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Which of the following statements describing individual tax deductions is false? a. In a year in which an individual takes the standard deduction, any itemized
Which of the following statements describing individual tax deductions is false?
a. | In a year in which an individual takes the standard deduction, any itemized deductions yield no tax benefit. | |
b. | The majority of individual taxpayers itemize rather than taking the standard deduction. | |
c. | Individuals elect to itemize deductions in a tax year in which the total itemized deductions exceed the standard deduction. | |
d. | Individuals who pay self-employment tax can deduct one half of the tax as n above the one deduction. |
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