Question 21 4 pts W is 50 years old and is single. He is employed as an engineer by X Corporation. His salary from the corporation was $110,000. W uses the standard deduction. W also races automobiles. Financial Information related to his racing activity is shown below: Prize money for winning races $1,000 Gas, oil, repairs, insurance, travel expenses ($5,000) State property taxes on the racing vehicle ($400) Assume the auto racing activity is a hobby. W's AGI for the year would have been: O $110,000 O $106,600 O $111,000 The correct answer is not shown O $95,600 best answer Question 22 4 pts H&W are married and file a joint return. They have taxable income of $75,000 which includes qualified dividends of $10,000. Given this information, you are to determine the tax rate that would be applicable to the qualified dividends. Time Alteme 1 Hou 20rate rate 15% rate 12% te 25% faste 4 pts Question 23 Assume all tests were met unless the information provided would disqualify the individual from being claimed as a dependent. Vand Tare married and file a joint return. The furnished over 50% of the support for the following individuals: (1) D, their daughter, was married on December 20, 2020 and she filed a joint return with her new husband, (2) S, their son, was 23 years old and a full-time student with gross income of $7,500,(3) B, T's brother, age 18 and a full-time student and had gross income of $6,000, (4) N, an unrelated individual who lived with V and T for more than half of the year. You are to calculate the number of dependence exemptions that V&T may claim. Do not include their personal exemptions. o two four Three none O one Question 24 4 pts The value of meals provided to an employee may be excluded from income if the following conditions are met. (Select the one best answer that describes the required conditions.) The meals are provided for the employer's convenience on the employer's premises The employee must be given the option to receive cash instead of a meal The employee is given cash and may use the money at any restaurant The meals are provided for the employee's convenience and must be provided on the employer's premises The employee must pay for the meals served on the employer's premises