Question

6. The following items can be classified as fringe benefits that are excludable as gross income...

6.

The following items can be classified as fringe benefits that are excludable as gross income for tax purposes, except:

Group of answer choices

Group term life insurance in the amount of $50,000

Use of athletic facilities

Educational assistance in the amount of $5,250

Employer bonus check

7.

To the extent that capital losses exceed capital gains, noncorporate taxpayers may use up to ______ of losses to offset ______ income:

Group of answer choices

3000; other taxable income

3000; capital gains

1500; other taxable income

1000; other taxable income

8.

An unused current year Net Operating Loss generated after December 31, 2017 can be carried back to prior tax years but cannot be carried forward to future tax years.

Group of answer choices

True

False

9.

To determine AGI, subtract the following items from gross income:

Group of answer choices

d. Social Security benefits

c. Standard deduction

b. Itemized deductions

a. Above-the-line deductions

10.

The following types of income are included in gross income except:

Group of answer choices

b. Gross income derived from business

c. Bonus payments

a. Compensation for services

d. Vacation pay

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Homework Answers

Answer #1

Answer 6 - Employer bonus check

Explanation - the rest of the options are the exclusions as fringe benefits

Answer 7 - 3000 , other taxable income

Explanation - To the extent that capital losses exceed capital gains, noncorporate taxpayers may use up to _3000_ of losses to offset _other taxable income_ income

Answer 8 - True

Explanation - It is correct as per CARES Act

Answer 9 - Social security benefits

Explanation - Social security payments are subtracted to get AGI

Answer 10 - Vacation pay

Explanation - The rest of the options are a part of Gross Income

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