Kimaya, age 30, spent $10,000 on qualified medical expenses during 2023. If her AGI for 2023was $100,000, how much can she deduct on Schedule A for the medical expensededuction?A) $2,500B) $10,000C) $7,500D) $0

In the United States, you can deduct certain qualifying medical expenses on your federal income tax…

Answered: Kimaya, age 30, spent $10,000 on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume Edgar (age 45), a single taxpayer, has total itemized deductions of $19,252 for 2019, which includes 1. $10,000 of taxes (he paid $10,773 in state income taxes), and 2. qualified, deductible medical expenses. In 2020, Edgar receives a $414 refund of his 2019 state income taxes. How much of the refund must be included in his income for 2020? The standard deduction for 2019 for a single taxpayer was $12,200.
During 2022, Sarah received a salary of $150,000. How much payroll tax should have been withheld from Sarah's salary for 2022?
In 2023, Ms. Gesner's employer provides her with an automobile for 11 months of the year. The automobile cost $57,560, which included HST. She drives it a total of 61,600 kilometres, 16,400 of which are for personal purposes and 45,200 for employment purposes. The employer pays all maintenance expenses, which in 2023 total $8,950 for the year. What is the minimum taxable benefit for the use of the automobile for 2023? (Round your answer to the nearest whole dollar.) O A. $17,153 B. $17,767 O C. $16,738 D. $18,075
Al is a medical doctor who conducts his practice as a sole proprietor. During 2023, he received cash of $490,000 for medical services. Of the amount collected, $33,600 was for services provided in 2022. At the end of 2023, Al had accounts receivable of $94,800, all for services rendered in 2023. In addition, at the end of the year, Al received $9,500 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2024. a. Compute Al's gross income for 2023 using the cash basis of accounting. Feedback Check My Work b. Compute Al's gross income for 2023 using the accrual basis of accounting.
Planning Al is a medical doctor who conducts his practice as a sole proprietor. During 2023, he received cash of $280,000 for medical services. Of the amount collected, $40,000 was for services provided in 2022. At the end of 2023, Al had accounts receivable of $60,000, all for services rendered in 2023. In addition, at the end of the year, Al received $12,000 as an advance payment from a health maintenance organization (HMO) for services to be rendered in 2024. Compute Al's gross income for 2023: (LO.2,, 5) a. Using the cash basis of accounting. b. Using the accrual basis of accounting. c. Advise Al on which method of accounting he should use.
Evan is single and has AGI of $277,300 in 2023. His potential itemized deductions before any limitations for the year total $52,300 and consist of the following: Medical expenses (before the 7.5%-of-AGI limitation) Interest on home mortgage State income taxes Real estate taxes Charitable contributions $31,000 8,700 9,500 3,600 2,500 After all necessary adjustments are made, what is the amount of itemized deductions Evan may claim? Do not round intermediate calculations. Round medical deduction and final answer to the nearest dollar. Evan's total itemized deduction is $ 26,403
Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2019 profit of $300,000, assuming a single sole proprietor with no other earned income. (Round your intermediate calculations to the nearest whole dollar amount.)
For each taxpayer, compute the maximum contribution to the retirement plan. a. Lewis, a self-employed individual, has net earned income of $50,000 in 2019. If Lewis has no employees, calculate the maximum contribution to a SEP plan that he may deduct from his adjusted gross income. b. During 2019, Linda, age 32, has a salary of $40,000. She participates in a Section 401(k) plan and chooses to defer 25 percent of her compensation. What is the maximum amount Linda can contribute to the Section 401(k) plan on a tax-deferred basis? If Linda's salary was $125,000, instead of $40,000, what is the maximum amount that she could contribute to the Section 401(k) plan on a tax-deferred basis?
[The following information applies to the questions displayed below.] In 2023, LeSean (age 59 and single) has earned income of $4,800. He also has $31,700 of unearned (capital gain) income. c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 2023 if he has earned income of $15,300? Maximum deductible IRA contribution
For calendar year 2023, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2023. How much of these premiums may Giana deduct as a deduction for AGI? As an itemized deduction? If an amount is zero, enter "0". Self-employed persons can deduct fill in the blank 1 % of their medical insurance premiums as a deduction for AGI in 2023. Thus, Giana may deduct $fill in the blank 2 as a deduction AGI and she may deduct $fill in the blank 4 as an itemized deduction (subject to the AGI floor).
n 2020, Juergen made after-tax contributions of $24,300 to his employer's qualified plan. In August 2021, he requested a nonperiodic distribution. At that time, his account balance was $78,000 and he received a one-time distribution of $13,000. How much of the distribution is tax-free? $0 $4,050 $11,300 $13,000
In 2020, Tim, a single taxpayer, has ordinary income of $30,000. In addition, he has $2,000 in short- term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim's AGI for 2020? Group of answer choices $26,000 $32,000 $27,000 $30,000

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Kimaya, age 30, spent $10,000 on qualified medical expenses during 2023. If her AGI for 2023 was $100,000, how much can she deduct on Schedule A for the medical expense deduction? A) $2,500 B) $10,000 C) $7,500 D) $0