Which, If Any, of the Following Is a Deduction for AGI

question 40

Multiple Choice

Which, if any, of the following is a deduction for AGI?

• A) Contributions to a traditional Individual Retirement Account.
• B) Child support payments.
• C) Funeral expenses.
• D) Loss on the sale of a personal residence.
• E) Medical expenses.

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Definitions:

Paycheck

A document or electronic transfer that provides payment for employment services rendered, typically issued periodically at fixed intervals, like weekly or monthly.

Wage And Tax Statement

An official document, often referred to as a W-2 form in the United States, that reports an employee's annual wages and the amount of taxes withheld from their paycheck.

Federal Income

Revenue collected by the federal government, mainly from taxes such as income taxes and corporate taxes.

FICA Taxes

Taxes collected under the Federal Insurance Contributions Act to fund Social Security and Medicare, deducted from employee paychecks and matched by employers.