Question 1

After graduating from college with a degree in chemistry,Alberto obtains a job as a chemist with DuPont.Alberto's job search expenses qualify as deductions.

Accepted Answer

A) True 
 B)False

Question 2

During the year,Oscar travels from Raleigh to Moscow (Russia) on business.His time was spent as follows: 2 days travel (one day each way) ,2 days business,and 2 days personal.His expenses for the trip were as follows (meals and lodging reflect only the business portion) :  Presuming no reimbursement,Oscar's deductible expenses are:

Accepted Answer

A)  $1,800.
B)  $3,000.
C)  $4,200.
D)  $5,400.
E)  $6,200.F) None of the above
G) B) and E)

Question 3

In the current year,Bo accepted employment with a Kansas City law firm after graduating from law school.Her expenses for the year are listed below:
  Since Bo worked just part of the year,her salary was only $32,100.In terms of deductions from AGI,how much does Bo have?

Accepted Answer

$770.AGI is $30,000 [$32,100 (salary)- $...

Question 4

Once set for a year,when might the IRS change the rate for the automatic mileage method?

Accepted Answer

Changes in the past have been ...

Question 5

A taxpayer takes six clients to an NBA playoff game.If all of the tickets (list price of $120 each)are purchased on the Internet for $1,800 ($300 each),only $150 ($300 * 50% cutback adjustment)per ticket is deductible.

Accepted Answer

A) True 
 B)False

Question 6

For the current year,Horton was employed as a deputy sheriff of a county.He had AGI of $50,000 and the following unreimbursed employee expenses:
  How much of these expenses are allowed as deductions from AGI?

Accepted Answer

$1,400.$1,000 + $1,000 + $400 = $2,400 -...

Question 7

After the automatic mileage rate has been set by the IRS for a year,it can later be changed.

Accepted Answer

A) True 
 B)False

Question 8

For tax purposes,"travel" is a broader classification than "transportation."

Accepted Answer

A) True 
 B)False

Question 9

Merrill is a participant in a SIMPLE § 401(k) plan,and he elects to contribute 4% of his $40,000 compensation to the account,while his employer contributes 3%.What amount will vest immediately,if any?

Accepted Answer

A)  $0.
B)  $1,200.
C)  $1,600.
D)  $2,800.
E)  None of the above.F) B) and D)
G) A) and D)

Question 10

An education expense deduction can be allowed even if the education results in a promotion or pay raise for the employee.

Accepted Answer

A) True 
 B)False

Exam 9: Deductions: Employee and Self-Employed-Related Expenses

A taxpayer takes six clients to an NBA playoff game.If all of the tickets (list price of $120 each)are purchased on the Internet for $1,800 ($300 each),only $150 ($300 * 50% cutback adjustment)per ticket is deductible.

Correct Answer
verified

Merrill is a participant in a SIMPLE § 401(k) plan,and he elects to contribute 4% of his $40,000 compensation to the account,while his employer contributes 3%.What amount will vest immediately,if any?

Correct Answer
verified

For tax purposes,"travel" is a broader classification than "transportation."

Correct Answer
verified

An education expense deduction can be allowed even if the education results in a promotion or pay raise for the employee.

Correct Answer
verified

Correct Answer
verified

After the automatic mileage rate has been set by the IRS for a year,it can later be changed.

Correct Answer
verified

Once set for a year,when might the IRS change the rate for the automatic mileage method?

Correct Answer
verified
Changes in the past have been ...
View Answer

After graduating from college with a degree in chemistry,Alberto obtains a job as a chemist with DuPont.Alberto's job search expenses qualify as deductions.

Correct Answer
verified

In the current year,Bo accepted employment with a Kansas City law firm after graduating from law school.Her expenses for the year are listed below: Since Bo worked just part of the year,her salary was only $32,100.In terms of deductions from AGI,how much does Bo have?

Correct Answer
verified
$770.AGI is $30,000 [$32,100 (salary)- $...
View Answer

For the current year,Horton was employed as a deputy sheriff of a county.He had AGI of $50,000 and the following unreimbursed employee expenses: How much of these expenses are allowed as deductions from AGI?

Correct Answer
verified
$1,400.$1,000 + $1,000 + $400 = $2,400 -...
View Answer

Exam 9: Deductions: Employee and Self-Employed-Related Expenses

A taxpayer takes six clients to an NBA playoff game.If all of the tickets (list price of $120 each)are purchased on the Internet for $1,800 ($300 each),only $150 ($300 * 50% cutback adjustment)per ticket is deductible.

Correct AnswerverifiedShow Answer

Merrill is a participant in a SIMPLE § 401(k) plan,and he elects to contribute 4% of his $40,000 compensation to the account,while his employer contributes 3%.What amount will vest immediately,if any?

Correct AnswerverifiedShow Answer

For tax purposes,"travel" is a broader classification than "transportation."

Correct AnswerverifiedShow Answer

An education expense deduction can be allowed even if the education results in a promotion or pay raise for the employee.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

After the automatic mileage rate has been set by the IRS for a year,it can later be changed.

Correct AnswerverifiedShow Answer

Once set for a year,when might the IRS change the rate for the automatic mileage method?

Correct AnswerverifiedChanges in the past have been ...View AnswerShow Answer

After graduating from college with a degree in chemistry,Alberto obtains a job as a chemist with DuPont.Alberto's job search expenses qualify as deductions.

Correct AnswerverifiedShow Answer

In the current year,Bo accepted employment with a Kansas City law firm after graduating from law school.Her expenses for the year are listed below: Since Bo worked just part of the year,her salary was only $32,100.In terms of deductions from AGI,how much does Bo have?

Correct Answerverified$770.AGI is $30,000 [$32,100 (salary)- $...View AnswerShow Answer

For the current year,Horton was employed as a deputy sheriff of a county.He had AGI of $50,000 and the following unreimbursed employee expenses: How much of these expenses are allowed as deductions from AGI?

Correct Answerverified$1,400.$1,000 + $1,000 + $400 = $2,400 -...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Changes in the past have been ...
View Answer

Correct Answer
verified

Correct Answer
verified
$770.AGI is $30,000 [$32,100 (salary)- $...
View Answer

Correct Answer
verified
$1,400.$1,000 + $1,000 + $400 = $2,400 -...
View Answer