REG R1 2 Flashcards
1
Q
How much can be reimbursed by an employee for education expenses before it is taxable?
A
5,250
2
Q
How much income is applicable to self employment tax? (12.4 ss and 2.9 Medicare)
A
92.35
100%-1.45 med & 6.25 ss
Self employed person can deduct 7.65% as expense already paid for fica taxes
3
Q
What can self employed taxpayers take as an adjustment deduction on their 1040?
A
50% of all self employment taxes paid
