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Self-Employed Health Insurance Deduction (LO 5.2) Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2021 Schedule C reports net profits of $15,000. Her employer does not offer health Insurance. Serena pays health insurance premiums of $7,800 in 2021. Serena also pays long-term care insurance premiums of $600 in 2021. Calculate Serena's self-employed health care deduction

Self-Employed Health Insurance Deduction (LO 5.2) Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2021 Schedule C reports net profits of $15,000. Her employer does not offer health Insurance. Serena pays health insurance premiums of $7,800 in 2021. Serena also pays long-term care insurance premiums of $600 in 2021. Calculate Serena's self-employed health care deduction

FINANCIAL ACCOUNTING
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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Self-Employed Health Insurance Deduction (LO 5.2) Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2021 Schedule C reports net profits of $15,000. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,000 in 2021. Serena also pays long-term care insurance premiums of $600 in 2021. Calculate Serena's self-employed health care deduction.
Transcribed Image Text:Self-Employed Health Insurance Deduction (LO 5.2) Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2021 Schedule C reports net profits of $15,000. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,000 in 2021. Serena also pays long-term care insurance premiums of $600 in 2021. Calculate Serena's self-employed health care deduction.
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