ACCT 2020: Chapters 4, 5, & 9

What percent is used to calculate child and dependent care credit of someone with an AGI of $36,000?

• 20%

• 24%

• 30%

• 35%

Which of the following organizations qualify for deductible gifts to charity? Check all the apply.

• Salvation Army

• Churches

• Political Parties

• St. Jude

Which of the following qualify for education expenses for student loan when living on campus? Check all that apply

• Tuition

• Room and Board

• Books

• Spring Break Trip

When does the phase-out begin for deductible student loan interest for someone filing Single?

• $70,000

• $85,000

• $145,000

• $175,000

The percentage of self-employed health insurance premiums that could potentially be deductible.

• 70%

• 60%

• 100%

• 50%

Maximum Earned Income Credit for a couple with three children.

• $9,200

• $8,046

• $7,152

• $649

Which of the following military personnel moving expenses are not deductible?

• Meals during the trip.

• Lodging during the trip.

• Cost of packing and transporting

On which schedule should you report Casualties and Thefts.

• Schedule A

• Schedule B

• Schedule D

• Schedule 1

Which of the following are considered medical expenses? Check all that apply.

• Health club dues

• Prescription medicine

• Doctor and dentist fees

• Medical care insurance premiums

Medical expenses are normally deductible to the extent that they exceed

• 10% of AGI.

• 75% of AGI.

• 7.5% of AGI.

• 12% of AGI.