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xz_007 [3.2K]
3 years ago
11

Dan is a single, self-employed carpenter who earned $120,000 this past year in self-employment income. Dan paid the following ex

penses this year. Which of the expenses are deductible for AGI.
1. The cost of health insurance.

2. The employer portion of self-employment tax paid

3. Penalty on early withdrawal of funds from a certificate of deposit

A.
All of the choices are deductible for AGI.

B.
Numbers 1 and 2 only.

C.
Numbers 2 and 3 only.

D.
None of the choices is deductible for AGI.

E.
Numbers 1 and 3 only.
Business
1 answer:
GalinKa [24]3 years ago
4 0

Answer:

The correct answer is A)

All choices are deductible for Adjusted Gross Income (AGI)

Explanation:

Other items which are deductible "above the line" are:

  1. Contributions to a Retirement Account
  2. Alimonies (excludes child support)
  3. deductions from health savings account

etc

Cheers!

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