Calculate amount of medical expenses that will be included

Assignment Help Accounting Basics

Reference no: EM131976826

Problem

Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $51,000 and has incurred the following medical expenses:

Dentist charges $ 900

Physician's charges 1,800

Optical charges 500

Cost of eyeglasses 300

Hospital charges 2,500

Prescription drugs 250

Over-the-counter drugs 450

Medical insurance premiums (not through an exchange) 775

Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.

Reference no: EM131976826

Questions Cloud

What conditions would result in upward-sloping yield curve : Briefly describe one of the below three theories of the term structure of interest rates. Expectations hypothesis, Liquidity preference theory.

What is the effective rate of interest on the bank loan : What is the effective rate of interest on the bank loan? Calculate the cost of not taking a cash discount.

Create a list of possible deductions for your household : Which tax bracket do you fit into for your gross household income? How close is your gross household income to the next lowest tax bracket?

Experienced outsourcing in our organizations : At least some of us have experienced outsourcing in our organizations. What if any, intangible costs do you think the organization incurred?

Calculate amount of medical expenses that will be included : Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.

Prioritize the attributes of golds relings brand : From the case study, take a position on whether Tropicana did or did not make a major mistake in changing its product packaging.

Discuss the financial statements analysis : You have to do three substantive Post at least 3 paragraphs for each. You can cheese three topics from these " Financial Statement and cash flows.

What is the effective interest rate on libor loan : Dr. Ruth is going to borrow $6,000 to help write a book. What is the effective interest rate on the LIBOR loan?

Evaluation of Macroeconomic performance of Australia and USA : BUS700 ECONOMICS ASSIGNMENT. Topic: Evaluation of Macroeconomic performance of Australia and USA. Evaluate the macroeconomic performance of Australia

User Account

All Pages