reg 56 a 242021

  1. Disability insurance premiums are ------------------ as medical expenses.
    Disability insurance premiums are not deductible as medical expenses.
  2. 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.
  3. 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.
  4. Gifts are -----------------------------------------of the taxpayer receiving the gift.
    Gifts are not included in the gross income of the taxpayer receiving the gift.
  5. Transportation to obtain medical care is ----------------------------.
    Transportation to obtain medical care is also deductible.
  6. 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.
  7. 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.
  8. 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.
  9. Farm income is reported on -------------------------
    Farm income is reported on Schedule F
  10. 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
  11. 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.
  12. 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,
  13. 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
  14. 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.
Author
Joens1313
ID
354472
Card Set
reg 56 a 242021
Description
reg 56 242021
Updated