1 Frieda is 67 years old and deaf If Frieda files as a head of household, what amount of standard deduction can she claim in 2019 Multiple Choice $12,200 $13,850 $18,350 $19,650 $20,000 9, Which of the following is a true statement Multiple Choice Taxpayers may only deduct interest on up to $1,500,000 of acquisition indebtedness Taxpayers may deduct interest on up to $1,000,000 of home equity debt The deduction for investment interest expense is not subject to limitation A taxpayer who incurs acquisition indebtedness in 2018 may only deduct interest on up to $750,000 of acquisition indebtedness None of the choices are correct 10, Campbell, a single taxpayer, has $400,000 of profits from her general store, which she operates as a sole proprietorship She has $100,000 of employee wages, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income How much is Campbells deduction for qualified business income Multiple Choice $100,000 $80,000 $50,000 $26,000 $0 11, Congress allows self employed taxpayers to deduct the cost of health insurance above the line (for AGI) because Multiple Choice employers are allowed to deduct Social Security (FICA) taxes as a business expense self employed taxpayers need an alternate mechanism for reducing the cost of health care this deduction provides a measure of equity between employees and the self employed health insurance premiums cannot be deducted otherwise None of the choices are correct 12, This year Norma, a single taxpayer, paid $11,200 of real estate taxes on her personal residence and $9,500 of state income taxes Which of the following is true rev 12 13 2019 QC CS 193533 Multiple Choice Norma can deduct $11,200 of real estate taxes as an itemized deduction Norma can deduct $9,500 of state income taxes as a for AGI deduction Norma can deduct $10,000 of taxes as an itemized deduction If Norma has no other itemized deductions, she should still itemize her deductions None of the choices are correct 16, Campbell, a single taxpayer, has $400,000 of profits from her general store, which she operates as a sole proprietorship She has no employees, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income How much is Campbells deduction for qualified business income Multiple Choice $100,000 $80,000 $20,000 $1,000 $0

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1. Frieda is 67 years old and deaf. If Frieda files as a head of household, what amount of standard deduction can she claim in

1. Frieda is 67 years old and deaf. If Frieda files as a head of household, what amount of standard deduction can she claim in 2019?

Multiple Choice

$12,200.
$13,850.
$18,350.
$19,650.
$20,000.

Which of the following is a true statement?

Multiple Choice

Taxpayers may only deduct interest on up to $1,500,000 of acquisition indebtedness.
Taxpayers may deduct interest on up to $1,000,000 of home-equity debt.
The deduction for investment interest expense is not subject to limitation.
A taxpayer who incurs acquisition indebtedness in 2018 may only deduct interest on up to $750,000 of acquisition indebtedness.
None of the choices are correct.

10,

Campbell, a single taxpayer, has $400,000 of profits from her general store, which she operates as a sole proprietorship. She has $100,000 of employee wages, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income. How much is Campbells deduction for qualified business income?

Multiple Choice

$100,000.
$80,000.
$50,000.
$26,000.
$0.

11,

Congress allows self-employed taxpayers to deduct the cost of health insurance above the line (for AGI) because:

Multiple Choice

employers are allowed to deduct Social Security (FICA) taxes as a business expense.
self-employed taxpayers need an alternate mechanism for reducing the cost of health care.
this deduction provides a measure of equity between employees and the self-employed.
health insurance premiums cannot be deducted otherwise.
None of the choices are correct.

12,

This year Norma, a single taxpayer, paid $11,200 of real estate taxes on her personal residence and $9,500 of state income taxes. Which of the following is true?

rev: 12_13_2019_QC_CS-193533

Multiple Choice

Norma can deduct $11,200 of real estate taxes as an itemized deduction.
Norma can deduct $9,500 of state income taxes as a for AGI deduction.
Norma can deduct $10,000 of taxes as an itemized deduction.
If Norma has no other itemized deductions, she should still itemize her deductions.
None of the choices are correct.

16,

Campbell, a single taxpayer, has $400,000 of profits from her general store, which she operates as a sole proprietorship. She has no employees, $40,000 of qualified property, and $500,000 of taxable income before the deduction for qualified business income. How much is Campbells deduction for qualified business income?

Multiple Choice