Hiroyuki Saito public
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When figuring compensation for a self-employed individual for purposes of determining the amount of an allowable contribution to a traditional IRA, which of the following statements is NOT true? 1.Self-employment income must be reduced by the deduction allowed for one-half of your self-employment taxes.2.When you have both self-employment income, a…
 
The foreign earned income exclusion and foreign housing exclusion provide some tax relief for US citizens living and working abroad. Which of the following is NOT a requirement to qualify for the foreign housing exclusion?1.Foreign housing expenses may not be more than total foreign earned income for the tax year2.The taxpayer must have qualified h…
 
The foreign housing exclusion is subject to limitations. In general, taxpayers cannot consider housing expenses in excess of1. 30% of the maximum foreign earned income exclusion (may vary by location)2. 25% of the maximum foreign earned income exclusion (may vary by location)3. 70% of the maximum foreign earned income exclusion (may vary by locatio…
 
QJack was a resident of England. He may claim an exclusion from U.S. income tax on all his foreign source income under the following conditions, EXCEPT: 1.Tax home must be in a foreign country2.Must have foreign earned income3.He was a resident of England for a period of 6 months.4.He is a US citizen or US resident aliencorrect answerHe was a resid…
 
Archie, a US citizen whose abode remains in Florida, takes a year-long sabbatical from his job as an aerospace engineer and spends 345 days living abroad. While away, he works various jobs to finance and enrich his stay. Identify the statement below about the foreign earned income exclusion that is correct?1.Archie’s tax home is in Florida; Archie …
 
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