Multiple Choice
Which of the following statements describing individual tax deductions is false?
A) Individuals can take both above-the-line and the standard deduction in the same year.
B) Individuals elect to itemize deductions in a tax year in which total itemized deductions exceed the standard deduction.
C) In a year in which an individual takes the standard deduction, any itemized deductions yield no tax benefit.
D) Individuals who pay self-employment tax can deduct the tax as an itemized deduction.
Correct Answer:
Verified
Correct Answer:
Verified
Q25: An extension of the time to file
Q26: Linda and Raj are engaged to be
Q27: An individual must pay the greater of
Q28: Last year, Mr. Tyker's AGI was $182,800,
Q29: Mr. Thomas is age 69, has perfect
Q31: An individual with $700,000 taxable income has
Q32: Adjusted gross income equals total income less
Q33: Based on the 2020 tax rates, an
Q34: Mr. and Mrs. Stern reported $1,164,540 alternative
Q35: Hunter, age 17, is considered a dependent