please answer unanswered questions.

150. When determining earmings subject to SE tax, the taxpayer may want to use one of the optional methods whether they have a small net profit or loss and which of the following conditions applies? A. They are eligible to receive the Additional Child Tax Credit B. They can claim a Credit for Dependent or Child Care Expenses C. Taxpayer wants to receive a Credit for Social Security Benefit Coverage D. All of the above 151. Victor has a farm that he operates. He also derives $7,000 per year in income from nonfarm activities. What method or methods can Victor use to report the income from his nonfarm activities? A Victor can use the farm and nonfarm methods whichever is most beneficial to him B. Victor must use the farm-only method for all income earned C. Victor must use the nonfarm method for all income eaned D. Victor can use the nonfarm optional method for earnings that do not come from farming activities and only 173. Joe is 57 years old and unemployed. He decides to take an earty withdrawal or distribution from his IRA to make ends meet. Which of the following apply to Joe as a result of this transaction? A B. C. D. Joe incurs a 10% Federal penalty because he withdrew funds for an unqualified purpose before he was 59 years old Joe incurs a 15% Federal penalty because he withdrew funds for an unqualified purpose before he was 59 years old Joe incurs a 20% Federal penalty because he withdrew funds for an unqualified purpose before he was 59 % years old woe does not incur a penalty because he is over the age of 55 174. Peter is 38 years old and has just purchased his first home. In order to come up with the down payment he withdraws $10,000 from a traditional IRA account he set up when he was 18. Which of the following applies to Peter as a result of this transaction? A. He incurs a 10% Federal penalty for withdrawing funds before he is 59 years old B. He incurs no penalty since he is a first time homebuyer, used the funds for this purpose, and did not C. D. exceed the maximum withdrawal amount of $10,000 He incurs a 15% Federal penalty for withdrawing funds before he was 59% years old He incurs a 20%, Federal penalty for withdrawing funds before he was 59 % years od 175. Lori and Mike, both 42 years old, have been married for 20 years and have two children ages 14 and 17. Mike has worked : Computer Corp. while Lori stayed home taking care of the kids. Once both the kids entered high school Lori decided she wanted to go back to college and finish her degree. Mike uses his IRA funds to pay for the tuition, books, supplies and associated fees for Lori to return to college. Which of the following apply as a result of this transaction? A. They incur a 10% Federal penalty for withdrawing funds before 59 years old B. They incur a 1 5% Federal penalty for withdrawing funds before 59 years old C. They incur a 20% Federal penalty for withdrawing funds before 59 years old D. They incur no penalty since the funds were used for a qualified higher educational expense and Lori is Mike's spouse in 164. Ken Larch is a tailor. He bought two industrial sewing machines from his father. He placed both machines in service in the same year he bought them. All of the following are true except ewig mchings do uni es A The sewing machines do not qualify as Section 179 property B. Ken cannot claim a Section 179 deduction for the cost of these machines C. Ken can claim a partial Section 179 deduction D. The asset must be used at least 50% of the time for business in the first year it is placed in service to qualify for a Section 179 deduction