Meghan paid $9,212 for

Q: Adriana's income last year was $56,700. If Medicare is taxed at a rate of $1.45 tax per $100 earned,…

A: Medicare Tax is tax paid on the portion of medicare. It is used to provide health insurance to older…

Q: Linda, who files as a single taxpayer, had AGI of $280,000 for 2020. She incurred the following…

A: Itemized deductions are expenses that taxpayers can subtract from their adjusted gross income (AGI)…

Q: Ciara had $78,000 of income from wages and $2,950 of taxable interest. Ciara also made contributions…

A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…

Q: Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: Question 1 Bill =$20000 Tax rate =24% Tax payable =Income x tax rate =20000 × 0.24=$4800 Present…

Q: Lee is single and has two daughters, Ava and Alice. He makes $155, 600 in gross income from his job…

A: Itemized deductions are specific expenses that taxpayers in the United States can subtract from…

Q: Lucille is 70 years old and is covered by Medicare. She contributes $3,050 to her HSA. Deductible…

A: HSA is health savings accounts,it provides tax benefit in the form of deduction to the contributor.

Q: Which of the following taxpayers are liable to pay the Medicare levy surcharge? Select one: A. Ian…

A: The following persons are not required to Pay Medical Levy Surcharge Single  Less than 90,000…

Q: Alexis had $87,768

A: 1]Taxable Income2015 TaxNot over $9,22510% of the taxable incomeOver $9,225 but not over…

Q: Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year…

A: The Taxpayers are considered as unmarried sometimes even when they are not separated legally, then…

Q: If Julia, age 65 and self employed paid 380.00 per month for health ins, how much can she deduct if…

A: Part B Medicare is available for US citizens who are at least 65 years old or a lawful non-US…

Q: had $3,800 in medical expenses and paid an additional $8,009 for medical insurance. The insurance…

A: The expenses done on the medical can be used in the income tax filing and can be deducted from…

Q: Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: After-tax cost refers to the actual cost of an expense or payment once the impact of taxes has been…

Q: Frederick is married, he earned $2,655 last week, and had year-to-date earnings of $141,344. Use…

A: An employee who makes $141,344 a year . Though Medicare tax is due on the entire salary, only the…

Q: Sydney, a single taxpayer who itemizes deductions, had $80,000 in adjusted gross income in year 2.…

A: The maximum amount of charitable contribution allowed as deduction is 50% of the AGI.

Q: Determine the total amount that will qualify for itemized deduction by the taxpayer.  Ricki (single…

A: Interest Expense deductible only to the extent paid and related to the current period :  Prepaid…

Q: Review the following scenario. Use the information provided to answer questions about the taxpayer’s…

A: GIVEN   Evonne Williams (32) is filing as a single taxpayer. Evonne was the beneficiary of one of…

Q: LaTosha had $103,500 of income from wages and $3,550 of taxable interest. LaTosha also made…

A: Income tax is calculated on the taxable income which is equal to the total income less all the…

Q: During the 2020 tax year, Gwen supports her family as a physical therapist. She reports $90,000 of…

A: Health insurance is a type of insurance that pays for medical costs incurred as a result of an…

Q: Addison had $80,000 of income from wages and $1,850 of taxable interest. Addison also made…

A: Head of household can claim dependent allowance up to $2000 per child dependent on him in the year…

Q: On January 1, 2020, Michelle, age 35, started a new job, and her new employer offers a healthcare…

A: Employers are allowing employees to make regular contribution to some of the accounts. These are…

Q: Ellen is 48 years old and files as single. Her 2022 adjusted gross income (AGI) is $51,000

A: Answer (1)

Q: Calculate his tax liability for the 2018-2019 Income Year (Basic Income Tax, Medicare & Medicare…

A: Introduction: Income tax: The tax which is charged on the taxable income of the individual and…

Q: Hardaway earned $118,000 of compensation this year. He also paid (or had paid for him) $3,100 of…

A: Adjusted gross income is the overall income before any particular deductions. This sum is the total…

Q: Paul is self-employed as a dentist. He practices under the name "Paul J. Vance, DDS." Paul's gross…

A: Particulars              Amount 1.Gross receipts  $111000 2.- Business…

Q: Melvin, a self-employed dentist paid $4,476 for his health insurance premiums throughout the year…

A: A health insurance deduction is the  quantum that an individual or  pot can abate from their taxable…

Q: Reggie is 55, had a AGI of 31200 in 2021. During the year, he paid the following medical expenses…

A: To determine Reggie's medical expense deduction, we need to follow the IRS rules for medical expense…

Q: Alfred Morneau earned gross pay of $820. Each period he makes a 401(k) contribution of 5% of gross…

A: Hello, as you have posted multiple question so I am only answering first question as per the policy…

Q: Belinda spent the last 60 days of 2019 in a nursing home. The cost of the services provided to her…

A: Tax refers to the amount charged by the government on the income earned by the companies and…

Q: Joyce Leslie lives with her spouse and 21-year-old blind son, Keith, who qualifies for the…

A: A tax credit is a direct reduction in the  quantum of income tax that an individual or business owes…

Q: Malcolm Moore, single, had medical expenses of $5,000 last year and was able to deduct $3,000 of…

A: Gross Taxable Income: Gross income is defined as any income you earn that is not specifically…

Q: evelyn is 68 years old, her tax filing status is single, her adjusted gross income (AGI) is $16,000,…

A: Credit for the elderly or permanently and totally disabled is available subject to certain income…

Q: Smithers is a self-employed individual who earns $27,000 per year in self-employment income.…

A: Part 1: Smithers is single and the self-employment income is his only source of income. Ans: 3.…

Q: Determine the total amount that will qualify for itemized deduction by the taxpayer.  Rita needed…

A: Interest is a finance charge paid on the borrowed funds. The deduction is largely based upon the…

Q: Reese, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In…

A: Answer:- Cash method meaning:- When employing the cash method of accounting, revenue and expenses…

Q: Brooklyn has been contributing to a traditional IRA for seven years (all deductible contributions)…

A: Taxes are the main source of revenue for the government. These needs to be paid by the individual to…

Q: Tim is 45 years old and is considering enrolling in an insurance program about whether the insurance…

A: The total amount of medical expense deductions is frequently capped by tax laws, and premiums for…