Tony is a 45-year-old self-employed psychiatrist who has net earned income of $300,000 in 2018. What is the maximum amount he can contribute to his SEP for the year?$

LO.2 Valentino is a patient in a nursing home for 45 days of 2020. While in the nursing home, he incurs total costs of $13,500. Medicare pays $8,000 of the costs. Valentino receives $15,000 from his long-term care insurance policy, which pays while he is in the facility. Assume that the Federal daily excludible amount for Valentino is $380. Of the $15,000, what amount may Valentino exclude from his gross income?

Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her net Schedule C income was $314,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution

In 2020, Mary and John Williams who are both over 65, married and file a joint return earned $29,408 in AGI. During the year they incurred the following expenses: Medical insurance premiums                                        $1,600 Hospital bills                                                                   3,800 Medical care lodging (two people, two nights)                130 Doctor’s bills                                                                  1,200    Dentist bills                                                                       500      Prescription drugs and medicines                                  1,000 Psychological counseling                                                  600            Marriage counseling                                                         350                                                                                                                 They also drove 150 miles for medical purposes and their insurance company…