Quiz 4 Fed Income Tax

Quiz 4 Fed Income Tax - Indeterminingtheitemizeddeductionfor

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
In determining the itemized deduction for  taxes, a taxpayer may deduct both state  income and sales taxes paid. Answer Selected Answer: False Correct Answer: False Question 2 10 out of 10 points All miscellaneous  itemized  deductions are  subject to a 2%  of AGI limitation. Answer Selected Answer: Correct Answer: Question 3 10 out of 10 points Business  expenses  incurred by self- employed  persons and  employees are  afforded the  same tax  treatment. Answer Selected Answer: Correct Answer:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Question 4 10 out of 10 points A taxpayer has  state income  taxes withheld  during 2010 of  $3,400 and pays  her delinquent  2008 tax balance  of $350 in  February of  2010.  Her state  income tax  deduction for  2010 is $3,400. Answer Selected Answer: Correct Answer: Question 5 0 out of 10 points Gambling losses are 'for' AGI deductions. Answer
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/04/2011 for the course FED INCOME 101 taught by Professor ?? during the Spring '11 term at Post.

Page1 / 4

Quiz 4 Fed Income Tax - Indeterminingtheitemizeddeductionfor

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online