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Exam 17: Individual From Agi Deductions

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Question 41

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The medical expense deduction is designed to provide relief for doctors and medical practitioners.

A) True
B) False

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Question 42

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Colby is employed full-time as a food technician for a local restaurant chain. This year he has incurred the following expenses associated with his employment: $\begin{array}{l}\begin{array}{lll}\text {Transportation between various restaurants}\\\text {Technician uniforms (not adaptable to daily wear)}\\\text {Professional dues and license}\\\end{array}\begin{array}{lll} \$ 280\\310\\1200\\\end{array}\end{array}$ Colby was reimbursed $125 of the expenses from his employer's accountable plan. How much of the expenses are deductible by Colby?

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$0
Unreimbursed empl...

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Question 43

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Taxpayers filing single and taxpayers filing married separate have the same basic standard deduction amount.

Misti purchased a residence this year. Misti, age 32, is a single parent and lives with her 1-year-old daughter. This year, Misti received a salary of $160,000 and made the following payments: Use Standard deduction. $\begin{array}{l}\begin{array}{lll}\text {Home mortgage interest( \$ 500,000 acquisition debt)}\\\text {Real estate taxes}\\\text {State income taxes paid}\\\text {Income tax preparation fee}\\\text {Charitable contributions (cash to their church)}\\\end{array}\begin{array}{lll}\$ 15,000 \\1,52 \\1,340 \\2,250 \\120\end{array}\end{array}$ Misti files as a head of household. Calculate her taxable income this year.

Homer is an executive who is paid a salary of $80,000. Homer also paints landscapes as a hobby. This year Homer expects to sell paintings for a total of $750 and incur the following expenses associated with his painting activities: $\begin{array}{r}\text {Travel}&\$ 1,480 \\\text {Paints and canvas}&610\\\text {Painting classes}&230\end{array}$ What is the effect of Homer's hobby on his taxable income?

Taxpayers are allowed to deduct mortgage interest on up to $1,000,000 of acquisition debt for their qualified residence for acquisition debt incurred after December 15, 2017.

Which of the following taxes will not qualify as an itemized deduction?