What amount of income must Janice report

Assignment Help Accounting Basics
Reference no: EM132509850

Questions -

Q1. Janice won $2,500 from the lottery on March 17th. She won $250 more on June 19th. She spent a total of $1,800 in lottery tickets during the year. After Janice won the lottery, her friend, Agnes, gave her $135 in lottery tickets that she (Agnes) had purchased during the year. What amount of income must Janice report on her return from gambling winnings?

a) $2,750

b) $815

c) $950

d) $0

Q2. The Hunters have significant medical expenses to include on Schedule A for this year's tax return. Which of the following medical expenses is listed incorrectly as deductible?

a) Medical insurance premiums

b) Medical service fees

c) Meals and lodging in a nursing home when the taxpayer is there for non-medical reasons

d) Travel expenses deemed necessary for treatment for alcoholism

Q3. In 2017, Henry drove 1,200 miles in total for his outpatient medical treatments. What is Henry's mileage expense if the standard mileage rate was taken?

a) $204

b) $168

c) $642

d) Not allowed

Reference no: EM132509850

Questions Cloud

Compute the billing for september : Compute the billing for September/October 201 / for Russell Brady and Collin Bennet allocating OH on the basis of a single cost-driver
Which direct labor costs for furniture manufacturing company : Which would be considered Direct Labor Costs for a furniture manufacturing company? dock coordinator, scheduler/purchaser, inventory/ materials coordinator
How much profit can be realized : Suppose that the six-month interest rate in the United Kingdom is 0.5% per annum the sixmonth interest rate in Germany is 1.2% per annum.
For dr isaac maths-your own values : To lead effectively, you need to know your own values. You need to think about what you will stand up for, even in difficult situations.
What amount of income must Janice report : Janice won $2,500 from the lottery on March 17th. She won $250 more on June 19th. What amount of income must Janice report on her return from gambling winnings
How much would the additional benefits have to be worth : The value of the additional benefits. At a minimum, how much would the additional benefits have to be worth in order for Kevin to purchase the truck
Unit 13 Computing Research Project Assignment : Unit 13 Computing Research Project Assignment Help and Solution, Higher National Diploma in Computing - Assessment Writing Service
What is correlation analysis : What is correlation analysis, and what variable represents the correlation coefficient? What does it mean for the correlation to be statistically significant?
Company cost of preferred stock-bosio inc : Bosio Inc.'s perpetual preferred stock sells for $102.50 per share, and it pays an $8.50 annual dividend. If the company were to sell a new preferred issue

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the basis of direct labor-hours

Baker Corporation applies manufacturing overhead on the basis of direct labor-hours

  Child in order for the child to take advantage of the family

Explain If It Matters That a Parent Literally Had Nothing to Do With a Biological, Child in Order for the Child to Take Advantage of the Family and

  How would the company record the adjusting entry

How would the company record the adjusting entry to record the depreciation on this machine at the end of each of the years in its useful life

  The times interest earned ratio is one measure used to

the times interest earned ratio is one measure used to assess the long-term debt ability of the firm. when computing

  Describe the four perspectives of the balanced scorecard

Assume the CFO of your organization approaches you to ask your advice about implementing the Balanced Scorecard at your organization.

  Compute the companywide break-even point in dollar sales

Piedmont Company segments its business into two regions-North and South. Compute the companywide break-even point in dollar sales

  What is the total variable cost for electricity at a level

JCO has variable and fixed costs for electricity of $373,269 and $318,768 respectively. What is the total variable cost for electricity at a level of 6,590 unit

  Prepare a factory overhead budget

Prepare a factory overhead budget, separating variable and fixed costs. Assume that factory insurance and depreciation are the only factory fixed costs

  The important dates in connection with a cash dividend

The important dates in connection with a cash dividend of $112,750 on a corporation’s common stock are October 6, November 5, and December 5. Journalize the entries required on each date.

  Acme inc paid 30000000 to purchase arthur ltd at the dateof

acme inc. paid 30000000 to purchase arthur ltd. at the dateof purchase arthur ltd. had assets with a current market

  Prepare the cash payments budget for direct materials

Prepare the cash payments budget for direct materials purchases for July, August and September and the 3rd quarter

  Total fixed cost charged to expense for the year assuming

following are the set of case studies of different manufacturing companies you are required to read and understand 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