28 . Where should Austins cash income from his business be reported on the tax return?

a . Cash income does not have to be reported

b . Form 1040, Line 7

c . Form 1040, Line 21

d . Schedule C-EZ or C

29 . What is Austins mileage expense deduction (at the standard mileage rate) for his business as a personal trainer?

a . $1,485

b . $2,025

c . $2,133

d . $4,158

30 . Which item cannot be deducted by Austin as a business expense?

a . Business license

b . Business liability insurance

c . Advertising

d . Nutritional supplements

31 . How does Austins self-employment tax affect his tax return?

a . Austins self-employment tax is not reported anywhere on Form 1040 .

b . A portion of the self-employment tax is deducted as a business expense on Schedule C-EZ or C .

c . The self-employment tax is shown on Form 1040, Other Taxes section, and the full amount is deducted on Schedule A, Taxes You Paid section .

d . The self-employment tax is shown on Form 1040, Other Taxes section, and the deductible part is an adjustment on Form 1040, page 1 .

32 . What is the amount Austin can take as a student loan interest deduction?

a . $0

b . $1,373

c . $2,500

d . $2,745

33 . What are Austins total itemized deductions on Schedule A, line 29?

a . $6,952

b . $7,086

c . $7,906

d . $8,286

34 . The amount of Austins retirement savings contributions credit in the Tax and Credits section of Form 1040 is $100 .

a . True

b . False

35 . Austin is not able to pay the entire balance due by the due date of the return (without extensions) . What are his options?

a . He can submit a Form 9465, Installment Agreement Request .

b . He can contact the IRS for a full pay 120-day agreement .

c . He can pay using his credit card .

d . Any of the above .

please answer all questions

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