Final answer:
Archie cannot deduct the premiums paid for his son's life insurance policy when calculating his taxable income for Federal individual income tax purposes, as they are generally considered non-deductible personal expenditures.
Step-by-step explanation:
For Federal individual income tax purposes, the premiums paid on a dependent's life insurance policy are generally not deductible. This means that Archie cannot deduct the premiums he paid for his son's policy when calculating his taxable income. The calculation of taxable income generally involves taking one's adjusted gross income and subtracting either the standard deduction or itemized deductions. Life insurance premiums are neither a standard deduction nor a typical itemized deduction allowed by the IRS unless they are paid as part of alimony arrangements or certain business life insurance plans.
The Internal Revenue Service (IRS) generally categorizes personal expenditures, like expenses on a dependent's insurance premiums, as personal and therefore non-deductible. This is different from premiums paid on business-related policies, which could qualify as a business expense that may lower one's adjusted gross income.