Which of the following statements describing individual tax deductions is false?
A) In a year in which an individual takes the standard deduction, any itemized deductions yield no tax benefit.
B) The majority of individual taxpayers itemize rather than taking the standard deduction.
C) Individuals elect to itemize deductions in a tax year in which total itemized deductions exceed the standard deduction.
D) Individuals who pay self-employment tax can deduct one half of the tax as an above-the-line deduction.
Correct Answer:
Verified
Q60: Every individual taxpayer is entitled to an
Q61: Mr. and Mrs. Dell, ages 29
Q62: Ms. Kilo is an unmarried individual. She
Q63: Mr. and Mrs. Kay, ages 68 and
Q64: Julie, an unmarried individual, lives in
Q66: Mr. and Mrs. Liddy, ages 39
Q67: Alice is an unmarried individual. She has
Q68: Which of the following statements is false?
A)
Q69: Benjamin, who files as a single taxpayer,
Q70: Tamara and Todd Goble, ages 66 and
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents