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- explain in detail regarding the follwing topic Tuition and Fees DeductionWhich of the following is a deduction for adjusted gross income in 2019? Personal casualty losses Medical expenses Student loan interest Charitable contributions None of the aboveShould non-qualified education expenses be taxable in full?
- For an accrual basis taxpayer, which of the following statements is TRUE regarding prepaid income? a.Group of answer choices b.Prepaid dues & subscriptions are recognized immediately c.Prepaid rent is recognized immediately d.Prepaid royalties are recognized when earned e.Prepaid interest is recognized as it is earnedTaxpayers who make after-tax contributions to a qualified employer plan recover their investment (cost) when they begin to take periodic payments. How is their investment recovered?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 course
- Which component of Kensington’s periodic pension cost would be shown in OCI ratherthan P&L?A . Service costB . Net interest (income) expenseC . RemeasurementsWhat are some common examples of income, and what are some common examples of items excluded from income? For example, included items would be income such as alimony received from pre-2019 divorces, gambling winnings, wages, unemployment compensation, etc. and excluded items would be income such as life insurance proceeds, child support payments, medical reimbursements to cover medical expenses, municipal bond interest income, scholarships for tuition and books, inheritances, and gifts, group term life insurance premiums paid by an employer for a policy under $50,000, employee discounts, certain public transportation costs paid for by an employer, veterans’ benefits, etc.An application for an individual Disability Income policy may require all of he following information about the proposed insured EXCEPT for. A. marital slatus and occupation B. medical history C. other disability policies already in force D. the spouse's occupation
- Unions dues, vacation account, 401k, insurance, subtracted from gross pay Options are: personal exemptions, tax deductions, adjusted gross income, social security tax, taxable wages, fit, net pay, personal deductions, Medicare tax, dependent, graduated income tax, and withholding allowances. Which one is it?You pay personal taxes on your calculated _________________ income. Group of answer choices A.marginal B.taxable C.adjusted gross D. grossWhich of the following is an example of a nontaxable fringe benefit? A qualified bicycle commuting reimbursement. Alimony and separate maintenance payments executed before 2019. Compensation for services, including fees and commissions. Money received for the investment of money or other property.