Ask Question
BusinessBusiness
15 November, 21:19

Which of these is not considered for deduction of federal income tax?

+1
Answers (1)
  1. 15 November, 23:36
    0
    A. interest earned from state bonds

    Explanation:

    Since this is about the federal level tax, and the bonds in the statement are state bonds, they are not taxable at federal level. Everything mentioned in other examples (prizes, awards, commisions ...) is taxable, no matter if it goes into earned or non-earned income.

    However, these bonds can be taxable at state level, but that is irrelevant for this question.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which of these is not considered for deduction of federal income tax? ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A firm is considering purchasing two assets. Asset L will have a useful life of 15 years and cost $4 million; it will have installation costs of $750,000 but no salvage or residual value.
Answers (1)
Wanda is organizing an Employee Appreciation Day event and is soliciting vendors to provide food and drinks. There are 638 employees at the company, and roughly half are married.
Answers (1)
On May 10, Blue Spruce Corp. sold merchandise for $39,000 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account.
Answers (1)
The declaration, record, and payment dates in connection with a cash dividend of $129,100 on a corporation's common stock are January 12, March 13, and April 12. Journalize the entries required on each date.
Answers (1)
Which of the following is defined as the quality of performing at a high level and exhibiting pride and purpose in one's behavior?
Answers (1)
New Questions in Business
Which of the following is included in GDP? Group of answer choices revenue from the sale of a three-year old car the receipts from a sale of land the fees charged for a stock broker's services the value of lawn care service provided by a
Answers (1)
Which of these is an example of rebranding? O A. A new motto O B. More employees O C. Higher pricing O D. More investments
Answers (1)
You're planning a really big surprise trip for your 10-year anniversary. However, the internet is down and you know you need to buy the airline tickets during tomorrow's flash sale.
Answers (1)
Answer the following statement true (T) or false (F) : Mark is a cash basis taxpayer. He is a partner in the M & M partnership, and his share of the partnership's profits for 2019 is $90,000.
Answers (1)
A supermarket manager schedules the workers in the supermarket to ensure that enough cash register clerks are available at different times during the day to handle the expected demand from customers.
Answers (1)
Home » Business » Which of these is not considered for deduction of federal income tax?
Sign Up Forgot Password?