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80. Most military veteran benefits are nontaxable. Which one of the following statements is correct in this regard? Education and training benefits are taxable. b. Disability payments are taxable. Grants for homes designed for a wheelchair are taxable. Retirement pay based on length of service is taxable. 81. Ted raced stock cars for a hobby with no intention of making a profit. In the last full year, he earned $1,300 from his racing. He had $1500 in expenses from his racing activity. Which one of the following statements is correct in this regard? Ted may include $1,500 in deductions on his tax return. Ted is limited to $1,300 in expenses on his tax return and only if he b. mize deductions on Schedule A. ite Ted is limited to $1,000 in expenses on his tax return. d. Ted must take any allowable losses on Form 1040, Schedule C. Some amounts you receive in a court settlement are taxable and some are not. Which one of the following expenses is not taxable? a. Compensation for lost wages. b. Interest on any award. C. Personal physical injury damages. d. Damages for copyright infringement. 83. Which one of the following statements is correct in regard to payments for Notary Public services? a. The payments may be reported on Schedule B, (Form 1040). b. The payments may be reported on Schedule E, (Form 1040). c. The payments are not subject to self-employment tax. d. The payments must be reported on Form 1040, line 21, as other income. 84. Hal had $5,000 in gambling winnings and $2,000 in gambling losses during the year. Assuming Hal did not qualify to itemize his deductions on Schedule A, what amount must Hal report as income? a. $0 b. $1,000 c. $3,000 d. $5,000

80. Most military veteran benefits are nontaxable. Which one of the following statements is correct in this regard? Education and training benefits are taxable. b. Disability payments are taxable. Grants for homes designed for a wheelchair are taxable. Retirement pay based on length of service is taxable. 81. Ted raced stock cars for a hobby with no intention of making a profit. In the last full year, he earned $1,300 from his racing. He had $1500 in expenses from his racing activity. Which one of the following statements is correct in this regard? Ted may include $1,500 in deductions on his tax return. Ted is limited to $1,300 in expenses on his tax return and only if he b. mize deductions on Schedule A. ite Ted is limited to $1,000 in expenses on his tax return. d. Ted must take any allowable losses on Form 1040, Schedule C. Some amounts you receive in a court settlement are taxable and some are not. Which one of the following expenses is not taxable? a. Compensation for lost wages. b. Interest on any award. C. Personal physical injury damages. d. Damages for copyright infringement. 83. Which one of the following statements is correct in regard to payments for Notary Public services? a. The payments may be reported on Schedule B, (Form 1040). b. The payments may be reported on Schedule E, (Form 1040). c. The payments are not subject to self-employment tax. d. The payments must be reported on Form 1040, line 21, as other income. 84. Hal had $5,000 in gambling winnings and $2,000 in gambling losses during the year. Assuming Hal did not qualify to itemize his deductions on Schedule A, what amount must Hal report as income? a. $0 b. $1,000 c. $3,000 d. $5,000

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter1: Ten Principles Of Economics
Section: Chapter Questions
Problem 6PA
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80. Most military veteran benefits are nontaxable. Which one of the following statements is correct in this regard? Education and training benefits are taxable. b. Disability payments are taxable. Grants for homes designed for a wheelchair are taxable. Retirement pay based on length of service is taxable. 81. Ted raced stock cars for a hobby with no intention of making a profit. In the last full year, he earned $1,300 from his racing. He had $1500 in expenses from his racing activity. Which one of the following statements is correct in this regard? Ted may include $1,500 in deductions on his tax return. Ted is limited to $1,300 in expenses on his tax return and only if he b. mize deductions on Schedule A. ite Ted is limited to $1,000 in expenses on his tax return. d. Ted must take any allowable losses on Form 1040, Schedule C. Some amounts you receive in a court settlement are taxable and some are not. Which one of the following expenses is not taxable? a. Compensation for lost wages. b. Interest on any award. C. Personal physical injury damages. d. Damages for copyright infringement. 83. Which one of the following statements is correct in regard to payments for Notary Public services? a. The payments may be reported on Schedule B, (Form 1040). b. The payments may be reported on Schedule E, (Form 1040). c. The payments are not subject to self-employment tax. d. The payments must be reported on Form 1040, line 21, as other income. 84. Hal had $5,000 in gambling winnings and $2,000 in gambling losses during the year. Assuming Hal did not qualify to itemize his deductions on Schedule A, what amount must Hal report as income? a. $0 b. $1,000 c. $3,000 d. $5,000
Transcribed Image Text:80. Most military veteran benefits are nontaxable. Which one of the following statements is correct in this regard? Education and training benefits are taxable. b. Disability payments are taxable. Grants for homes designed for a wheelchair are taxable. Retirement pay based on length of service is taxable. 81. Ted raced stock cars for a hobby with no intention of making a profit. In the last full year, he earned $1,300 from his racing. He had $1500 in expenses from his racing activity. Which one of the following statements is correct in this regard? Ted may include $1,500 in deductions on his tax return. Ted is limited to $1,300 in expenses on his tax return and only if he b. mize deductions on Schedule A. ite Ted is limited to $1,000 in expenses on his tax return. d. Ted must take any allowable losses on Form 1040, Schedule C. Some amounts you receive in a court settlement are taxable and some are not. Which one of the following expenses is not taxable? a. Compensation for lost wages. b. Interest on any award. C. Personal physical injury damages. d. Damages for copyright infringement. 83. Which one of the following statements is correct in regard to payments for Notary Public services? a. The payments may be reported on Schedule B, (Form 1040). b. The payments may be reported on Schedule E, (Form 1040). c. The payments are not subject to self-employment tax. d. The payments must be reported on Form 1040, line 21, as other income. 84. Hal had $5,000 in gambling winnings and $2,000 in gambling losses during the year. Assuming Hal did not qualify to itemize his deductions on Schedule A, what amount must Hal report as income? a. $0 b. $1,000 c. $3,000 d. $5,000
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