题目内容

Juan recently started operating a flower shop as a proprietorship. In its first year of operations, the shop had a taxable income of $60,000. Assuming that Juan had no other employment-related earnings:()

A. The flower shop must withhold FICA taxes from Juan's earnings.
B. Juan must pay self-employment tax on the earnings of the business.
C. Juan will be exempt from self-employment taxes for the first three years of operations.
D. Juan will be exempt from the Medicare tax because the business earnings are below the threshold amount.

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During a major sports event, a taxpayer rented his primary residence to spectators for 10 days. The taxpayer's rental income and expenses were as follows: Rental income $10,000 Prorated mortgage interest and taxes 1,000 Advertising 500 Commissions 1,000 How much net rental income must the taxpayer report on his income tax return?()

A. $0
B. $7,500
C. $8,500
D. $10,000

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Adams owns a second residence that is used for both personal and rental purposes. During the current year, Adams used the second residence for 50 days and rented the residence for 200 days. Which of the following statements is correct?()

A. Depreciation may not be deducted on the property under any circumstances.
B. A rental loss may be deducted if rental-related expenses exceed rental income.
C. Utilities and maintenance on the property must be divided between personal and rental use.
D. All mortgage interest and taxes on the property will be deducted to determine the property's net income or loss.

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Which of the following is both an item that is an allowable tax deduction to the partnership, reported separately on the individual partner's Schedule K-1, and then included on the partner's individual tax return?()

A. Salaries paid to non-partner employees
B. Advertising expenditures
C. Guaranteed payments paid to partners
Depreciation on equipment used in the business

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Which of the following is considered a specified service trade or business () for purposes of the qualifying business income deduction?()

Accounting firm
B. Manufacturing company
C. Engineering firm
D. Architectural services

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