Day 2 - Gross Income Flashcards by Joe Rhodes | Brainscape

Q

Define: Effective Tax Rate

A

The (total tax / total taxable income)

MCQ-06008

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Q

Retirement withdrawal exceptions: (Avoid 10% Penalty) “HIM DEAD”

A

Homebuyer (First-time) $10k max
Insurance (medical)
Medical expenses in excess of % of AGI floor

Disability (Permanent or indefinite)
Education expenses
Adoption or birth
Death

MCQ-04857

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Q

Is Workman’s Comp included in gross income?

A

Excluded

MCQ-15814

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Q

Included in gross income? Damages received for slander

A

Included

MCQ-15814

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Q

Sch C: if travel is primarily personal in nature, are the travel expenses deductible?

A

No

MCQ-01472

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