Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. with regard to the educator expense deduction, whi

With regard to the educator expense deduction, which of the following is true? ...

90.2K

Verified Solution

Question

Accounting

With regard to the educator expense deduction, which of the following is true?

1) A full-time high school teacher who purchases $500 of school supplies for his classroom can take a miscellaneous itemized deduction on Schedule A.
2) A middle school teacher who spends $150 on classroom supplies is entitled to a $150 educator expense deduction above-the-line.
3) A full-time professor at a university can take a $250 above-the-line deduction for education expenses spent on classroom supplies.
4) The educator deduction is an above-the-line deduction capped at $1,000.
5)

Deduction for the educator expense is a below-the-line deduction.

Gabe, who is married, operates a skateboard shop as a sole proprietor. He is the sole employee of the business. His Schedule C net income from the business for the current year is $105,000. Their taxable income before taking the deduction is $125,000, which includes his wife's earnings from her job. What is their Qualified Business Income (QBI) deduction for the year?

1) $21,000.
2) $25,000.
3) None of the above.
4) $0.
5) $104,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The following table lists a portion of Major League Baseball’s (MLB’s) leading pitchers, each pitcher’s salary...

Advance Math
Q

In terms of evolution oognesis can be to the organism as its resources can be...

Biology
Q

13 How many yards are in 5 miles OA 1 760 yd OB 5 280...

Basic Math
Q

A company manufactures and sells x television sets per month. The monthly cost and price-demand...

Basic Math
Q

cise 4 Hyperbola A hyperbola has its foci in F 1 2 and F 1...

Algebra
Q

and the number of rotation symmetries with angle measures for each figure s rotations Draw...

Algebra
Q

Please answer all parts and show work. thank you. ...

Accounting
Q

How can businesses avoid being trapped in outdated strategies? Please give examples

Accounting
Q

mop? Multiple Choice 3.69 90\% 0.3%

Accounting
Q

Department S had no work in process at the beginning of the period. It added...

Accounting
Q

In partnerships, dissolution = termination = liquidation. In other words, each has the same meaning?...

Accounting
Q

1. Use the supply and demand for bonds model to analyze the effect of an...

Finance