FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 9: Deductions: Employee and Self-Employed-Related Expenses

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 51

True/False

Review LaterAdd Note

Review Later

Every year, Teal Corporation gives each employee a turkey and a bottle of wine at the December holiday season. These gifts are subject to the 50% limitation.

A) True
B) False

Correct Answer

verified

Show Answer

Question 52

Multiple Choice

Review LaterAdd Note

Review Later

Which, if any, of the following expenses are deductible?

A) Safety shoes purchased by an plumber employed by a company.
B) Bottled water purchased by a gig driver for passengers.
C) Unreimbursed employee expenses.
D) Tax return preparation fee paid by a non-employed retiree.
E) None of these.

F) A) and C)
G) A) and D)

Correct Answer

verified

Show Answer

Question 53

True/False

Review LaterAdd Note

Qualified moving expenses of an employee that are not reimbursed are a deduction for AGI.

Beginning in 2018, the moving expense deduction has been eliminated for all taxpayers.

A worker may prefer to be classified as an employee rather than an independent contractor) for which of the following reasons:

The Federal per diem rates that can be used for "deemed substantiated" purposes are the same for all locations in the country.

A taxpayer who uses the automatic mileage method to compute auto expenses can also deduct the business portion of tolls and parking.

A taxpayer who claims the standard deduction may be able to claim an office in the home deduction.

Under the deemed substantiation method of accounting for expenses, what is the maximum amount taxpayers are allowed as a deduction without being required to substantiate the amount of the expenses?

One indicator of independent contractor rather than employee) status is when the individual performing the services is paid based on time spent rather than on tasks performed).

Myra's classification of those who work for her as independent contractors is being questioned by the IRS. It is the position of the IRS that these workers are really employees. What type of factors can Myra utilize to justify her classification?

Isabella is a dental hygienist who works for five different dentists. She spends one day a week i.e., Monday through Friday) with each. All of the dentists except Dr. Stanki the Wednesday assignment) treat her as an employee. Dr. Stanki, however, classifies her as being self-employed. Comment on this discrepancy in treatment.

Which of the following miscellaneous expenses is deductible in 2018?

Which of the following expenses, if any, qualify as deductible?

Tammy has $200,000 of QBI from her neighborhood clothing store a sole proprietorship) . Tammy's proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Tammy's spouse earned $50,000 of wages as an employee, they earned $20,000 of interest income during the year, and will be filing jointly. What is their QBI deduction for 2018?

Allowing for the overall limitation 50% reduction for meals) , which of the following trips, if any, will qualify for the travel expense deduction?

There are three limitations on the qualified business income deduction. An overall limitation based on modified taxable income), another that applies to high income taxpayers, and a third that applies to certain types of services businesses.

James has a job that compels him to go to many different states during the year. It is possible that James was never away from his tax home during the year.

A "qualified trade or business" includes any trade or business including providing services as an employee.