Unreimbursed doctor bills for noah for 500 acircmiddot

Assignment Help Accounting Basics
Reference no: EM13482854

1: What is the AGI for Evan?2:

2.What is the AGI for Noah?

3: Does Evan take the Standard or Itemized Deduction? What is the amount?

4: What is Evanas tax liability?

5: What is Noahaas tax liability?

6: What is Evanas filing status?

Evan Dawson Evan James Dawson divorced in 2004 and has a son, Noah, who lived with him all year. · Evan provided all of the cost of keeping up the home. · Noah provided less than 50% of his own support.

· Evan did not itemize deductions last year. In 2012, Noah was a third-year student at Brown College. Noah lived at home with Evan while attending classes, and is pursuing a degree in Computer Science. Evan spent $634 on course-related books and paid tuition as reported on Form 1098-T. Noahs total tuition was $11,800, but he received a $9,000 scholarship and subsidized loans in the amount of $2,800. Noah does not have a felony drug conviction. Evan wants to know if he has enough deductions to itemize (he did not itemized in the previous year). Assume that Evan will deduct state income tax instead of general sales tax. He gives you receipts, statements, and cancelled checks for the following items he would like to deduct:

· Unreimbursed doctor bills for Evan for $300

· Unreimbursed doctor bills for Noah for $500 · Unreimbursed prescription drugs for $1,400 · Unreimbursed nonprescription herbal supplements for $300

· Cancelled check for a donation to the United Way for $100 · Evan tells you that he also gave $20 to a homeless man

· A statement from his church showing donations of $780

· A receipt from a Goodwill drop-off center for the donation of a table, refrigerator, and stove; they were in good, used condition and had a thrift shop value of $130 · Form 1098 showing qualified mortgage insurance premiums, interest, and real estate taxes paid.

· Evan bought a $2 lottery ticket every week, for a total of $104, but he had no winnings.

· Evan never received any distributions from his 401(k) or any other retirement plan.

Reference no: EM13482854

Questions Cloud

Indicate in which part of the statement of cash flows each : indicate in which part of the statement of cash flows each item would appear operating activities o investing
Determine the defered income taxes at the end of 2012 and : farmer inc. began business on january 1 2012. its pretax financial income for the first 2 years was as
In addition to her employment vanessa sells cosmetics on : 1 what is vanessas filing status?2 what is vanessas agi?3 does vanessa claim the standard deduction or itemized? what
Which of these items are liabilities of white glove : 1. which of these items are liabilities of white glove cleaning service?a cash..b accounts payablec dividendsd accounts
Unreimbursed doctor bills for noah for 500 acircmiddot : 1 what is the agi for evan?22.what is the agi for noah?3 does evan take the standard or itemized deduction? what is the
What is retained earnings what items increase the balance : what is retained earnings? what items increase the balance in retained earnings? what items decrease the balance in
A company giving scenic rides over the city in a helicopter : a company giving scenic rides over the city in a helicopter has decided to close their business. the helicopter is for
What are the three main categories of the statement of cash : what are the three main categories of the statement of cash flows? why do you think these categories were
Total manufacturing cost charged to production during the : selected data concerning operations of cascade manaufacturing company for the past fiscal year followraw materials

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.

  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!

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