Question 1

In November 2015,Katie incurs unreimbursed moving expenses to accept a new job.Katie cannot deduct any of these expenses when she timely files her 2015 income tax return since she has not yet satisfied the 39-week time test.

Accepted Answer

A) True 
 B)False

Question 2

Pat generated self-employment income in 2015 of $76,000.The self-employment tax is:

Accepted Answer

A)   $0.
B)   $5,369.23.
C)   $10,738.46.
D)   $11,628.00.
E)   None of the above.F) A) and C)
G) A) and B)

Question 3

The exclusion for health insurance premiums paid by the employer applies to:

Accepted Answer

A)   Only current employees and their spouses.
B)   Only current employees and their spouses and dependents.
C)   Only current employees and their disabled spouses.
D)   Present employees,retired former employees,and their spouses and dependents.
E)   None of these.F) A) and E)
G) B) and E)

Question 4

A taxpayer who lives and works in Tulsa travels to Buffalo for five days.If three days are spent on business and two days are spent on visiting relatives,only 60% of the airfare is deductible.

Accepted Answer

A) True 
 B)False

Question 5

Qualified moving expenses include the cost of lodging but not meals during the move.

Accepted Answer

A) True 
 B)False

Question 6

Dave is the regional manager for a national chain of auto-parts stores and is based in Salt Lake City.When the company opens new stores in Boise,Dave is given the task of supervising their initial operation.For three months,he works weekdays in Boise and returns home on weekends.He spends $350 returning to Salt Lake City but would have spent $410 had he stayed in Boise for the weekend.As to the weekend trips,how much,if any,qualifies as a deduction?

Accepted Answer

A)   $0,since the trips are personal and not work related.
B)   $0,since Dave's tax home has changed from Salt Lake City to Boise.
C)   $60
D)   $350
E)   $410F) C) and E)
G) C) and D)

Question 7

If an employer pays for the employee's long-term care insurance premiums,the employee can exclude from gross income the premiums but all of the benefits collected must be included in gross income.

Accepted Answer

A) True 
 B)False

Exam 11: Individuals As Employees and Proprietors

Pat generated self-employment income in 2015 of $76,000.The self-employment tax is:

Correct Answer
verified

A taxpayer who lives and works in Tulsa travels to Buffalo for five days.If three days are spent on business and two days are spent on visiting relatives,only 60% of the airfare is deductible.

Correct Answer
verified

If an employer pays for the employee's long-term care insurance premiums,the employee can exclude from gross income the premiums but all of the benefits collected must be included in gross income.

Correct Answer
verified

Qualified moving expenses include the cost of lodging but not meals during the move.

Correct Answer
verified

In November 2015,Katie incurs unreimbursed moving expenses to accept a new job.Katie cannot deduct any of these expenses when she timely files her 2015 income tax return since she has not yet satisfied the 39-week time test.

Correct Answer
verified

The exclusion for health insurance premiums paid by the employer applies to:

Correct Answer
verified

Correct Answer
verified

Exam 11: Individuals As Employees and Proprietors

Pat generated self-employment income in 2015 of $76,000.The self-employment tax is:

Correct AnswerverifiedShow Answer

A taxpayer who lives and works in Tulsa travels to Buffalo for five days.If three days are spent on business and two days are spent on visiting relatives,only 60% of the airfare is deductible.

Correct AnswerverifiedShow Answer

If an employer pays for the employee's long-term care insurance premiums,the employee can exclude from gross income the premiums but all of the benefits collected must be included in gross income.

Correct AnswerverifiedShow Answer

Qualified moving expenses include the cost of lodging but not meals during the move.

Correct AnswerverifiedShow Answer

In November 2015,Katie incurs unreimbursed moving expenses to accept a new job.Katie cannot deduct any of these expenses when she timely files her 2015 income tax return since she has not yet satisfied the 39-week time test.

Correct AnswerverifiedShow Answer

The exclusion for health insurance premiums paid by the employer applies to:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified