Agi self employed - Study guides, Class notes & Summaries

Put the following items in the order in which they are found in the individual income tax formula. - correct answer 5. Equals taxable income 4. Minus from AGI deductions 3. Equals adjusted gross income 1. Gross income 2. Minus for AGI deductions The U.S. tax laws are based on the all-inclusive concept where gross income includes all realized income from whatever source derived. - correct answer True Which one of ...

What are the various IRS Tax forms that must be used to file for each different taxpayer? Individual: 1040EZ, 1040A, 1040, 1040X (amendments) Corporations: 1120, 1120S ( S Corp. status) Partners: 1065 ( For reporting only, not taxable) Self-Employed: 1040 ES (Schedule SE and Schedule C) What types of relatives meet the relationship test for dependency exemption rule? Child, stepchild, adopted child/sibling, half/step-sibling, descendant of any of the above, foster child. ( Chil...

HR BLOCK FINAL TEST - ACTUAL EXAM QUESTIONS WITH CORRECT ANSWERS AND RATIONALES UPDATED 2024/2025 (100% Correct) the deduction for state and local income taxes is limited to what amount? - ANSWER-a. $10,000 ($5,000 if MFS). A married couple who materially participate in the operation of a jointly owned business may elect for each spouse to file their own Schedule C, with each reporting their respective amounts of income, loss, and deductions. This known as what? - ANSWERC. A qualified joint ...

IRS forms - correct answer-1040 Individuals 1065 partnerships Schedule A itemized deductions Schedule K-1 partnership distributions AGI - correct answer-Wages, salaries + ordinary dividends + rental real estate income= total income - Qualified plan/IRA contribution= AGI AGI Self Employed - correct answer-LLC Income + other income = total income -(SUBTRACT) HSA, half self-employment tax paid, SEP contribution, self-employed health insurance deduction = AGI Above the line deductio...

HR BLOCK FINAL TEST (ITC 2024) ACTUAL EXAM QUESTIONS WITH CORRECT ANSWERS AND RATIONALES UPDATED 2024/2025 | 100% Verified. A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - ANSWERa,$2,120 the deduction for state and local...

HR BLOCK FINAL TEST (ITC 2024) ACTUAL EXAM QUESTIONS WITH CORRECT ANSWERS AND RATIONALES UPDATED 2024/2025GRADED A+. A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - ANSWERa,$2,120 the deduction for state and local incom...

Why is it important to distinguish whether an individual is an employee or an independent contractor (self-employed)? – ANSWER A. Self-employed individuals receive an income tax deduction equal to 50% of their self-employment tax. Consideration should also be given to the hospital insurance portion of the FICA tax, which continues to apply without limit at a 1.45% rate for both employees and employers and at a 2.9% rate for self-employed individuals. B. It is important to distin...

Why is it important to distinguish whether an individual is an employee or an independent contractor (self-employed)? – ANSWER A. Self-employed individuals receive an income tax deduction equal to 50% of their self-employment tax. Consideration should also be given to the hospital insurance portion of the FICA tax, which continues to apply without limit at a 1.45% rate for both employees and employers and at a 2.9% rate for self-employed individuals. B. It is important to distinguish w...

AAMS Module 5: Taxation of Investments Exam Study Guide with Complete Solutions Basic Tax Formula - Answer️️ -1 Total Income Minus 2 Adjustments to Income (deductions for adjusted gross income) Equals 3 (AGI) Adjusted Gross Income Minus 4 Standard Deduction or Total itemized Deductions Equals 5 Taxable Income 6 Calculate Tax Minus 7 Credits Plus 8 Other Taxes (Self employment tax, etc) Equals 9 Net Tax Liability (if negative, there's a refund) Gross Income - Answer️️ -Technic...

1040A - Answer a two-page form, your income must be less than $100,000 and be derived only from specified sources. using this form, you may deduct certain IRA contributions and claim certain tax credits, but you cannot itemize your deductions. 1040EZ - Answer simple, one-page form; you qualify to use this form if you are single r married filing jointly; under age 65; not blind; do not claim any dependents; have taxable income of less than $100,000 from only wages, salaries, tips, or taxab...