Question
In: Accounting
Which is not deductible above the line? A. Self-employed health insurance B Cost of preparing the...
Which is not deductible above the line? A. Self-employed health insurance B Cost of preparing the schedule C (business part) of your tax return C. "Employee" share of the self-employment tax D. "Employment" share of the self-employment tax
Solutions
Expert Solution
correct option is "B"- Cost of preparing the schedule C (business part) of your tax return
Among above some of the items that can be claimed as Above the line includes :
self employed health insurance deduction .
Deductible portion of self employment tax .
ekkarill92 answered 2 years agoRelated Solutions
Tia is married and is employed by Carrera Auto Parts. In 2019, established high-deductible health insurance...
Tia is married and is employed by Carrera Auto Parts. In 2019,
established high-deductible health insurance for all its employees.
The plan has a $2,700 deductible for married taxpayers. Carrera
also contributes 5% of each employee’s salary to a Health Savings
Account. Tia’s salary is $43,000 in 2019 and $45,000 in 2020. Tia
makes the maximum allowable contribution to her HSA in 2019 and
2020. She received $600 from the HSA for her 2019 medical expenses.
In 2020, she spends...
Explain the similarities and differences among the Guaranteed Cost, Self-Insurance, and Large Deductible approaches.
Explain the similarities and differences among the Guaranteed Cost,
Self-Insurance, and Large Deductible approaches.
when both the self employed health insurance deductions and the premium tax credit are involved for...
when both the self employed health insurance
deductions and the premium tax credit are involved for taxpayer the
IRS provides two calculations to solve this issue. These methods
are called the:
a.iteractive and simplified methods
b. standard and actual methods
c. tangible and simplified methods
d.iteractive and streamlined methods
When both the self-employed health insurance deduction and the Premium Tax Credit are on a return,...
When both the self-employed health insurance deduction
and the Premium Tax Credit are on a return, a circular calculation
is generated. Why does this occur?
A. This would not occur a taxpayer is not allowed to claim both the
self employed health insurance deduction and the Premium Tax
Credit.
B. Because of the adjustment to income for the self-employed health
insurance, modified AGI is affected. The Premium Tax Credit
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Susan is a self-employed consultant, earning $80,000 annually. She does not have health insurance but knows...
Susan is a self-employed consultant, earning $80,000
annually. She does not have health insurance but knows that, in a
given year, there is a 5 percent probability she will develop a
serious illness. If so, she could expect medical bills to be as
high as $25,000. Susan derives utility from her income according to
the following formula:
U = Y^(0.3),
(i.e. Y raised to the 0.3
power), where Y is annual
income.
a) What is Susan's expected utility?
b) What...
Why life insurance doesn’t have deductible while health insurance have?
Why life insurance doesn’t have
deductible while health insurance have?
What are the benefits to having traditional health insurance as opposed to high deductible insurance? What...
What are the benefits to having traditional health insurance as
opposed to high deductible insurance? What are the benefits on high
deductible health insurance? What situations would one work better
than the other?
My medical insurance has $1,500 deductible and then covers 90% of my medical expenses above the...
My medical insurance has $1,500 deductible and then covers 90%
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Georgio has a health insurance policy that includes a deductible of $400 and a coinsurance of 20%.
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Suzanne has no deductible on her health insurance policy she will tend to engage in a...
Suzanne has no deductible on her health insurance
policy she will tend to engage in a lifestyle that is less healthy
than a person with $1,200 insurance deductible this is said to be a
problem of
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