How do calculate taxable income for linda

Reference no: EM132807775

During 2019, Linda suffered serious injuries in an automobile accident. She incurred the following costs as a result:

Doctor bills $15,700
Hospital bills 10,300
Physical therapy to recover full mobility 5,000
Transportation to/from hospital and doctor's office 200

problem 1: Linda is single with no dependents. Her 2019 salary was $68,000. She paid $1,000 in medical and dental insurance premiums, which were withheld from her salary on an after-tax basis, $4,250 in mortgage interest on acquisition indebtedness on her personal residence, and $1,500 in interest on her car loan. She was reimbursed for $15,000 in medical expenses by her health insurer. Calculate her 2019 taxable income.

Reference no: EM132807775

Questions Cloud

What gain should cline include in gross income for tax year : Johnson paid $20,000 down and agreed to pay $16,000 per year, plus interest, what gain should Cline include in gross income for the tax year of sale?

Poor product design or poor product quality : To what extent do you believe a supply chain can be redesigned to compensate for poor product design or poor product quality?

GSCI 1050 Earths Dynamic Environment Assignment : GSCI 1050 Earths Dynamic Environment Assignment Help and Solution, University of Connecticut - Assessment Writing Service

Why is it important to synchronise product design : Why is it important to synchronise product design and supply chain design? What are the implications of this from an environmental perspective?

How do calculate taxable income for linda : During 2019, Linda suffered serious injuries in an automobile accident. Physical therapy to recover full mobility 5,000. Calculate her 2019 taxable income.

Expenditures for training and professional development : Make the case that expenditures for training and professional development can present a positive return on the investment.

What are wendy adjusted gross income and taxable income : Itemized deductions for the year totaled $5,000. What are Wendy's 2019 (a) adjusted gross income; (b) taxable income; and (c) tax liability?

Ability to cut employee benefit costs : As HR director at Crangle Fixtures, your bonus this year is based on your ability to cut employee benefit costs.

Compute what is the adjusted gross income : Compute what is their adjusted gross income; their total itemized deductions; the amount of their exemptions; and their taxable income

User Account

All Pages