either the amount of your standard deduction based on your filing status, or by the sum of your Itemized deductions. The following statement refers to deductions from adjusted gross income. The government estimates a likely amount of tax-deductible expenses for each filing status to determine the The U.S. Individual Income Tax Return (Form 1040) Schedule A lists six areas of itemized deductions. Which of the following can be included in Itemized deductions? Check all that apply. Interest you paid O Casualty and theft losses not paid by insurance ORetirement plan contributions DUnemployment compensation O Medical and dental expenses not paid by insurance in excess of 10% of adjusted gross income
A friend says to you, “I don’t understand how taxable temporary differences can be ‘liabilities’ and how deductible temporary differences can be ‘assets.’ It seems to me that these temporary differences relate only to the future and that accounting is based on ‘historical cost.’ In addition, the government frequently changes the tax laws, so no one knows what the future tax laws will be.” Required: Prepare a written response for your friend that explains why deferred tax assets and deferred tax liabilities are recognized and reported on a corporation’s balance sheet. Include a discussion of a valuation allowance.
Which of the following statements is not a benefit of using a Tax-Free Savings Account (TFSA) for retirement planning purposes? Withdrawals from a TFSA will not affect government pension plan benefit payments Contributions are tax deductible for the owner of the account making the deposit Withdrawals from a TFSA will not affect the federal GST tax credit benefit There are no forced withdrawal amounts
Which of the following statements about extensions of time to file certain business income tax returns is true? a)It is required of mostentities to us e electronic funds transfer to make all federal tax deposits. b) The IRS will send taxpayers a notification if their request for an extension is approved. c) Property filing the form wil not automatically give taxpayers the maximum extension of time to file allowed. d) The maximum extension of the to file allowed from the due date of the taxpayer's business return is generally three months.
Which of the following statements is false regarding an employee's contribution into a 401(k) tax deferred retirement account? a.The employee's contributions are not subject to FICA tax. b.Upon retirement, payments are then subject to federal income tax. c.Upon retirement, the employee will receive their contributions back in the form of regular payments. d.The employee may be in a lower tax bracket when the retirement income is taxed. e.None of these statements are correct.
Which of the following statements about the FICA tax is not true? a. The income amount subject to the Social Security portion of FICA tax has increased significantly over the years. b. No FICA taxes are required to be paid by employees or employers in 2020 due to COVID c. The FICA tax is composed of two parts, Social Security and Medicare. xd. Self-employed individuals pay self-employment taxes. Oe. Wages subject to FICA tax that are received by a self-employed individual reduce the individual's maximum Social Security tax base.