R1 - Federal Taxation of Individuals

Question 1

Multiple Support Agreement

Answer 1

• All must be qualifying relatives
• Who together contribute more than 50% of support
• Contributor must provide more than 10% of the individual’s support to claim as dependent

Question 2

Taxable Social Security Benefits

Answer 2

NO TAX: MAGI $25,000 or less for single filers

50% Taxable: If MAGI is $25,000-$34,000 for single filers OR $32,000 and $44,000 for MFJ

85% Taxable: If MAGI is 34,000 for single filers OR $44,000 for MFJ

Question 3

To calculate QBI

Answer 3

You must subtract Self-Employed Health Insurance deduction from S-Corp Business Income

Question 4

Those entities that get the Self-Employment Tax Deduction are

Answer 4

Sole Props
AND
Partnerships