ACC 401 Week 2 Quiz

Download here:
http://www.onlinehomework.company/product/acc-401-week-2-quiz/

ACC 401 Week 2 Quiz

1. For a taxpayer to be eligible to fund a Health Savings Account (HSA), he or she must be:

2. If one or more non-cash gifts has a fair market value over $500, the taxpayer must:

3. For the current year, Sheila Jones had adjusted gross income of $100,000. During the year, she contributed $6,000 to her church and an additional $3,000 to qualified charities. She also contributed religious artwork with a fair market value of $60,000 and a basis of $20,000 to her church. The church intends to display the religious artwork in the church foyer. If Sheila chooses to itemize her deductions, what is the amount of her deductible charitable contribution?

4. Taxes deductible as an itemized deduction include all of the following except:

5. Some contributions may be limited to 50% of the taxpayer’s AGI. Deductions to which of the following organizations are subject to the 50% limitation on deductible contributions?

6. Abel’s car was completely destroyed in an accident that was his fault. His loss was $8,500 and his insurance company reimbursed him $6,500. What amount of casualty loss can Abel claim on his return (before deduction limitations)?

7. Charde, who is single, had a student loan for qualified education expenses on which interest was due. For 2012, the total interest payments were $1,500. Assuming she has AGI under $60,000, how much may she deduct in arriving at adjusted gross income for 2012?

8. For a taxpayer to be eligible to deduct moving expenses, in addition to the employment test, he or she:

9. The determination for the deduction of the self-employment tax is based upon

10. An early withdrawal penalty is reported on Form