-
Disability insurance premiums are ------------------ as medical expenses.
Disability insurance premiums are not deductible as medical expenses.
-
Amounts paid for qualified medical expenses that exceed ---------------- may be deducted.
Amounts paid for qualified medical expenses that exceed 7.5% of AGI may be deducted.
-
Amounts paid for qualified medical expenses that exceed 7.5% of AGI -----------------------------.
Amounts paid for qualified medical expenses that exceed 7.5% of AGI may be deducted.
-
Gifts are -----------------------------------------of the taxpayer receiving the gift.
Gifts are not included in the gross income of the taxpayer receiving the gift.
-
Transportation to obtain medical care is ----------------------------.
Transportation to obtain medical care is also deductible.
-
A self-employed person is allowed a deduction---------------------------------------------------- of the FICA taxes paid to arrive at AGI.
A self-employed person is allowed a deduction for the employer’s portion (half) of the FICA taxes paid to arrive at AGI.
-
Cash paid to an -------------------- is deductible by the employer. Additionally, the employer may deduct the cost of ------- and ---------- taxes paid.
Cash paid to an employee is deductible by the employer. Additionally, the employer may deduct the cost of FICA and FUTA taxes paid.
-
Taxpayers can deduct up to ------------- of start-up costs in the taxable year in which the business began.
Taxpayers can deduct up to $5,000 of start-up costs in the taxable year in which the business began.
-
Farm income is reported on -------------------------
Farm income is reported on Schedule F
-
Up to ---------- per month may be excluded for the value of employer-provided transit passes
Up to $270 per month may be excluded for the value of employer-provided transit passes
-
Employees may exclude the value of employer-provided transit passes, up to ------- a month.
Employees may exclude the value of employer-provided transit passes, up to ------ a month.
-
Property taxes paid for Murray’s house, which has zero business use, may be deducted by him as a personal expense on -------------------------------,
Property taxes paid for Murray’s house, which has zero business use, may be deducted by him as a personal expense on Schedule A,
-
For 2020, FICA tax withheld from an employee’s wages is --------- of the first ----------- for Social Security and ------------ of total wages for Medicare
For 2020, FICA tax withheld from an employee’s wages is 6.20% of the first $137,700 for Social Security and 1.45% of total wages for Medicare
-
Employers must pay FUTA tax of ---------- of the first ----------- of wages for 2020.
Employers must pay FUTA tax of 6.0% of the first $7,000 of wages for 2020.
|
|
