User Account

All Pages

Calculate the amount of medical expenses

Assignment Help Accounting Basics
Reference no: EM131756323

I need help computing A and B 

Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $50,000 and has incurred the following medical expenses:

     
Dentist charges $ 900
Physician's charges   1,800
Optical charges   500
Cost of eyeglasses   300
Hospital charges   2,100
Prescription drugs   250
Over-the-counter drugs   450
Medical insurance premiums (not through an exchange)   775

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 $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.

Reference no: EM131756323

Questions Cloud

Calculate jeff''s itemized deductions after considering : Calculate Jeff's itemized deductions after considering the overall phase-out of itemized deductions
Vent-for-surplus theory of international trade : Explain briefly the Vent-for-surplus theory of international trade. What is the relevance of this theory to the current development experience of low income.
Assignment about a company called omantel in oman : Demonstrate the ability to compare different theories and perspectives of strategic management and use and appraise them appropriately
Running a rabies vaccination clinic for dogs : Dr. Tarun? Gupta, a Michigan? vet, is running a rabies vaccination clinic for dogs at the local grade school.
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
Explain the terms of the original partnership agreement : Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $289,000 based on the terms of the original partnership.
Define attitude and halo effect : Define attitude and its three components. Define the Halo effect and give an example.
How are you going to set your selling price : How are you going to set your Selling Price? (Market/Cost?) How much will each factory worker be paid? Calculate the Break Even Point in Unit and in Dollar.
What is the lifo reserve : The ending inventory under LIFO is $56,030. Under FIFO, the ending inventory is $48,920. The sales were $590,840 while the cost of goods sold was $388,745.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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