4) If compensation is reported on Form 1099-NEC the payer is reporting

Select one:

a. The payee is a part-time employee

b. The payee is a statutory employee

c. The payee is self-employed

d. None of these

5) Marco makes the mortgage payments on several properties. He paid mortgage interest of $6,048 on his personal home, $5,261 on his vacation home (used only for personal purposes), $4,995 on his mother's home (the mother is legally liable for the debt), and $7,642 on his rental property. How much mortgage interest can Marco deduct as an itemized deduction on Schedule A?

Select one:

a. $23,946

b. $11,309

c. $12,637

d. $6,048

6) If your client provides you with a document you rely on to determine the client's eligibility to claim an Earned Income Credit (EIC), you must:

Select one:

a. Keep a copy of the document in your client file

b. Obtain a statement, signed by the client under penalty of perjury, and notarized, that the document is true and accurate

c. Make sure the client keeps a copy of the document in case he/she ever gets audited

d. Place a note in your files that you saw the document

7) Schedule B is required to be filed to report taxable interest income if the taxpayer receives how much in total interest income?

Select one:

a. $500

b. $750

c. $1,000

d. $1,500