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Question & Answer: 2:27 PM blackboard9.wju.edu ….。Sprint令 イ 45%) 1. Ron, age 42, works for a company that has a nondiaeriminatory…..

2:27 PM blackboard9.wju.edu ....。Sprint令 イ 45%) 1. Ron, age 42, works for a company that has a nondiaeriminatory group-tem lite inaurance plan tor its employees. Under the plan, Ron zecelves $80,000 of insuzance coverage. Rons shaze of the group-term life insurance cost for the current year was $27-27-The Unifor Premium Table specifies that the cost for $1,000 of group-term life insurance for one month for a person age 40-44 is $0.10. For this group-term life insurance, Rons gross income should include a. $68.73. b. $61.20 c. $96.00. d. $36.00 $8-73 Anaver 32. The maximum dollar limst on deductsble moving expenses is: $2,250. b. $2,500 $5,250. d. $10,000 e.None of the above Anaweri 33. Which of the following statements is incorrect regarding the deduction for atudent loan intereat7 a. The student loan interest dedaction is a deduction for AGI b. The deduction is available only for the first 60 months of interest payments c. Acceptable educational expenses include tuition, books supplies, and room and board d. A phase-out of the deduction may apply for higher income taxpayers e. None of the above Answer 34. Which of the following statenents is true regarding the qualifications for claiming the foreign earned income exclusion? a. The taxpayer must be a bona fide resident of a foreign country, or be physically present in a foreign country for the entire year b. The taxpayer must be a bona tide resident of a foreign country, or be physically present in a foreign country for at least 330 days during the year . The taxpayer must be a bona fide resident of a foreign country, or be physically present in a foreign country for at least 330 days in a 12-month period. d. The taxpayer must be a bona fide resident of a foreign

2:27 PM blackboard9.wju.edu ….。Sprint令 イ 45%) 1. Ron, age 42, works for a company that has a nondiaeriminatory group-tem lite inaurance plan tor its employees. Under the plan, Ron zecelves $80,000 of insuzance coverage. Ron’s shaze of the group-term life insurance cost for the current year was $27-27-The Unifor Premium Table specifies that the cost for $1,000 of group-term life insurance for one month for a person age 40-44 is $0.10. For this group-term life insurance, Ron’s gross income should include a. $68.73. b. $61.20 c. $96.00. d. $36.00 $8-73 Anaver 32. The maximum dollar limst on deductsble moving expenses is: $2,250. b. $2,500 $5,250. d. $10,000 e.None of the above Anaweri 33. Which of the following statements is incorrect regarding the deduction for atudent loan intereat7 a. The student loan interest dedaction is a deduction for AGI b. The deduction is available only for the first 60 months of interest payments c. Acceptable educational expenses include tuition, books supplies, and room and board d. A phase-out of the deduction may apply for higher income taxpayers e. None of the above Answer 34. Which of the following statenents is true regarding the qualifications for claiming the foreign earned income exclusion? a. The taxpayer must be a bona fide resident of a foreign country, or be physically present in a foreign country for the entire year b. The taxpayer must be a bona tide resident of a foreign country, or be physically present in a foreign country for at least 330 days during the year . The taxpayer must be a bona fide resident of a foreign country, or be physically present in a foreign country for at least 330 days in a 12-month period. d. The taxpayer must be a bona fide resident of a foreign

Expert Answer

 

31a $68.73
Explanation Cost per thousand $0.10 per month
For 80, Thousand $8.00 per month
$    96.00 Year
Less: cost charged $27.27
Included in AGI $68.73
32e None of the above.
Explanation There is no dollar limit on moving expenses but should be reasonable
33e None of the above.
Explanation All are true in respect of student loan interest.
34c The taxpayer must be a bona fide resident of a foreign country, or be physically present in a foreign country for at least 330 days in a 12-nonth period.
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