a. Clem is self-employed, and this year he incurred $1,000 in expenses for tools and supplies related to his job. Because neither was covered by a qualified health plan, Wanda paid health insurance premiums of $5,140 to provide coverage for herself and Clem (not through an exchange). What is the the deduction amount for AGI? b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,650 in utilities and $1,040 in depreciation. What is the the deduction amount for AGI? c. Clem paid self-employment tax of $22,200 (the employer portion is $11,100), and Wanda had $6,450 of Social Security taxes withheld from her pay. What is the the deduction amount for AGI? d. Clem paid $79 to rent a safety deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires. What is the the deduction amount 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: ( Enter zero if applicable.)
Problem 6-26 Part-a (Algo) ***The previous expert did not answers all parts, seperately which include a, b, c, and d
a. Clem is self-employed, and this year he incurred $1,000 in expenses for tools and supplies related to his job. Because neither was covered by a qualified health plan, Wanda paid health insurance premiums of $5,140 to provide coverage for herself and Clem (not through an exchange). What is the the deduction amount for AGI?
b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,650 in utilities and $1,040 in
c. Clem paid self-employment tax of $22,200 (the employer portion is $11,100), and Wanda had $6,450 of Social Security taxes withheld from her pay. What is the the deduction amount for AGI?
d. Clem paid $79 to rent a safety deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires. What is the the deduction amount for AGI?
AGI
AGI is an abbreviated form of Adjusted Gross Income which is computed after claiming allowed deductions from the gross earnings of the taxpayer. It is a used for referring taxable income in US country for taxation purposes.
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
