Deductions for Self-Employed Taxpayers (LOU) Thomas a single and a self-employed architect. During 2020, Thomas's Income from his business is $155,000. He also pays $2,130 for a medical Insurance policy a. How should the medical insurance policy payment be reflected on his 2020 tax return? Thomas is allowed a deduction for adjusted gross income for the cost of the policy. Sanh Orack Hp Work The deductions for adjusted gross income that self-employed taxpayers are allowed to take for health insurance premiums and self-employment taxes are designed to provide some measure of equity in the treatment of employees and self-employed individuals b. What is his 2020 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Thomas's self-employment tax is $ 20,658 X and his deduction for adjusted gross income is 10,329 x in 2020. Feedback Check on incorrect C. Assume that Thomas's income from his business is S232,000. What is his 2020 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Thomes's self-employment tex is s and his deduction for adjusted gross income is in 2020 Feedback Vock Hp Work d. escure the same facts as In partsexcept Thomas is married, his wife's salary is $30.500, and they are covered by a medical policy from her employer. Complete the statement below regarding this scenario. af his wife's employer provides her with medical coverage, no deduction allowed for adjusted gross income for his policy. Check My Work Previous Next Deductions for Self-Employed Taxpayers (LOU) Thomas a single and a self-employed architect. During 2020, Thomas's Income from his business is $155,000. He also pays $2,130 for a medical Insurance policy a. How should the medical insurance policy payment be reflected on his 2020 tax return? Thomas is allowed a deduction for adjusted gross income for the cost of the policy. Sanh Orack Hp Work The deductions for adjusted gross income that self-employed taxpayers are allowed to take for health insurance premiums and self-employment taxes are designed to provide some measure of equity in the treatment of employees and self-employed individuals b. What is his 2020 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Thomas's self-employment tax is $ 20,658 X and his deduction for adjusted gross income is 10,329 x in 2020. Feedback Check on incorrect C. Assume that Thomas's income from his business is S232,000. What is his 2020 self-employment tax deduction? Round intermediate calculations and final answers to the nearest whole dollar. Thomes's self-employment tex is s and his deduction for adjusted gross income is in 2020 Feedback Vock Hp Work d. escure the same facts as In partsexcept Thomas is married, his wife's salary is $30.500, and they are covered by a medical policy from her employer. Complete the statement below regarding this scenario. af his wife's employer provides her with medical coverage, no deduction allowed for adjusted gross income for his policy. Check My Work Previous Next