Bob Brain Files a Single Tax Return and Decides to Itemize

question 71

Multiple Choice

Bob Brain files a single tax return and decides to itemize his deductions. Bob's income for the year consists of $75,000 of salary, $3,000 long-term capital gain, and $1,500 interest income. Bob's expenses for the year consists of $800 investment advice fees, $700 unreimbursed employee business expenses (a miscellaneous itemized deduction) , and $250 tax return preparation fees. What is Bob's actual deduction for miscellaneous itemized deductions?

• A) Zero; Bob's investment expenses do not exceed two percent of AGI floor.
• B) $1,590
• C) $1,500
• D) $1,750
• E) None of these

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Definitions:

Variety of Emotions

The wide range of feelings that humans experience, such as happiness, sadness, anger, fear, and love.

Hungarian Employees

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The level of contentment or happiness that individuals feel with respect to their job, including aspects such as the nature of work, compensation, and work conditions.

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