Charlie Is Single and Operates His Barber Shop as a Sole

question 73

Multiple Choice

Charlie is single and operates his barber shop as a sole proprietorship. During the current year, Charlie paid $2,200 for his personal health insurance plan and $4,000 for health insurance for his employees. How much of these premiums can be deducted for Charlie's adjusted gross income?

• A)$- 0 -
• B)$2.200
• C)$4,000
• D)$5,100
• E)$6,200

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Definitions:

Total Revenue

The complete sum of financial income generated by an entity from its various activities, including sales, donations, services, and investments.

Charitable Nonprofits

Organizations that are established for philanthropic purposes and are exempt from federal income tax under section 501(c)(3) of the IRS code.

Tax-Exempt

The status granted to organizations that exempts them from paying certain taxes due to their charitable, educational, or religious nature.

Human Suffering

The experience of physical, psychological, or emotional pain or distress, often a subject of concern in disciplines like medicine, psychology, and social work.