Doctors Dentiet Optometriat $2,500 1,250 150 Veterinarian LI50 375 Prescription drugs Aspirin, cold pille Contact lenses Crutch rental for broken leg lealth insurance premiums ransportation-100 miles to and from doctors, dentists, ete eimbursements for medical care 75 200 80 2.300 2,800 $0 $321
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- Smithers is a self-employed individual who earns $27,000 per year in self-employment income. Smithers pays $1,850 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI deduction and where the premiums are deductible. Problem 6-28 Part-a (Algo) a. Smithers is single and the self-employment income is his only source of income. b. Smithers is single, but besides being self-employed, Smithers is also employed part time by SF Power Corporation. This year Smithers elected not to participate in SF's health plan. c. Smithers is self-employed and is also married. Smithers’s spouse, Samantha, is employed full time by SF Power Corporation and is covered by SF’s health plan. Smithers is not eligible to participate in SF's health plan.…Itemized Deduction. Aine’s adjusted gross income is $75,000. She has $12,200 in unreimbursed medical expenses. How much in medical expenses can she claim as an itemized deduction?Itemized Deduction. Emma's adjusted gross income is $20,200. She has $1,344 in unreimbursed medical expenses. How much in medical expenses can Emma claim as an itemized deduction? The amount Emma can claim as an itemized deduction for medical expenses is $ (Round to the nearest cent.)
- Carlos incurs the following medical expenses during the current tax year: Surgeon's fees $2,000 Medical insurance premiums 600 Hospital fees 800 Prescription drugs 310 Wheel chair 200 Carlos's adjusted gross income for the year is $32,000. He receives a $500 reimbursement from his insurance company. Determine the amount of his medical expense deduction for the current year. a.$2,910 b.$-0- c.$3,910 d.$1,010 e.$210Xavier Breth paid the following medical-related expenses: Health insurance premiums of $6,782 • Hospital bills of $2,284 • X-rays of $456 Prescription drugs of $628 His insurance company reimbursed him $1,656 for all his medical-related expenses. If his adjusted gross income was $68,783, what would Xavier Breth's deductible medical expenses be (assuming he has sufficient other expenses to itemize)? (Round your answer to the nearest dollar.) (Numbers only. Do not use dollar signs, commas or decimals.) (If your answer is 0, enter 1 instead.)Tessa, a self-employed dentist, has the following taxable income and allowable outgoings for 2020: Schedule D Case Il income 140,000 Schedule D Case IV deposit interest net 2,680 Schedule D Case V rental income (net of expenses) 22,000 Qualifying retirement annuity premiums paid 8,500 Tessa is 31 years old and does not.have a medical card. What is Tessa's universal social charge (USC) liability for 2020? O a. €10,081 O b. €11,676 O c. €1,971 O d. €12,116
- During the current year, Keisha paid the following expenses: Prescription drugs Aspirin and over-the-counter cold capsules Hospital and doctors Life insurance What is the total amount of medical expenses (before considering the limitation based on adjusted gross income) that would enter into the calculation of itemized deductions on Keisha's current year income tax return? O a. a. $1,450 $490 130 700 260 b. $700 c. $1,580 C. d. $1,1901. Robert works for American Motors. American Motors pays a $1,200 premium on Robert's health insurance in 2021. Robert has an operation on his big toe in 2021 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2021? a.Robert must claim the $1,200 premium and the $6,800 insurance payment as income. b.Robert must claim the $1,200 premium paid by his employer as income. c.Robert must claim the $6,800 paid by the insurance company for the operation as income. d.None of these events are taxable on his 2021 return. 2. Electronically filed tax returns: a.Have error rates similar to paper returns. b.Offer faster refunds than paper returns. c.May not be transmitted from a taxpayer's home computer. d.Constitute less than 50 percent of the returns filed with the IRS. 3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of…Rebecca and Irving incur the following medical expenses during 2020: Medical insurance premiums $4,505 Hospital 970 Doctors 1,885 Dentist 600 Veterinarian 165 Chiropractor 230 Cosmetic surgery 1,555 Over-the-counter drugs 150 Prescription drugs 195 Crutches 100 They receive $4,125 in reimbursements from their insurance company of which $270 is for the cosmetic surgery. Refer to Exhibit 8-2 to answer the following questions. If an amount is zero, enter "0". What is their medical expense deduction if their adjusted gross income is the following: a. Adjusted gross income of $42,000. Their medical expense deduction is $ b. Adjusted gross income of $71,000. Their medical expense deduction is $
- Mr. and Mrs, Moss have major medical and dental insurance provided by Mrs. Moss's employer. Assume the taxable year is 2023. This year, they incurred the following unreimbursed expenses: Routine office visits to doctors and dentists Emergency room visits Disposable contact lenses for Mr. M Prescription drugs Required: $ 1,320 700 550 849 a. Compute their itemized deduction for medical expenses if AGI is $27,400. b. Compute their itemized deduction for medical expenses if AGI is $61,400. Complete this question by entering your answers in the tabs below. Required A Required B Compute their itemized deduction for medical expenses if AGI is $27,400. Note: Leave no cells blank- be certain to enter "0" wherever required." Itemized deduction Required A Required B >In 2020, David, age 66, 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 2020? a.$900 b.$1,700 c.$0 d.$4,100 e.None of these choices are correct.Malcolm and Megan Johnson are both over age 65, married and are filing a joint tax return for 2020. The joint Social Security is 644-47-7833. The couple has AGI of $ 28,108 for 2020 and provided the following information all which can be verified for 2020: Medical related expenses: Medical insurance premiums $ 1,200 Premiums in insurance policy that pays $100 per day for each day that Megan is hospitalized 400 Medical care and lodging 80 Hospital bills 2,200 Doctor bills 750 Dentist bills 240 Prescription drugs and medicines 360 Over-the-counter medicines 510 Marriage counseling 400 The couple drove 90 miles for medial transportation and their insurance reimbursed them $850 for the above expenses. Taxes related expenses: Megan’s employer withheld State income tax $ 3,400 Megan paid additional state income tax for 2019 600 Real estate taxes on home 2,100 Personal property taxes based on home value 130 State gasoline taxes 80 General sales tax for the year 1,200 Federal income taxes…