Question
Q- Ruth paid $5,000 in self-employment taxes throughout the year. What is Ruths deduction for self-employment taxes to arrive at Adjusted Gross Income? a. $5,000
Q- Ruth paid $5,000 in self-employment taxes throughout the year. What is Ruths deduction for self-employment taxes to arrive at Adjusted Gross Income?
a. $5,000
b. $2,500
c. $1,530
d. $0
Q- Which of the following education-related expenses can be used to claim an education credit?
Tuition Fees Room&Board Meals
a. Yes Yes Yes No
b. Yes Yes No No
c. Yes Yes Yes Yes
d. Yes Yes No Yes
Q- Which of the following best describes the effect of a tax credit?
a. It reduces a persons adjusted gross income.
b. It reduces a persons taxable income.
c. It reduces a persons gross income.
d. It reduces a persons tax liability.
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