Itemized deductions after any applicable limitations

Assignment Help Financial Accounting
Reference no: EM13864598

Simpson is a single individual under 65 who is employed full-time by Duff Corporation. This year Simpson reports AGI of $52,000 and has incurred the following medical expenses: Dentist charges $ 1,740 Physician's charges 2,190 Optical charges 515 Cost of eyeglasses 495 Hospital charges 3,600 Prescription drugs 285 Over-the-counter drugs 860 Medical insurance premiums (not through an exchange) 1,220 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.

Reference no: EM13864598

Questions Cloud

Deductible for agi and deductible from agi : In each of the following endependent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) neither deductible for nor from AGI before considering income limitations or the standard deduction.
What is the minimum level of average variable costs : What is the equation for the average variable cost(AVC) - what is the minimum level of average variable costs and Each firm in the industry is currently earning zero economic profit. How many firms are in this industry, and what is the market equili..
Independent circumstances-deductible for AGI : Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute grade school teacher. Determine the amount of CLem's expenses that are deductible for AGI this year (if any) under the following independent circumstances..
Strategy and strategic practices of a real organisation : strategy and strategic practices of a real organisation
Itemized deductions after any applicable limitations : Simpson is a single individual under 65 who is employed full-time by Duff Corporation. This year Simpson reports AGI of $52,000 and has incurred the following medical expenses: Dentist charges $ 1,740 Physician's charges 2,190 Optical charges 515 Cos..
Essay - best strategies that can help a business grow : The tile of the essay is: Best Strategies That Can Help a Business Grow, ESSAY REQUIREMENT: Your essay should incorporate ALL the aforementioned articles, and it has to be about how a business can grow consistently, starting from its first product
Differences between pretax financial income-taxable income : Goody Inc. has no deferred tax asset or liability prior to 2010. Its pretax financial income for 2010 and 2011 is: 2010 $750,000 2011 920,000 the following items caused the only differences between pretax financial income and taxable income.
Journalize entries to record return merchandise-cash refund : Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 2016. Zell Company provides customers a refund for any returned or damaged merchandise. Journalize the adjust..
Joint income tax return with two separate schedule cs : Cooper and Brandy are married and file a joint income tax return with two separate Schedule Cs. Cooper is an independent security specialist who spent $560 on uniforms during the year. His laundry expenses for the uniforms were $112 for this year, pl..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Exerciselang enterprises was started when it acquired 4000

exerciselang enterprises was started when it acquired 4000 cash from creditors and 6000 from owners. the company

  Determine the gain or loss on sale

Derive the accumulated depreciation on the equipment and determine the gain or loss on sale - Determine the gain or loss on sale

  Calculation of depreciation for plant assets

Calculation of depreciation for plant assets and determine the depreciation expense for the second year on this asset?

  Journalizing and reporting bond transactionsthe board of

journalizing and reporting bond transactionsthe board of directors of delta health spa authorizes the issuance of

  How much will be required in five years to repay

How much can be lent now if $12,000 will be repaid at the end of four years? (b) How much will be required in five years to repay a $30,000 loan received now?

  What was the cost of goods sold for the period

A company incurred total manufacturing costs of $500,000 during 2007. Work in process inventories at the beginning and end of 2007 were $100,000 and $50,000 respectively.

  What is the gain to be recorded on this transaction

A company owns a building with a net asset value of $120,000 at December 31, 2011. The building had a five-year remaining life at December 31, 2011. The company also has a revaluation surplus balance of $50,000 in OCI related to this building at Dece..

  What can you conclude about seafield cost of capital

a. The chapter opener reported that the project had an NPV of $66 million and an internal rate of return of 20%. From those two facts alone, what can you conclude about Seafield's cost of capital? (Hint: Is it more than or less than 20%?)

  Different from the one reported on the trial balance

Company’s Bank statement shows a cash balance of $31,000, which is different from the one reported on the trial balance.

  Compute the total carrying amount of tones patents

As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent Bs value may have occurred at December 31, 2014. The controller for Tones estimates the expected future cash flows from Patent B will be as fol..

  Discount on bills payable

Descriptive Questions - Discount on Bills payable - ABC Company just announced a 4 for 1 stock split. Evaluate the effect

  What is the major theory behind compensation schemes

What is the major theory behind compensation schemes? Compensation should be perfectly correlated with outcomes. Do you agree or disagree with this statement? Under what circumstances may it be (in)appropriate?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd