16. Once the ____________ method has been used in computing the car and truck ex

Question

16. Once the ____________ method has been used in computing the car and truck expense deduction on a business automobile, the ____________ method must be used in all subsequent years for that automobile.

17. A taxpayer operates a direct marketing business and reports gross income of $1,800 and net profit of $1,000. Assuming no deduction for health insurance, in computing self-employment tax, net earnings from self-employment on line 4 Schedule SE are ____________.

18. A ____________ plan allows employees under age 50 to contribute in 2015 a maximum of $11,500 from pre-tax earnings.

19. Travel reimbursements from a(n) _____________ reimbursement plan are taxed as additional wages to the employee.

Explanation / Answer

Answer 16. (1) Standard Mileage rate (2) same

Answer 18. Employee contributions to retirement plans like IRA, 401k, 403b

Answer 19. Per diem reimbursement plan

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