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Author Question: Hui pays self-employment tax on her sole proprietorship income, supplemental Medicare surtaxes on ... (Read 53 times)

kellyjaisingh

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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.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by kellyjaisingh on Sep 13, 2020

chloejackso

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Reply #1 on: Sep 13, 2020
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kellyjaisingh

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

bdobbins

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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