Answer all 8 questions Please, Thank you!

1. Wayne, age 53, and Janet, age 51, are married and file a joint return. Wayne is covered by an employer retirement plan. In 2020, Wayne had compensation of $50,000 and Janet had compensation of $175,000. Their modified adjusted gross income (MAGI) was $200,000. What is the amount of the deductible contribution that can be made for Janet to her traditional IRA for 2020?

A. $0 B. $2,500 C. $3,000 D. $6,000

2. Which of the following statements about taxation of a sole proprietorship is correct?

A. Any income to the business is treated as income to the business owner

B. It may be possible to defer income and therefore income tax to a different tax year

C. They are not required to make quarterly payments of estimated tax liability, to both the state and to the Federal government

D. The income earned from a sole proprietorship is not subject to income and self-employment tax

3. A taxpayer must generally provide a written statement of the business purpose of an expense. However, if he or she is a sales representative who calls on customers on an established sales route then all of the following are true except:

A. The taxpayer does not have to give a written explanation of the business purpose for traveling that route

B. The taxpayer can satisfy the requirements by recording the length of the delivery route once, the date of each trip at or near the time of the trips, and the total miles he or she drove the car during the tax year

C. The taxpayers employers allowance arrangement must meet accountable plan rules

D. The taxpayer could establish the date of each trip with a receipt, record of delivery, or other documentary evidence

4. Under the terms of a partnership agreement, Erica is entitled to a fixed annual payment of $10,000 without regard to the income of the partnership. Her distributive share of the partnership income is 10%. The partnership has $50,000 of ordinary income after deducting the guaranteed payment. Erica must include what amount of ordinary income on her individual income tax return for her tax year in which the partnership's tax year ends?

A. $0 B. $5,000 C. $10,000 D. $15,000

5. An S corporation stockholders' basis is generally increased by:

A. Distributions

B. Taxable income

C. Nontaxable discharge of indebtedness

D. Separately stated loss items

6.A taxpayer can depreciate property under all of the following circumstances except:

A. He or she made a down payment to purchase rental property and assumed the previous owner's mortgage

B. He or she bought a new van that he or she will use only for his or her courier business and he or she will be making payments on the van over the next 5 years

C. He or she bears the burden of exhaustion of the capital investment in a leased property

D. He or she leases property from someone to use in his or her trade or business or for the production of income

7. Astrid has a $150,000 single-family rental house that was put into service on January 1, 2020. The land value of the lot is $20,000 and at the time of purchase she made $5,000 in capital improvements. Under the General Depreciation System (GDS), Astrids annual depreciation expense is what amount?

A. $2,679 B. $4,909 C. $5,112 D. $6,238

8. Joe is 57 years old and unemployed. He decides to take an early withdrawal or distribution from his IRA to make ends meet. Which of the following apply to Joe as a result of this transaction?

A. Joe incurs a 10% Federal penalty because he withdrew funds for an unqualified purpose before he was 59 years old

B. Joe incurs a 15% Federal penalty because he withdrew funds for an unqualified purpose before he was 59 years old

C. Joe incurs a 20% Federal penalty because he withdrew funds for an unqualified purpose before he was 59 years old

D. Joe does not incur a penalty because he is over the age of 55