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 ago
Next > < Previous

Related 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 calculation is not affected by changes to modified AGI, so the...
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% of my medical expenses above the deductible amount up to a maximum of $100,000. Draw the payoff diagram for my insurance policy.
Georgio has a health insurance policy that includes a deductible of $400 and a coinsurance of 20%.
Georgio has a health insurance policy that includes a deductible of $400 and a coinsurance of 20%. If her total is $6000, how much will her insurance pay?
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
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT