1.The self-employment tax rate in 2020 is _____________.

2.The maximum a 35-year-old self-employed taxpayer can contribute to his SEP is the lesser of __________ or 20% of self-employment net profit minus _____________.

3.On November 1, 20X1, an accrual basis taxpayer receives $3,600 in advance for 24-months of subscription services. The taxpayer includes in gross income _____________ in 20X1, _____________ in 20X2 and _____________ in 20X3

4. Self-employment tax must be paid by a sole proprietor who has _____________ or more of net earnings from self-employment.

6.The percentage of business use for property to be eligible for a Section 179 expense deduction is more than _______________.

7.Taxpayers who operate a business out of their home report the depreciation deduction for the use of the home office on _______________, and report the depreciation deduction for the business equipment used in the home office on _______________.

8.A taxpayer uses a car 50% of the time for business and 50% of the time for investment purposes. The taxpayer depreciates the car using _______________.