ASAP THX

BlueBoole MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Taxable income for an individual is defined as A) AGI reduced by tax credits. B) AGI reduced by itemized deductions and tax credits. C) gross income reduced by itemized deductions. D) AGI reduced by the greater of the standard deduction or itemized deductions. 1) 2) All of the following items are A) child support payments. B) interest on state and local government bonds. C) interest on corporate bonds. 2) generally excluded from income except D) life insurance proceeds paid by reason of death. 3) 3) All of the following items are included in gross income except A) child support payments received. C) rent income. B) interest earned on a bank account. D) pension benefits received. 4) Which of the following credits is considered a refundable credit? A) earned income credit C) lifetime learning credit B) adoption expense credit D) credit for elderly and disabled 5) A single taxpayer provided the following information for 2018: $80,000 Salary Interest on local government bonds (qualifies as a tax exclusion) Allowable itemized deductions 4,000 13,000 What is taxable income? C) $80,000 D) $62,950 B) $71,000 A) $67,000