Help please! Thank you! 1. Joint filers with student loan interest deductions have what range of income between the star

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899603
Joined: Mon Aug 02, 2021 8:13 am

Help please! Thank you! 1. Joint filers with student loan interest deductions have what range of income between the star

Post by answerhappygod »

Help please! Thank you!
1. Joint filers with student loan interest deductions have what
range of income between the starting and ending numbers for a
phase-out?
a. There is no phaseout.
b. $30,000 spread where the deduction is reduced.
c. $15,000 spread where the deduction is reduced.
d. $170,000
2. What is the most that an individual can be penalized on a
return for failing to maintain healthcare coverage on TY2020
returns?
a. The ISRP is repealed. $0.
b. $2,085
c. $695
d. Up to the Bronze level premium average for a single
individual for TY2018
3. A self-employed taxpayer with a vehicle using the standard
mileage rate logs 15,500 business miles. How much of a deduction is
this worth?
a. $8,525
b. $8,990
c. $8,913
d. $15,500
4. How much can a MFJ filer exclude for foreign earned income in
TY2020?
a. $107,600
b. All of it, the US doesn't tax on worldwide income
c. None, the US taxes on all worldwide income
d. $215,200
5. Children with unearned income are taxed how, under changes
from the TCJA?
a. Under the rates for trusts and estates
b. Under the rules for normal income tax on their own
return
c. On their parents' returns, mandatory, at their parents'
marginal tax bracket
d. Generally, on their own returns unless their parents
elect to include it on their own return, subject to their parents'
marginal rate.
6. Who can claim moving expense deductions?
a. Armed Service Members
b. Anyone who moves 1000 miles for a new job
c. Individuals moving 500 miles for a new job
d. Anyone who moves for a job
7. A taxpayer filing single with $10,000 in wage income and
$1,000 in self-employment income does not have to file a return due
to be under the filing requirement limit, right?
a. Probably correct; The SE income must not be from a
church, otherwise they do not have to file.
b. Correct; They are under $12,400 and do not have to
file.
c. Incorrect: The taxpayer is under the limit, but they
have more than $400 of SE income and therefore must file to pay SE
tax.
d. Incorrect; All taxpayers have to file for all income,
always.
8. At what taxable income level does a married couple have their
highest marginal tax rate for TY2019?
a. $414,700
b. $518,400
c. $622,050
d. $326,600
9. At what MAGI does a single filer loses the ability to
contribute to a Roth IRA for TY2020?
a. $139,000
b. $124,000
c. $196,000
d. $206,000
10. What is the maximum amount of EITC that a HOH filer can
receive for TY2020?
a. $6,660
b. $538
c. $3,584
d. $5,920
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Post Reply