Author Question: Hui pays self-employment tax on her sole proprietorship income, supplemental Medicare surtaxes on ... (Read 52 times)

kellyjaisingh · **on:** Sep 13, 2020

Question 1

During the year Jason and Kristi, cash basis taxpayers, paid the following taxes:

What amount can Kristi and Jason claim as an itemized deduction for taxes on their federal income tax return in the current year?
◦ $7,900
◦ $8,900
◦ $10,900
◦ $15,400

Question 2

Hui pays self-employment tax on her sole proprietorship income, supplemental Medicare surtaxes on excess wages and self-employment income (the .09% tax) and supplemental Medicare taxes on investment income (the 3.8% tax). Which of the following statements is correct regarding the deductibility of these taxes?
◦ All three of the taxes are deductible as itemized deductions.
◦ One-half of the self-employment tax is deductible for AGI, and the .09% and 3.8% taxes are itemized deductions.
◦ None of the taxes are allowed as a deduction.
◦ One-half of the self-employment tax is deductible for AGI, but the .09% and 3.8% taxes are not allowed as deductions.

chloejackso · **Reply #1 on:** Sep 13, 2020

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