1 The cost of which of the following expenses is #786

1. The cost of which of the following expenses is not deductible as a medical expense on
Schedule A, before the 10 percent of adjusted gross income limitation?a. A psychiatrist b. Birth
control prescriptions c. Acupuncture d. Marriage counseling 2. The cost of which of the following
is deductible as a medical expense?a. Travel to a warm climate b. Birth control pills c. A
disability insurance policy that pays $200 for each day the taxpayer is in the hospital d.
Liposuction to reduce waist size 3. Which of the following is not considered a deductible medical
expense? a. Dental work b. Eyeglasses c. Acupuncture d. Diet foods 4. Which of the following
taxes may be deducted as itemized deductions for 2014? a. State gasoline taxes b. Fishing
license fee c. Federal income taxes d. Social Security taxes e. Local income taxes 5. Wilma had
$3,100 in state income taxes withheld from her paychecks during 2014. In April of 2014, Wilma
paid the $300 due for her 2013 state tax return. Wilma’s total tax liability on her state tax return
for 2014 is $2,850. How much should Wilma deduct as an itemized deduction for state income
taxes on her 2014 federal income tax return?a. $3,400 b. $3,150 c. $3,100 d. $2,850 e. None of
the above6. Which of the following taxes are not deductible as an itemized deduction? a.
Property tax on land held for investment b. State income taxes c. Auto registration fees based
on the value of the auto d. Federal income taxes 7. Ramon, a single taxpayer, has adjusted
gross income for 2014 of $164,000 and his itemized deductions total $19,000. The itemized
deductions consist of $11,000 in state income taxes and $8,000 of charitable contributions.
What amount of itemized deductions will Ramon be allowed to deduct in 2014?a. $40 b.
$10,133 c. $5,450 d. $18,959 e. $19,000 8. Which of the following is deductible as interest on
Schedule A? a. Loan fees that are not “points” b. Service charges c. Investment interest
expense, subject to the net investment income limitation d. Interest on loans to finance tax
exempt bonds e. None of the above are deductible as interest 9. Carrie finished her
undergraduate degree using money from a student loan. She earned $36,000 her first year and
paid $2,600 in interest. She can take a deduction for student loan interest in the amount of:a.
$2,600 b. $2,500 c. $1,500 d. $0 e. None of the above 10. Which of the following interest
expense amounts is not deductible in the current year? a. Education loan interest of $2,000,
assuming the taxpayer has income of $30,000.b. Home equity loan interest of $6,000, on a loan
of $90,000, the proceeds of which were used to purchase a sports car and designer clothes.c.
Investment interest expense of $10,000, assuming the taxpayer has no investment income.d.
Qualified residence interest of $70,000 on a $1 million loan used to purchase a luxury
apartment in downtown San Diego.View Solution:
1 The cost of which of the following expenses is

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