Question 66 of 75. All of the following are deductible business expenses reported in Part II of Schedule C, Profit or Loss from Business, EXCEPT: Car and truck expenses. o Contributions to an employee's profit-sharing plan. Expenses relating to business use of the taxpayer's home. Health insurance benefits for employees. Mark for follow up Question 67 of 75. Choose the response that accurately completes the following sentence. Gross receipts, reported as income in Part 1 of Schedule C, Profit or Loss from Business, may include: An amount recovered from a bad debt. O Amounts reported to the taxpayer on Form 1099-MISC. Income reported to the taxpayer on Form W-2. Proceeds from a loan. Taxpayers are assessed the failure-to-file penalty when they: o Fail to file the return by the due date and there is a balance due. Fail to pay the tax owed by the due date. Show negligence or disregard of the rules or regulations, causing an underpayment. Understate their tax by the larger of $5,000 or 10% of the correct tax