Homework Answers
Answer -
Calculation of Ed's Total Itemized Deductions for 2019
| Particulars | Explanation | Amount ($) | |
| I. | Medical expenses |
Qualified, unreimbursed medical expenses that are more than 7.5% of Adjusted gross income are allowed for tax deduction. = Unreimbursed medical expenses - (AGI * 7.5%) = $8000 - ($60000 * 7.5%) = $3500 |
3500 |
| II. | State income tax and Real estate tax | Deduction is allowed up to $10000, for a combination of State income taxes and Real estate taxes. | 10000 |
| III. | Mortgage interest | Given in question | 4300 |
| IV. | Charitable contributions | Given in question | 2000 |
| Ed's Total Itemized Deductions | I + II + III + IV | 19800 | |
Hence, Option - (B) is Correct.
Add Answer to:
8. Ed is single with no dependents. He has receipts for the expenses listed below that...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...
2019 Federal Tax Law Update Test for Circular 230 - Federal Tax Law Update Test for...
2019 Federal Tax Law Update Test for Circular 230 - Federal Tax Law Update Test for Circular 230 Professionals - Question 8 of 9. 8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions for 2019? $8,000 in unreimbursed medical expenses $5,400 in state and local income taxes $6,000 in real estate taxes $400 in ad valorem personal property taxes...
is this correct answer? Note: Please select b. False as the correct answer. Year-end legislation changed...
is this correct answer?
Note: Please select b. False as the correct answer. Year-end legislation changed the medical expense deduction floor to 7.5%. 8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions? $ (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 11800 • $8,000 in unreimbursed medical expenses • $5,400 in state and local...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020....
Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She incurred the following expenses and losses during the year: Medical expenses before the 7.5%-of-AGI limitation $15,575 State and local income taxes 7,200 State sales tax 1,400 Real estate taxes 2,800 Home mortgage interest 5,900 Credit card interest 1,100 Charitable contribution 2,400 Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) 8,300 Unreimbursed employee expenses 5,500 Calculate Stacey's...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 27000 A. $0 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As...
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000...
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses before the 10%-of-AGI limitation State and local income taxes $15,575 7,200 1,400 State sales tax Real estate taxes Home mortgage interest 2,800 5,900 1,100 Credit card interest 2,400 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
can someone check this for me False 1. Pete and Shirley are filing a joint return....
can someone check this for me
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? 27000 A. 50 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...
is this correct answer?
Note: Please select b. False as the correct answer. Year-end legislation changed the medical expense deduction floor to 7.5%. 8. Ed is single with no dependents. He has receipts for the expenses listed below that he paid in 2019. His AGI is $60,000. What are his total itemized deductions? $ (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 11800 • $8,000 in unreimbursed medical expenses • $5,400 in state and local...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
eBook Calculator Exercise 9-22 (Algorithmic) (LO. 8) In 2019, Ava, an employee, who hles single, has AGI of $33,200 and incurred the following miscellaneous itemized deductions this year: • Union dues and work uniforms: $840 • Home office expenses: $2,520 • Unreimbursed employee expenses: $1,176 • Gambling losses to the extent of gambling winnings: $1,825. What is Ava's total itemized deduction related to these items? Feedback Check My Work Many itemized dyductions, such as medical expenses and charitable contributions, are...
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? $ 27000 A. $0 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized on March 4, 2019. As...
Problem 10-39 (a) (LO. 2, 3, 4, 5, 6, 7) Stacey files as head of household with two dependents. She has AGI of $123,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses before the 10%-of-AGI limitation State and local income taxes $15,575 7,200 1,400 State sales tax Real estate taxes Home mortgage interest 2,800 5,900 1,100 Credit card interest 2,400 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally...
Problem 10-28 (LO. 2) Linda, who files as a single taxpayer, had AGI of $280,000 for 2019. She incurred the following expenses and losses during the year: Medical expenses (before the 10%-of-AGI limitation) $33,000 State and local income taxes 4,800 State sales tax 1,300 Real estate taxes 6,000 Home mortgage interest 5,000 Automobile loan interest 750 Credit card interest 1,000 Charitable contributions 7,000 Casualty loss (before 10% limitation but after $100 floor; not in a Federally declared disaster area) 34,000...
can someone check this for me
False 1. Pete and Shirley are filing a joint return. They have two dependent children. The total amount of their exemptions for tax year 2019 is $16,800. 2. Bill and Martha are filing a joint return. They are both over 65 years old. Neither of them are blind. What is their standard deduction? 27000 A. 50 (Do not enter dollar signs, commas, periods, or decimal points in your answer.) 3. Sarah's divorce was finalized...
Most questions answered within 3 hours.
-
Write a function called
expensiveBooks which receives a double
array of book prices and the number...
asked 58 seconds from now -
A company produces and ships 12 personal computers knowing that
3 of them have defective wiring....
asked 13 minutes ago -
An Olympic skier moving down a 30.0⁰ slope encounters a region
of wet snow, of coefficient...
asked 13 minutes ago -
Stevenson has operating income of $99,000, sales of $660,000,
and $550,000 in invested assets. The company...
asked 13 minutes ago -
A researcher is interested in how diet affects athletic
performance. She instructs one group of participants...
asked 18 minutes ago -
Consider the reaction of A to form B:
2A(g)⇌B(g)Kc=1.9×10−5 (at 298 K)
A reaction mixture at...
asked 45 minutes ago -
A concert loudspeaker suspended high off the ground emits 39 W
of sound power. A small...
asked 32 minutes ago -
Movies and TV shows sometimes portray a person being
thrown backwards a sizable distance as a...
asked 39 minutes ago -
What historical trend in the participation of women and
minorities in engineering do you find most...
asked 48 minutes ago -
Complete and balance the following equations: This is all one
question, but has multiple parts.
A:...
asked 52 minutes ago -
3. 1. Count from 0 to N
We will pass in a value, N. You should...
asked 1 hour ago -
The figure shows four particles, each of mass 20.0 g, that form
a square with an...
asked 1 hour ago