Listed Below Are Five Terms Followed by a List of Phrases

question 155

Essay

Listed below are five terms followed by a list of phrases that describe or characterize each of the terms.Match each phrase with the number for the correct term.

---

Definitions:

Deductible

The amount that a taxpayer must pay out-of-pocket before an insurance company will pay any expenses.

Unreimbursed Employee Business Expenses

Expenses employees incur in the course of performing their job that are not reimbursed by the employer.

Itemized Deductions

Expenses allowed by the IRS that can be subtracted from adjusted gross income to reduce taxable income, including mortgage interest, medical expenses, and charitable contributions.

2% Floor

A tax rule that limits the deductibility of certain miscellaneous expenses to only the portion that exceeds 2% of the taxpayer’s adjusted gross income.