Glenda is 71 years old and lives in a retirement home. She paid a total of $9,000 in attendant care fees, which she decided to claim as a medical expense. Form T2201 is certified by the CRA. How much can Glenda claim on Line 31600?gha$0$130$8,870$9,000

When it comes to claiming medical expenses on your tax return in Canada, you can potentially get a…

Answered: Glenda is 71 years old and lives in a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Am. 113.
Ursula is employed by USA Corporation. USA Corporation provides medical and health, disability, and group term life insurance coverage for its employees. Premiums attributable to Ursula were as follows: (Click the icon to view the premiums attributable to Ursula.) During the year, Ursula suffered a heart attack and subsequently died. Before her death, Ursula collected $14,000 as a reimbursement for medical expenses and $5,000 of disability income. Upon her death, Ursula's husband collected the $40,000 face value of the life insurance policy. Read the requirements. Requirement a. What amount can USA Corporation deduct for premiums attributable to Ursula? (Enter a "0" if none of the premiums are deductible.) The premiums attributable to Ursula that USA Corporation can deduct is Data table Medical and health Disability Group term life (face amount is $40,000) S 3,600 300 200 C X
Ned is a head of household with a dependent son, Todd, who is a full-time student. This year Ned made the following expenditures related to Todd's support: Auto insurance premiums $ 1,700 Room and board at Todd’s school 2,200 Health insurance premiums (not through an exchange) 600 Travel (to and from school) 350 What amount can Ned include in his itemized deductions?
Mary is an 80-year-old-widow. Last year, Mary earned investment income of $1,570, and she had no other income. For this year, she is eligible for the maximum OAS benefit of $7,217.40. If the maximum GIS benefit is $10,779.84, how much in OS/GIS payments is Mary entitled to receive? O a) $7,217.40 O b) $9,994.84 O c) $17,212.24 O d) $17,997.24
Ursula is employed by USA Corporation. USA Corporation provides medical and health, disability, and group term life insurance coverage for its employees. Premiums attributable to Ursula were as follows: (Click the icon to view the premiums attributable to Ursula.) During the year, Ursula suffered a heart attack and subsequently died. Before her death, Ursula collected $14,000 as a reimbursement for medical expenses and $5,000 of disability income. Upon her death, Ursula's husband collected the $40,000 face value of the life insurance policy. Read the requirements. C Requirement a. What amount can USA Corporation deduct for premiums attributable to Ursula? (Enter a "0" if none of the premiums are deductible.) The premiums attributable to Ursula that USA Corporation can deduct is Requirement b. How much must Ursula include in income relative to the premiums paid? (Enter a "0" if none of the premiums paid should be included in income.) The amount that Ursula must include in income…
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LO.2 Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness. After paying $18,300 in premiums, he sold the policy to a company that is authorized by the state of South Carolina to purchase such policies. The company paid Alfred $125,000. When Alfred died 18 months later, the company collected the face amount of the policy, $150,000. As a result of the sale of the policy, how much is Alfred required to include in his gross income?
Reggie, who is 55, had AGI of $36,400 in 2022. During the year, he paid the following medical expenses: Drugs (prescribed by physicians) Marijuana (prescribed by physicians) Health insurance premiums-after taxes Doctors' fees Eyeglasses Over-the-counter drugs $585 1,485 1,300 1,335 460 285 Required: Reggie received $585 in 2022 for a portion of the doctors' fees from his insurance. What is Reggie's medical expense deduction?
LO.2Barbara incurred the following expenses during 2020: $840 dues at a health club she joined at the suggestion of her physician to improve her general physical condition, $240 for multiple vitamins and antioxidant vitamins, $3,500 for a smoking cessation program, $250 for nonprescription nicotine gum, $2,600 for insulin, and $7,200 for funeral expenses for her mother who passed away in June. Barbara's AGI for 2020 is $54,000. What is Barbara's medical expense deduction for 2020? 1
1. Robert works for American Motors. American Motors pays a $1,200 premium on Robert's health insurance in 2021. Robert has an operation on his big toe in 2021 that cost $7,200. The insurance company paid for $6,800 of it. Which one of the following is true for 2021? a.Robert must claim the $1,200 premium and the $6,800 insurance payment as income. b.Robert must claim the $1,200 premium paid by his employer as income. c.Robert must claim the $6,800 paid by the insurance company for the operation as income. d.None of these events are taxable on his 2021 return. 2. Electronically filed tax returns: a.Have error rates similar to paper returns. b.Offer faster refunds than paper returns. c.May not be transmitted from a taxpayer's home computer. d.Constitute less than 50 percent of the returns filed with the IRS. 3. John, age 25, is a full-time student at a state university. John lives with his unmarried sister, Ann, who provides over half of his support. His only income is $4,400 of…
Alfred owned a term life insurance policy at the time he was diagnosed with a terminal illness. After paying $18,300 in premiums, he sold the policy to a company that is authorized by the state of South Carolina to purchase such policies. The company paid Alfred $125,000. When Alfred died 18 months later, the company collected the face amount of the policy, $150,000. As a result of the sale of the policy, how much is Alfred required to include in his gross income?
Amy earns an income of 50,000 this year as an employee of rooster enterprises. She pays the following amounts during the year: Contribution to Traditional IRA : 5000 PreTax Cuts and Jobs Act Alimony she paid to her ex husband: 10,000 Medical expenses: 6000 What is Amy's Adjusted Gross Income? (AGI) a. 29000 b. 34000 c. 35000 d. 39000

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Glenda is 71 years old and lives in a retirement home. She paid a total of $9,000 in attendant care fees, which she decided to claim as a medical expense. Form T2201 is certified by the CRA. How much can Glenda claim on Line 31600? O so O $130 O $8,870 O $9,000