Daniel's adjusted gross income is $90,000. During the year he incurred $14,000 of medical expenses and...

Daniel's adjusted gross income is $90,000. During the year he incurred $14,000 of medical expenses and was reimbursed for $3,000 of these expenses. What is his allowable medical expense deduction if he is age 45, single, and itemizes? If this Daniel's only itemized deduction, should he itemize or claim the standard deduction? (2018)

Expert Solution

ekkarill92 answered 1 year ago

1. Paul incurred $25,670 in legitimate, out-of-pocket medical expenses during the current year. His adjusted gross...

1. Paul incurred $25,670 in legitimate, out-of-pocket medical expenses during the current year. His adjusted gross income amounted to $83,560 this year, and he received a partial reimbursement of $9,412 from his insurance company. How much is his itemized deduction for medical expenses? 2. Amy is a single taxpayer living in Forest Hills, New York, with adjusted gross income of $69,057. Her employer withheld $7,761 in federal income tax, $4,901 in state income tax, and $2,709 in local income taxes...

Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred...

Jon, age 45, had adjusted gross income of $26,000 in 2019. During the year, he incurred and paid the following medical expenses: Drugs and medicines prescribed by doctors $300 Health insurance premiums $750 Doctors' fees $2,650 Eyeglasses $75 Jon received $900 in 2019 as a reimbursement for a portion of the doctors' fees. If Jon were to itemize his deductions, what would be his allowable medical expense deduction after the adjusted gross income limitation is taken into account? a.$3,775 b.$2,875...

In 2019, David, age 65, had adjusted gross income of $32,000. During the year he paid...

In 2019, David, age 65, had adjusted gross income of $32,000. During the year he paid the following medical expenses: Prescription medicines $200 Doctors $2,500 Medical care insurance $1,400 Over-the-counter hair growth tonic $250 What amount can David deduct as medical expenses (after the adjusted gross income limitation) in calculating his itemized deductions for 2019? a.$1,700 b.$4,100 c.$0 d.$900 e.None of these choices are correct.

Randal Snyder is 55 years old, and has adjusted gross income of $40,000. He has medical...

Randal Snyder is 55 years old, and has adjusted gross income of $40,000. He has medical expenses for the year ending 2018 of $7,000. How much of these expenses can he include as an itemized deduction?

QUESTION 17 During the current year, Z Corporation accrued income and expenses as follows: Gross income...

QUESTION 17 During the current year, Z Corporation accrued income and expenses as follows: Gross income from Business $1,000 Dividends on Apple Stock 300 Interest on State Bonds 300 Capital Gain 300 Total 2,400 Deductible Business Expenses 1,290 Non-Capital Expenses, Non Deductible under 162(e) 270 Capital Losses 438 Total 1,998 Net $ 402 a. For the calculation of earnings and profits (E&P), net capital loss is currently deductible. b. Accrued corporate tax does not reduce E&P. c. The DRD...

Adam runs his own marketing business in Australia. During the year he incurred the following expenses:...

Adam runs his own marketing business in Australia. During the year he incurred the following expenses: a) salary costs of $500,000. b) salary costs of $9,000 for his son who did some graphic design work for him as he was studying graphic design at university. The work took approximately 19 hours to complete. c) $1200 on membership to the local bowls club where he entertains clients. d) $3,000 on smart clothing that he considered necessary to portray the correct image...

The following expenses were incurred by a merchandising business during the year.

The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) selling, (b) administrative, or (c) other?Advertising expenseDepreciation expense on store equipmentInsurance expense on office equipmentInterest expense on notes payableRent expense on office buildingSalaries of office personnelSalary of sales managerSales supplies used

Henry’s adjusted gross income is $50,000 in 2018. He donated a piece of artwork with a...

Henry’s adjusted gross income is $50,000 in 2018. He donated a piece of artwork with a basis of $10,000 and a fair market value (FMV) of $25,000. He has owned the artwork for 10 years. The charity that Henry donated the artwork to is a public charity and will display the art work in its art center. What is the maximum charitable deduction in 2018 that Henry can take? $0. $10,000. $15,000. $25,000

1. Kenneth has an adjusted gross income of $114000. His Schedule A expenses were as follows:...

1. Kenneth has an adjusted gross income of $114000. His Schedule A expenses were as follows: • Interest on home mortgage, $12500 • Property taxes on home, $4000 • State income tax, $8000 • Charitable contributions, $1000 What will he be able to claim for total itemized deductions? A) $23500 B) $13500 C) $25500 2. Nicole sold shares of Disney Company that were given to her 20 years ago by her grandmother to pay for her down-payment on her new...

Shane is an Australian resident for tax purposes. During the year he derived gross business income...

Shane is an Australian resident for tax purposes. During the year he derived gross business income of $152,200 and had business deductions of $87,000 (PAYG installments paid $15,100), $8600 interest from an overseas bank account, net of $3400 tax, and rent of $18,000 from a property in the UK which he owns, net of $6500 tax. He has adequate private health insurance. Required: For the year ended 30 June 2020, calculate Shane's: a) Taxable Income b) Net Tax Payable of...

Question