True/False (2 poils Indicate whether the sentence or statement is true of Juice ALLOCATE 10 MINUTES FOR THIS SECTION. - 16. The pay-as-you-go feature of the Federal income tax requires individuals with income from sources other than wages to make semi-annual estimated tax payments. 17. A maximum of 50% of social security benefits may be taxable depending on the taxpayer's modified AGI. 18. Itemized deductions are reported on Schedule C. 19. Jack recently won $100.000 in the letter Herrently owes $120.000 on a business property that he owns. Willy P Bank holds the mortgage on the property and has agreed to accept $100,000 in complete satisfaction of the debt. Jack must recognize $20,000 income, assuming the liability is qualified business debt. 20. Moe prepares a tax return for Carlos and charges him $500, Moe tells Carlos to pay Vlad the $500 (Moe nad borrowed $500 from Vlad and is repaving the loan). Vlad must pay the tax on the income. 21. The FICA tax on wages is imposed on the employer only. 22. A Preparer Identification Tax Number (PTIN) is required for all paid tax preparers. 23. Luis owned stock that decreased in value by $5,000 during the year, but he did not sell the stock. Luis has a realized and recognized loss in the amount of $3,000