Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of$65,200 and has incurred the following medical expenses:$ 1,5801,860Dentist chargesPhysician chargesOptical chargesCost of eyeglassesHospital chargesPrescription drugsOver-the-counter drugsMedical insurance premiums (not through an exchange)6205353,100585870860b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amountof medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.Medical expenses

Medical and Dental expenses paid during the year (by cash/check or charged on credit card) less…

Answered: Simpson, age 45, is a single individual…

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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Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $73,400 and has incurred the following medical expenses: Dentist charges $ 1,650 Physician charges 2,300 Optical charges 710 Cost of eyeglasses 400 Hospital charges 2,400 Prescription drugs 430 Over-the-counter drugs 740 Medical insurance premiums (not through an exchange) 1,025 Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Q: How much is Medical expenses
Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $69,200 and has incurred the following medical expenses: Dentist charges $ 1,600 Physician charges 2,450 Optical charges 875 Cost of eyeglasses 715 Hospital charges 4,350 Prescription drugs 575 Over-the-counter drugs 820 Medical insurance premiums (not through an exchange) 1,200 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.
3. On December 30, Nancy Sheridan hired an employee, Tom Shanahan, to help her with the medical billing. His first weekly pay period ends January 7 and he will be paid on January 14. He earns $17.25 per hour. During the 40-hour weekly pay period, Tom worked 48 hours. His Federal income tax is $122. Social Security tax is 6.2% and Medicare tax is 1.45%. a. Compute Tom's pay as of January 7. Regular earnings Date Overtime earnings Gross pay (Wages Expense) b. Record the General Journal entry for Tom's January 7 pay. Date Description Social Federal income tax Security payable tax payable Description Debit Medicare tax payable c. The FUTA rate for Sheridan is 0.6% and the SUTA rate is 5.4%. Record the General Journal entry for the January 14 employer's share payroll taxes. Debit Credit Net pay (Wages payable) Credit
Required information [The following information applies to the questions displayed below.] Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $55,200 and has incurred the following medical expenses: Dentist charges Physician charges Optical charges Cost of eyeglasses Hospital charges Prescription drugs Over-the-counter drugs Medical insurance premiums (not through an exchange) $ 1,480 2,660 800 690 4,400 550 530 1,235 b. Suppose that Simpson was reimbursed for $310 of the physician's charges and $3,500 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses
Hah
Rick Portnoy's filing status is head of household, and he has earned gross pay of $1,300. Each period he contributes $40 to a flexible spending plan. His current year taxable earnings for Medicare tax, to date, are $206,100. Total Medicare Tax = $

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