QUESTION 3

QUESTION 5

QUESTION6

QUESTION7

Question 1 0/0.4 pts . Jennifer, a senior at Oregon State University, receives free room and board as full compensation for working as a resident adviser at the university dormitory. The regular housing contract is $2,000 a year in total $1,300 for lodging $700 for meals in the dormitory. He had the option of receiving the meals or $700 in cash and accepted the meals. What must Tommy include in gross income from working as a resident adviser? . The meals must be included in gross income. All items can be excluded from gross income as a scholarship. The lodging must be included in gross income because it was compensation for services. The meals may be excluded because he did not receive cash. Question 4 0/0.4 pts A qualifying child cannot include: O A daughter who is away at college under 24. A nonresident alien. O A grandmother. A brother who is 28 years of age and disabled. A married son who files a joint return. Paul, age 34 and Pauline, age 33 are married couple filing joint return for 2020, and have the following facts for 2020: Their AGI as couple is $85,000 What is their from AGI deduction? Real Estate Property tax $6,000 State Income Tax $3,900 Sales Tax $4,390 Donations of to their church $1,300 Medical expenses out of pocket of $5,680 Mortgage interest for their home of $7,000 $24,800 $26,270 $22.880 $18,200 $25,270 Joseph is 30 years old and lives in California. This year 2019 tax year, Joseph bought a new auto for $20,000 plus $1,750 in state and local sales taxes. Besides this sales tax, Joseph also paid $8,260 in state income taxes and had mortgage interest of $5,500 ($400,000 acquisition indebtedness on his residence). If Joseph files single with AGI of $56,000, what amount of itemized deductions will he be eligible to claim? $12,400 $15,410 $7,150 $0 $13,760 Jack, age 55 and Elaine, age 56, are married couple filing joint return for 2020, living in Oregon and have the following facts for 2020: Their AGI as couple is $140,000 What is their "from" AGI deduction? Real Estate Property tax $8,000 State Income Tax $4,800 Donations of to their church $3,300 Medical expenses out of pocket of $11,000 Mortgage interest for their home of $12,500 $24,800 $27.400 $25,000 $29.100 Zack, is your client and he is a 37 year old, male, and single. Zack gave his CPA the following information for tax year 2019: Amazon salary $135,000 Amazon Stock short term gain $55,000 Medical Expenses $5,900 Real Estate Property tax $7,890 Charitable Donations $6,000 Mortgage Interest on his condo $18,550 His loan on his condo in Seattle is $475,000. Should Zack take the standard deduction or itemize for 2019? Itemize Deduction $19,790 Itemize Deduction $32,440 Standard Deduction $12,200. Itemize Deduction $38,340