Brice is a single,self-employed electrician who earns $60,000 per year in self-employment income.Brice paid the following expenses this year.Which of the expenses are deductible for AGI? 1.The cost of health insurance (not purchased through an exchange)
2)The employer portion of self-employment tax paid
3)Penalty on early withdrawal of funds from a certificate of deposit

Question

Quizplus · Accepted Answer

The cost of health insurance for self-employed individuals, the employer portion of self-employment tax, and penalties on early withdrawal of savings are all deductible for AGI.

Brice Is a Single,self-Employed Electrician Who Earns $60,000 Per Year