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Problem 10-40 (Algorithmic) (LO. 2, 3, 4, 5, 6, 7) For calendar year 2019, Stuart and...
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $342,100....
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $342,100. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) $67,600 27,040 1,352 Credit card interest Property taxes on home 20,280 Charitable contributions 37,180 State income tax 23,660 Tax return preparation fees 2,028 Round...
Problem 10-28 (Algorithmic) (LO. 2) In the current year, Roger pays a $2,500 premium for high-deductible...
Problem 10-28 (Algorithmic) (LO. 2) In the current year, Roger pays a $2,500 premium for high-deductible medical insurance for him and his family. In addition, he contributed $2,125 to a Health Savings Account a. How much may Roger deduct if he is self-employed and earned $86,800? Is the deduction for AGI or from AGI? If Roger is self-employed, he may deduct $ AGI. b. How much may Roger deduct if he is an employee (disregarding 10% AGI floor implications)? If...
Problem 10-39 (b) (LO. 2, 3, 4, 5, 6, 7) Antoine is single and has AGI...
Problem 10-39 (b) (LO. 2, 3, 4, 5, 6, 7) Antoine is single and has AGI of $277,000 for 2019. He incurred the following expenses and losses during the year: $44,225 Medical expenses before the 10%-of-AGI limitation State and local income taxes 2,700 State sales tax 2,900 Real estate taxes 13,400 Home mortgage interest 12,800 Credit card interest 815 11,700 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) Unreimbursed employee expenses...
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...
38. LO.2, 3, 4, 5, 6, 7 Evan is single and has AGI of $277,300 in...
38. LO.2, 3, 4, 5, 6, 7 Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the AGI limitation) $29,000 Interest on home mortgage 8,700 State income taxes 9,500 Real estate taxes 3,600 Charitable contributions 2,500 After all necessary adjustments are made, what is the amount of itemized deduc- tions Evan may claim?
38. LO.2, 3, 4, 5, 6, 7 Evan is single and has AGI of $277,300 in...
38. LO.2, 3, 4, 5, 6, 7 Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the AGI limitation) $29,000 Interest on home mortgage 8,700 State income taxes 9,500 Real estate taxes 3,600 Charitable contributions 2,500 After all necessary adjustments are made, what is the amount of itemized deduc- tions Evan may claim?
Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3) [The following information applies to the questions...
Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3)
[The following information applies to the questions
displayed below.]
Read the following letter and help Shady Slim with his tax
situation. Please assume that his gross income is $172,900 (which
consists only of salary) for purposes of this problem.
December 31, 2019
To the friendly student tax preparer:
Hi, it’s Shady Slim again. I just got back from my 55th birthday
party, and I’m told that you need some more information...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO 8-5) [The following information applies to the questions displayed below.] Reba Dixon is a fifth-grade school teacher who earned a salar...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
For calendar year 2019, Stuart and Pamela Gibson file a joint return reflecting AGI of $342,100. Their itemized deductions are as follows. Note: All expenses are before any applicable limitations, unless otherwise noted. Casualty loss in a Federally declared disaster area after $100 floor (not covered by insurance) Home mortgage interest (loan qualifies as acquisition indebtedness) $67,600 27,040 1,352 Credit card interest Property taxes on home 20,280 Charitable contributions 37,180 State income tax 23,660 Tax return preparation fees 2,028 Round...
Problem 10-28 (Algorithmic) (LO. 2) In the current year, Roger pays a $2,500 premium for high-deductible medical insurance for him and his family. In addition, he contributed $2,125 to a Health Savings Account a. How much may Roger deduct if he is self-employed and earned $86,800? Is the deduction for AGI or from AGI? If Roger is self-employed, he may deduct $ AGI. b. How much may Roger deduct if he is an employee (disregarding 10% AGI floor implications)? If...
Problem 10-39 (b) (LO. 2, 3, 4, 5, 6, 7) Antoine is single and has AGI of $277,000 for 2019. He incurred the following expenses and losses during the year: $44,225 Medical expenses before the 10%-of-AGI limitation State and local income taxes 2,700 State sales tax 2,900 Real estate taxes 13,400 Home mortgage interest 12,800 Credit card interest 815 11,700 Charitable contribution Casualty loss before 10% limitation (after $100 floor; not in a Federally declared disaster area) Unreimbursed employee expenses...
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...
38. LO.2, 3, 4, 5, 6, 7 Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the AGI limitation) $29,000 Interest on home mortgage 8,700 State income taxes 9,500 Real estate taxes 3,600 Charitable contributions 2,500 After all necessary adjustments are made, what is the amount of itemized deduc- tions Evan may claim?
38. LO.2, 3, 4, 5, 6, 7 Evan is single and has AGI of $277,300 in 2020. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the AGI limitation) $29,000 Interest on home mortgage 8,700 State income taxes 9,500 Real estate taxes 3,600 Charitable contributions 2,500 After all necessary adjustments are made, what is the amount of itemized deduc- tions Evan may claim?
Comprehensive Problem 6-52 (LO 6-1, LO 6-2, LO 6-3)
[The following information applies to the questions
displayed below.]
Read the following letter and help Shady Slim with his tax
situation. Please assume that his gross income is $172,900 (which
consists only of salary) for purposes of this problem.
December 31, 2019
To the friendly student tax preparer:
Hi, it’s Shady Slim again. I just got back from my 55th birthday
party, and I’m told that you need some more information...
Comprehensive Problem 8-84 (LO 8-1, LO 8-2, LO 8-3, LO 8-4, LO
8-5)
[The following information applies to the questions
displayed below.]
Reba Dixon is a fifth-grade school teacher who earned a salary of
$38,000 in 2018. She is 45 years old and has been divorced for four
years. She receives $1,200 of alimony payments each month from her
former husband (divorced in 2016). Reba also rents out a small
apartment building. This year Reba received $50,000 of rental
payments...
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