Please use this link for more information: https://drive.google.com/file/d/1OMp4YhIU2EHpEKbDtWvP531WXdDiksZ8/view?usp=sharing Schedule A Form:https://www.irs.gov/pub/irs-dft/f1040sa–dft.pdf Here’s the 1040 Form:https://www.irs.gov/pub/irs-pdf/f1040.pdf 25. What income must Austin report for his business on ScheduleC-EZ or C? A. Income reported on Form 1099-MISC for classes he taught at thegym. B. Cash income in payments from individualclients. C. None. He must report all income from his personal training businesson Line 21, Other income. D. Both his income reported on the Form 1099-MISC and the cash incomefrom hisclients. 26. What is Austin’s mileage expense deduction (at the standardmileage rate) for his business as a personaltrainer? A. $1,525 B. $2,220 C. $3,531 D. $4,227 27. Which item cannot be deducted by Austin as a businessexpense? A. Businesslicense B. Business liabilityinsurance C. Advertising D. Nutritionalsupplements 28. How does Austin’s self-employment tax affect his taxreturn? A. Austin’s self-employment tax is not reported anywhere on Form1040. B. Aportion of the self-employment tax is deducted as a businessexpense on Schedule C-EZ orC. C. The self-employment tax is shown on Form 1040, Other Taxes section,and the full amount is deducted on Schedule A, Taxes You Paidsection. D. The self-employment tax is shown on Form 1040, Other Taxes section,and the deductible part is an adjustment on Form 1040, page1. 29. What is the amount Austin can take as a student loan interestdeduction? $________. 30. What are Austin’s total itemized deductions on Schedule A,line 29? A. $6,856 B. $8,056 C. $8,156 D. $8,436 31. The amount of Austin’s retirement savings contributionscredit in the Tax and Credits section of Form 1040 is$120. True False 32. Austin is not able to pay the entire balance due by the duedate of the return (without extensions). What are hisoptions? A. He can submita Form 9465, Installment Agreement Request. B. He cancontact the IRS for a full pay 120-dayagreement. C. He can payusing his creditcard. D. Any of theabove. . . .
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