What is the amount of doug taxable income

Assignment Help Accounting Basics
Reference no: EM132035152

Questions -

Q1. Medical expense deduction:

Dan lives in Duncan, a small town in Arizona. Because of a rare blood disease, Dan is required to take special medical treatments once a month. The closest place these treatments are available to Dan is in phoenix, 200 miles away. The treatments are provided on an outpatient basis but require him to stay overnight in phoenix. During the year, Dan makes 12 trips to phoenix by automobile to receive the treatments. The motel he always stays in charges $85 per night. For the year, Dan also spends a total of $250 for meals on these trips. $100 of this $250 is spent while en route to phoenix. What is the amount of Dan's qualified medical expenses for 2012?

Q2. Itemized deductions:

During 2012, Doug incurs the following deductible expenses: $2,300 in the state income taxes, $3,000 in local property taxes, $800 in medical expenses, and $2,000 in charitable contributions. He is single, has no dependents, and has $35,000 AGI for the year. What is the amount of Doug's taxable income?

Reference no: EM132035152

Questions Cloud

Push approach and the pull approach : Discuss Push and Pull marketing approaches and give a specific example of when each the Push approach and the Pull approach would be used.
Marketing depends very heavily upon effective communications : Marketing depends very heavily upon effective communications. Who is most responsible for effective communications actually taking place. Explain choice
Identify an existing start-up business : Identify an existing start-up business/ new venture and assess their product/ service and pricing strategies.
Small to medium-sized ones : Today, more and more US firms, especially small to medium-sized ones, are looking to global markets to meet their objectives for sales revenue and profit growth
What is the amount of doug taxable income : During 2012, Doug incurs the following deductible expenses: $2,300 in the state income taxes, What is the amount of Doug's taxable income
What challenges can a firm face for using these methods : How can a firm leverage both channels? What challenges can a firm face for using these methods? Provide examples.
Strategies within a marketing channel system : What is the advantage of a company using a push strategy? What is the advantage of using a pull strategy? Provide specific examples of both strategies.
What amount of accrued interest payable should beau report : What amount of accrued interest payable should Beau report in its September 30, 2013, balance sheet
Market-oriented organization focuses on satisfying customer : Do you think that Amazon has adopted a market-oriented organization focuses on satisfying customer wants and needs while meeting

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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