Calculate the amount of medical expenses

Assignment Help Accounting Basics
Reference no: EM131754569

Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $71,600 and has incurred the following medical expenses:

Dentist charges $ 1,700Physician's charges 2,670Optical charges 995Cost of eyeglasses 750Hospital charges 2,500Prescription drugs 425Over-the-counter drugs 700Medical insurance premiums (not through an exchange) 1,045

a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.

b. Suppose that Simpson was reimbursed for $890 of the physician's charges and $1,850 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.

Reference no: EM131754569

Questions Cloud

What should be the diluted earnings per share : Assuming the income tax rate was 30%, what should be the diluted earnings per share for the year ended December 31, 2007, rounded to the nearest penny
Write out the alternative hypothesis : write out the alternative hypothesis, being sure to indicate whether it is one-sided or two-sided.
Recommendation affected by changes in the interest rate : A local authority is under severe financial pressure and is considering selling some of the land it owns to a building company.
Find the standard deviation of the sample proportion : Find the standard deviation of the sample proportion based on the null hypothesis. Find the z-statistic.
Calculate the amount of medical expenses : Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations
Continuing existence of the company : BUSI 561 - How would you respond if you were running such a company and Profit and return on investment for company owners/shareholders o Continuing existence
Discuss how well you think starbucks tuition reimbursement : Discuss how well you think Starbucks tuition reimbursement program meets the criteria for selecting employee benefits.
Prepare transactions to record these events : REQUIRED: Prepare transactions to record these events in internal service fund. If no entry is required, write "No entry required"
Identify approach for the type of accounting change : Identify the approach for the type of accounting change indicated:

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the break-even point in units

Compute the break-even point in units and sales dollars for the current year. Briefly comment on this result

  Prepare an analysis showing old machine should be retained

Being Company has a factory machine with a book value of $90,000, Prepare an analysis showing whether the old machine should be retained or replaced

  Differentiate between current assets and current liabilities

Which ratio best reflects a company's ability to meet immediate interest payments?

  Didde co had 300000 shares of common stock issued and

didde co. had 300000 shares of common stock issued and outstanding at december 31 2010. no common stock was issued

  Modern forensic techniques can be beaten or circumvented

1. Usually, if a work of art carries a significant price tag, it requires a credible provenance. The task is different for stolen than for fake material. Please explain.  2. Discuss and explain how modern forensic techniques can be beaten or circumve..

  What percentage completion figure would result in

the final processing department in carols production facility began the year with no work in process inventories.

  Discuss the relevance to international financial analysts

How do international accounting standards help financial statement analysis? Discuss the relevance to international financial analysts and foreign investors of additional disclosures by multinational companies.

  Prepare the journal entry to record the payroll tax expense

Prepare the journal entry to record the payroll tax expense for the period. If an amount box does not require an entry, leave it blank

  Analyze the process of capturing processing and protecting

analyze the process of capturing processing and protecting information to determine the single biggest challenge to the

  Total asset turnover is calculated by dividing gross profit

total asset turnover is calculated by dividing points 21. gross profit by average total assets2. average total

  Assume that on february 1 2005 austin company issues at 109

assume that on february 1 2005 austin company issues at 109 plus accrued interest 10-year bonds with a face value of

  A potential control for managing the risk of employee fraud

a potential control for managing the risk of employee fraud is to send employees on mandatory vacations. explain the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd