Question

In: Accounting

In 2018, Ava, an employee, who files single, has AGI of $29,900 and incurred the following...

In 2018, Ava, an employee, who files single, has AGI of $29,900 and incurred the following miscellaneous itemized deductions this year:

Union dues and work uniforms: $990

Home office expenses: $2,970

Unreimbursed employee expenses: $1,386

Gambling losses to the extent of gambling winnings: $1,150.

What is Ava’s total itemized deduction related to these items?

Solutions

Expert Solution

Ava’s total itemized deduction
Union dues and work uniforms                                    990
Home office expenses                                 2,970
Unreimbursed employee expenses                                 1,386
                                5,346
Less : 2% of AGI (2% * 29,900)                                    598
                                4,748
Add : Gambling losses                                 1,150
Total itemized deduction                                 5,898
Note : Gambling losses are not eligible for deduction of 2% of AGI

Related Solutions

Pedro, who is a single taxpayer, had AGI of $328,000 for 2018. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $328,000 for 2018. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $12,000 State and local income taxes 8,900 Real estate taxes 1,600 Home mortgage interest 16,000 Charitable contributions 2,200 Deductible investment interest expense 1,700 Compute the amount of Pedro’s itemized deductions after any applicable reductions.
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...
Chris, who files single, has an Adjusted Gross Income (AGI) of $100,000. Compute the following, assuming...
Chris, who files single, has an Adjusted Gross Income (AGI) of $100,000. Compute the following, assuming her itemized deductions total $5,000. Round your gross tax liability to the nearest dollar. If filing for the 2017 tax year: AGI $100,000 Less: larger of itemized or standard deduction - Less: Personal exemption - Taxable Income Gross Tax Liabiliy If filing for the 2018 tax year: AGI $100,000 Less: larger of itemized or standard deduction - Less: Personal exemption - Taxable Income Gross...
a) Chuck, who is 33 and single, has an AGI of $377,000 during 2017. He incurred...
a) Chuck, who is 33 and single, has an AGI of $377,000 during 2017. He incurred the following expenses and losses during the year. Compute his allowed itemized deductions for 2017. Medical expenses before 7.5% of AGI limit $42,000 State and Local Income Taxes $8,500 State Sales Tax $2,700 Real Estate Property Tax $7,500 Home Mortgage interest $16,000 Charitable contribution to church $6,750 Casualty loss before 10% limitation (after $100) floor $50,000 Unreimbursed employee expenses subject to 2% of AGI...
Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the following...
Pedro, who is a single taxpayer, had AGI of $347,200 for 2016. He incurred the following expenses during the year: Medical expenses before 10%-of-AGI limitation $20,540 State and local income taxes $10,416 Real estate taxes $2,083 Home mortgage interest $17,360 Charitable contributions $4,166 Deductible investment interest expense $1,562 Compute the amount of Pedro's itemized deductions after any applicable reductions. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.
Bill is single and has the following information for 2018. What is his AGI after considering...
Bill is single and has the following information for 2018. What is his AGI after considering all of this information? Bill is an executive and has $400,000 of salary income. Bill owns 100% of Holtz, Inc. Holtz is a C corporation with $2,000,000 of taxable income for 2018. Bill receives a $75,000 cash dividend. Bill owns 100% of Wallace Enterprises. Wallace is an S corporation. Bill does not materially participate in the S corporation. His basis in the stock is...
Ruth, who files as single, reported itemized deductions of $12,300 on her 2018 tax return.
Ruth, who files as single, reported itemized deductions of $12,300 on her 2018 tax return. Her itemized deductions included $400 of state taxes paid. In 2019, she received a $275 refund of state taxes paid in 2018. What is the amount that Ruth needs to report on her 2019 tax return? A) $400. B) $275. C) $300. D) $0.
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....
Hilda is single, 66 years old, and has an AGI of $89,654. She has the following...
Hilda is single, 66 years old, and has an AGI of $89,654. She has the following medical expenses: Eyeglasses and exam                                                  $579 Eye surgery to correct her nearsightedness                  $4,250 Prescriptions                                                              $2,741 Health insurance premiums (after-tax)                         $3,610 Tummy tuck surgery                                                   $8100 Calculate the allowable medical and dental expenses Hilda can report on Schedule A, line 4. a) $19,280 b) $12,556 c) $11,180 d) $4456 (Based on 2018 tax year. Please explain how you arrived at your answer.)
8) Joe Taxpayer has AGI of $100,000 in 2018 for the following a. He has doctor...
8) Joe Taxpayer has AGI of $100,000 in 2018 for the following a. He has doctor costs of $10,000, hearing aid of $1,000, bayer aspirin of $500, braces of $3,000, and eyeglasses of $1000. What is is deductible medical? b. He has state withholding of $10,000, property taxes of $5,000, DMV of $500. What is his deductible state taxes? c. He purchased a home in 2018, and paid mortgage interest of $30,000. The loan on the home is $1,000,000. He...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT