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(Solved) (Latest ver. Aug 2020) - Issues in taxation

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Multiple choice taxation help, 6 questions:

10) Helen is a CPA and will spend this entire year in an overseas office of her firm. Helen's salary of $110,000 is subject to the income tax of the foreign country. How much of her salary will she be allowed to exclude from gross income in the United States?
A. $91,400
B. $108,000
C. $82,000
D. $97,500

11) Congress allows self-employed taxpayers to deduct the cost of health insurance above the line (for AGI) because
A. self-employed taxpayers need an alternate mechanism for reducing the cost of health care
B. health insurance premiums cannot be deducted otherwise
C. employers are allowed to deduct social security (FICA) taxes as a business expense
D. this deduction provides a measure of equity between employees and the self-employed

12) Hector is a married self-employed taxpayer, and this year he paid $3,000 for his health insurance premiums. Under which of the following alternative conditions can Hector deduct the cost of the premiums for AGI?
A. Hector's spouse participates in an employer-sponsored plan, but Hector is not eligible to participate in this plan.
B. Neither Hector nor his spouse participates in an employer-sponsored plan although both are eligible to participate in a plan.
C. Hector chose not to participate in the employer-sponsored plan of his spouse.
D. Hector can deduct the health insurance premiums regardless of the insurance status of his spouse.

13) Which of the following is a miscellaneous itemized deduction that is not subject to the 2 percent of AGI floor?
A. Fees for investment advice
B. Employee business expenses
C. Gambling losses to the extent of gambling winnings
D. Tax preparation fees

14) After a meeting with a prospective client, Holly paid for dinner. After dinner, Holly took the prospective client to the theatre. Holly paid $290 for the meal and $250 for the tickets, amounts that were reasonable under the circumstances. What amount of these expenditures can Holly deduct as a business expense?
A. $415
B. $270
C. $540
D. Noneâ?"the meals and entertainment are not deductible except during travel.

15) Which of the following taxes will not qualify as an itemized deduction?
A. State, local, and foreign income taxes
B. Real estate taxes on a residence
C. Personal property taxes assessed on the value of specific property
D. Gasoline taxes on personal travel


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