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Q- Ruth paid $5,000 in self-employment taxes throughout the year. What is Ruths deduction for...

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Accounting

Q- Ruth paid $5,000 in self-employment taxes throughout the year. What is Ruths deduction for self-employment taxes to arrive at Adjusted Gross Income?

a. $5,000

b. $2,500

c. $1,530

d. $0

Q- Which of the following education-related expenses can be used to claim an education credit?

Tuition Fees Room&Board Meals

a. Yes Yes Yes No

b. Yes Yes No No

c. Yes Yes Yes Yes

d. Yes Yes No Yes

Q- Which of the following best describes the effect of a tax credit?

a. It reduces a persons adjusted gross income.

b. It reduces a persons taxable income.

c. It reduces a persons gross income.

d. It reduces a persons tax liability.

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