Question

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

Answer 1

The expenses deductible for AGI are the cost of health insurance (not purchased through an exchange, the employer portion of self-employment tax paid.

What is Tax?

• Tax compliance refers to policy actions and individual behavior aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs.
• A tax is a mandatory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national).
• Non-compliance with the law includes failing to pay on time as well as evading or resisting taxation.

Taxes can be paid in cash or in the labor equivalent and can be either direct or indirect. The expenses deductible for AGI penalty on early withdrawal of funds from a certificate of deposit.

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