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Bruce is employed as an executive and his wife, Marie, is a self-employed realtor. Besides Bruce's salary. Bruce and Marie own a warehouse that they
Bruce is employed as an executive and his wife, Marie, is a self-employed realtor. Besides Bruce's salary. Bruce and Marie own a warehouse that they rent to a local business for storage. This year they paid $1.250 for electric service in the warehouse Marie also paid self-employment tax of $6.200 and Bruce had $7.000 of Social Security taxes withheld from his pay. Marie paid a $45 fee to rent a safe-deposit box to store records associated with her realty operation. Which of the following is a true statement? Multiple Choice One-half of the Social Security tax is deductible for AGI. Only the electric bill is deductible for AGI. The self-employment tax is not deductible. The safe-deposit fee and the electric bill are deductible for AGI. None of the choices are correct
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