Homework Answers
Answer
| Calculation of Itemized deduction | |
| If medical expense of person exceed 10% of his Adjusted Gross Income (AGI),He can deduct the amount exeeding this 10% of his AGI as itemized deduction.Which means that he canot deduct medical expeses upto 10% of his AGI | |
| Calculations are as follows | |
| Adjusted Gross Income | $ 20000 |
| 10% of AGI | $ 2000 |
| Itemized deduction ($ 3022 - $ 2000) | $ 1022 |
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Julia Sims has $28,000 of adjusted gross income and $4,480 of medical expenses. She will be...
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Possible Options: Adjusted gross income Adjustments Capital gains tax categories Deductions Exemption Itemized deduction Standard Deduction...
Possible Options:
Adjusted gross income
Adjustments
Capital gains tax categories
Deductions
Exemption
Itemized deduction
Standard Deduction
Steps to AGI
Steps to taxable income
4. Vocabulary - Terminology for components of taxable income Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.) Description...
10. Archie can claim total deductible medical expenses that exceed 7.5% of his adjusted gross income. a. True b. False...
10. Archie can claim total deductible medical expenses
that exceed 7.5% of his adjusted gross income.
a. True
b. False
11. What is the total amount of state income and real
estate taxes deductible on Archie's Form 1040, Schedule
A?
a. $14,597
b. $14,547
c. $10,000
d. $9,507
12. Which of the following is Archie able to claim as a
deduction on his Form 1040, Schedule A?
a. Investment expense
b. Tax preparation fee
c. Gambling losses
d. None of...
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1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized...
1. Daniel Simmons arrived at the following tax information: Gross salary: $62,250 Dividend income $140 Itemized deductions: $7,000 Interest earnings $75 One personal exemption $4050 Adjustments to income $850 What amount would Daniel report as taxable income? 2. If Samantha jones had the following itemized deductions, should she use schedule A or standard deduction. The standard deduction for her tax situation is $6350. Donations to the church and other charities $3050. Medical and dental expenses exceeding 10% of adjusted gross...
You are trying to decide whether to use the $12,200 standard deduction or your itemized deductions...
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Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is...
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Which of the following is not an allowable itemized deduction from adjusted gross income? Medical expenses. Home mortgage interest. Alimony paid. Charitable contribut
Julia Sims has $28,000 of adjusted gross income and $4,480 of medical expenses. She will be itemizing her tax deductions this year The most recent tax year has a medical expenses floor of 10 percent. How much of a tax deduction for medical expenses will Julia be able to take? Tax deduction for medical expenses
Possible Options:
Adjusted gross income
Adjustments
Capital gains tax categories
Deductions
Exemption
Itemized deduction
Standard Deduction
Steps to AGI
Steps to taxable income
4. Vocabulary - Terminology for components of taxable income Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.) Description...
10. Archie can claim total deductible medical expenses
that exceed 7.5% of his adjusted gross income.
a. True
b. False
11. What is the total amount of state income and real
estate taxes deductible on Archie's Form 1040, Schedule
A?
a. $14,597
b. $14,547
c. $10,000
d. $9,507
12. Which of the following is Archie able to claim as a
deduction on his Form 1040, Schedule A?
a. Investment expense
b. Tax preparation fee
c. Gambling losses
d. None of...
Assume Samantha Jones had the following itemized deductions. Donations to church and other charities Medical and dental expenses exceeding 10 percent of adjusted gross income State income tax Job-related expenses exceeding 2 percent of adjusted gross income $ 3.0se $ 1,810 $ 1,320 $ 2.115 Should she use the itemized deduction or the standard deduction? The standard deduction for her tax situation is $6,350. Standard deduction Itemized deduction
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and...
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