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In: Accounting
Ed is single with no dependents. He has receipts for the expenses listed below that he...
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Expert Solution
| Total itemized deductions for 2019 is $18,300 (C). | ||||
| Particulars | Amount (in $) | Remarks | ||
| Deduction for unreimbursed medical expeses | 2,000 | Refer Working Note 1 | ||
| State and local taxes | 10,000 | Refer Working Note 2 | ||
| Mortgage interest | 4,300 | (Within limits) | ||
| Credit card debt | - | Not allowed as deduction | ||
| Charitable contributions | 2,000 | (Within limits) | ||
| Professional organizations | - | Not allowed as deduction | ||
| Safe & deposit box rental | - | Not allowed as deduction | ||
| Subscriptions | - | Not allowed as deduction | ||
| Tax preparation fees | - | Not allowed as deduction | ||
| Union dues | - | Not allowed as deduction | ||
| 18,300 | ||||
| Working Note 1 | ||||
| Deduction for unreimbursed medical expeses will be anything beyond 10% of AGI | ||||
| AGI | 60000 | |||
| 10% of AGI | 6000 | |||
| unreimbursed medical expeses | 8000 | |||
| Deduction for unreimbursed medical expeses | 2000 | |||
| Working Note 2 | ||||
| State and local taxes | 5400 | |||
| Real estate taxes | 6000 | |||
| Personal property taxes | 400 | |||
| Total | 11800 | |||
| Limited to | 10000 | |||
ekkarill92 answered 8 months agoRelated Solutions
Eric, who is single with no dependents, has the following for the calendar year 2018: RECEIPTS...
Eric, who is single with no
dependents, has the following for the calendar year 2018:
RECEIPTS FOR YEAR
Salary as Walmart
greeter
$ 16,200
Interest from Friendly
Bank
2,236
Interest from City of Chula
Vista
2,000
Dividends from U.S. corporations
69
Social Security
benefits
18,000
EXPENDITURES FOR YEAR
Contribution to
IRA
920
Unreimbursed medical
expense
1,200
Home mortgage
interest
3,400
State income and property
taxes
3,200
Charitable contributions of
cash
5,400
Tax preparation
fee
175
Eric claims two exemptions....
The ThalenTrust has the receipts and expenditures listed below for the current year. Assume the Uniform...
The ThalenTrust has the receipts and expenditures listed below
for the current year. Assume the Uniform Act governs an item's
classification as principal or income. The trustee's fee is
charged one-half to principal and one-half to income.
Requirement
What is the trust's net accounting income and the maximum
amount it can distribute? Assume the trust instrument precludes
distributing principal currently.
Dividends
$12,000
Interest on tax-exempt bonds
9,000
Loss on sale of capital asset
(11,000)
Rental income from land
4,000
Property...
Bobby is single with no dependents. he is 70 years old and is employed by Theta...
Bobby is single with no dependents. he is 70 years old and is
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submits the following information to you for tax year 2018. compute
the gross income, adjusted gross income, taxable income, and income
tax.
salary 75,000
interest on us govt bonds 5,000
interest on airport municipal bonds 10,000
short term capital loss on sale of stock (8,000)
life insurance from death of uncle 500,000
inheritance from uncle 1,000,000
theta...
Listed below are the budgets (in millions of dollars) and the gross receipts (in millions of...
Listed below are the budgets (in millions of dollars) and the
gross receipts (in millions of dollars) for randomly selected
movies. Answer parts
a-c.
Budget (x) Gross (y)
63 60
93 66
45 51
31 57
203 624
105 143
90 46
a. Find the value of the linear correlation coefficient
b. Find the critical values of r from the table showing the
critical values for the Pearson correlation coefficient using
α=0.05.
c. Is there sufficient evidence to conclude that...
listed below are the budgets in million of dollars and the gross receipts in millions of...
listed below are the budgets in million of dollars and the gross
receipts in millions of dollars for randomly selected movies.
budget x: 61, 92, 54, 37, 202, 105, 93
gross receipts: 64, 66, 52, 62, 543, 148, 51
a. find the value of the linear correlation coefficient
r.
b.find the p value for this hypothesis test for linear
correlation.
c. is there sufficient evidence to conclude yhqt there is a
libeqr relatiibship between budgets and gross receipys? use level...
Listed below are the budgets (in millions of dollars) and the gross receipts (in millions of...
Listed below are the budgets (in millions of dollars) and the
gross receipts (in millions of dollars) for randomly selected
movies. Construct a scatterplot, find the value of the linear
correlation coefficient r, and find the P-value using
alphaequals0.05. Is there sufficient evidence to conclude that
there is a linear correlation between budgets and gross receipts?
Do the results change if the actual budgets listed are
$60,000,000, $91,000,000, $48,000,000, and so on? Budget
(x) 60 91 48 40 196 100...
Antoine is single and has AGI of $277,000 for 2018. He incurred the following expenses and...
Antoine is single and has AGI of $277,000 for 2018. He incurred
the following expenses and losses during the year:
Medical expenses before the 7.5%-of-AGI limitation
$37,300
State and local income taxes
2,700
State sales tax
2,900
Real estate taxes
13,400
Home mortgage interest
12,800
Credit card interest
815
Charitable contribution
11,700
Casualty loss before 10% limitation (after $100 floor; not in a
Federally
declared disaster area)
Unreimbursed employee expenses subject to the 2%-of-AGI
limitation
20,600
14,400
If required, round...
A) Maria is single with no dependents and has an annual salary of $125,000. She is...
A) Maria is single with no dependents and has an annual salary
of $125,000. She is considering the purchase of a $400,000 house.
While she was house-hunting, the 2017 tax act passed, changing the
deductions and tax brackets and limiting the deduction for state
and local taxes (SALT) to $10,000. Prior to 2018, the standard
deduction for a single person was $6,350 and a person exemption of
$4,050. A portion of the taxable income-brackets was:
Over
But Not Over
Percentage...
8. Listed below are the budgets (in millions of dollars) and the gross receipts (in millions...
8. Listed below are the budgets (in millions of dollars) and
the gross receipts (in millions of dollars) for randomly selected
movies. Construct a scatterplot, find the value of the linear
correlation coefficient r, and find the P-value using a=0.05. Is
there sufficient evidence to conclude that there is a linear
correlation between budgets and gross receipts? Do the results
change if the actual budgets listed are $63000000. $85000000,
$45000000, and so on
Budget_(x)
Gross_(y)
63
66
85
69
46 ...
1. Listed below are the budgets (in millions of dollars) and the gross receipts (in millions...
1. Listed below are the budgets (in millions of dollars) and
the gross receipts (in millions of dollars) for randomly selected
movies. .
Budget (x)
64
87
47
31
199
99
85
Gross (y)
67
60
49
56
630
143
47
Find the value of the linear correlation coefficient r.
2. For a sample of eight bears, researchers measured the
distances around the bears' chests and weighed the bears.
Calculator was used to find that the value of the linear...
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