Required information[The following information applies to the questions displayed below.]Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of$61,800 and has incurred the following medical expenses:Dentist chargesPhysician chargesOptical chargesCost of eyeglassesHospital chargesPrescription drugsOver-the-counter drugsMedical insurance premiums (notthrough an exchange)9402,7008354202,550570785825b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amountof medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.Medical expenses( Prev11 of 14Next64°Fearch.99+

Any costs incurred in the prevention or treatment of injury or disease are referred to as medical…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Information provided for Alexis • Alexis has been certified as impaired by a medical doctor and requires indefinite care from Johnny and Moira She received $5,000 from social assistance • She has a part time job and made $6,000. El of $95, CPP of $270, enhanced CPP of $30 and federal income taxes of $900 were deducted from her pay • • She took a couple courses at Brock University on a part time basis and Moira and Johnny paid the tuition fees which totalled $2,000 • She incurred $7,500 in medical expenses for physiotherapy and registered massage therapy REQUIRED: Calculate Alexis's federal and provincial income tax owing
Wanda gets her health insurance covered in an employee benefits package. Her employer pays 45% of her annual premium for basic health insurance, and 35% for dental and vision insurance. Iif the health insurance premium is $11.540, and the vision and dental are together $1.230 annually. What is the total amount Wanda pays for insurance each year? Select one O a $8,362 Ob. 57,146.50 c. $8.300,50 d. $7,200
Compute Austin's total social security and Medicare taxes for the fourth quarter. if she is self-employed and earns $5,300.00 on a semimonthly basis. (For self-employed persons, Social Security tax is 12.4% of wages up to $128,400, and Medicare tax is 2.9% of all wages.) the options are: a. 437.25 b. 810.90 c. 2623.50 d. 4865.40
Dave Collins and Christie Collins have two children, Ben, age 14, and Cody, age 20. The medical expenses and net income for each member of the family for 2022 is as follows: Medical expenses Net income Aras $ 2,000 $100,000 Kelly 3,000 40,000 Ben 600 500 Cody 12,000 9,000 All of the medical expenses were paid by Aras in the 12-month period ending December 31. Determine the maximum medical expense credit for 2022.
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Aaron, age 55, has an adjusted gross income in 2014 of $30,000. His expenses are as follows: Non-prescription medicine $100 Prescription medicine $500 Doctor visits $500 Weekly meal preparation for a diet plan $2,000 Removal of a benign facial mole $400 Contact lenses $500 Eyeglasses $200 Dental services $300 What is Aaron's itemized deduction for medical expenses? a. $2,000 b. $4,500 c. $1,500 d. $0 During 2015, John, a self-employed individual, paid the following amounts: Real estate tax on Michigan residence $3,800 State income tax 1,800 Real estate taxes on land in Puerto Rico (held as an investment) 1,100 Gift tax paid on gift to daughter 1,200 State sales taxes 1,750 State occupational license fee 300 Property tax on value of his automobile (used 100% for business) 500 What is the maximum amount John can claim as taxes in itemizing deductions from AGI? a. $6,650 b. $7,850 c. $6,700 d. $8,625
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Ari Friedman is an employee at Ruby Investments, with an annual salary of $92,500, paid biweekly. Ari has the following fringe and voluntary benefits. • Medical insurance: $400 per month . 401(k): 3 percent of gross pay • Flexible spending arrangement $2,550 annually . Charitable contributions: $65 per pay period Required: What is the total amount Ari contributes to fringe benefits and voluntary deductions annually? Medical insurance 401(k) Flexible spending arrangement Charitable contribution Total amount Ari contributes to fringe benefits and voluntary deductions
! Required information [The following information applies to the questions displayed below.] Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $50,000 and has incurred the following medical expenses: Dentist charges Physician charges Optical charges Cost of eyeglasses Hospital charges Prescription drugs Over-the-counter drugs Medical insurance premiums (not through an exchange) $ 900 1,800 500 300 2,100 250 450 775 b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses
! Required information [The following information applies to the questions displayed below.] Smithers is a self-employed individual who earns $37,000 per year in self-employment income. Smithers pays $2,350 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. a. Smithers is single and the self-employment income is his only source of income.
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