What is eugene taxable income

Assignment Help Accounting Basics
Reference no: EM132115603

Question - Eugene is single. For 2015, Eugene earned $25,000 from his job. He had $4,000 of medical expenses that were completely paid for by his company provided health insurance. His company also paid $5,000 of health insurance premiums on his behalf. He is entitled to claim one personal exemption. He has no deductions for adjusted gross income. Eugene's itemized deductions are $11,200. What is Eugene's taxable income?

A. $9,800

B. $13,800

C. $14,800

D. $21,000

E. None of the above

Reference no: EM132115603

Questions Cloud

Prepare a partial balance sheet for nike for these items : Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, Prepare a partial balance sheet for Nike for these items
Journalize transactions and the closing entry for net income : The stockholders' equity accounts of Castle Corporation on January 1, 2017, Journalize the transactions and the closing entry for net income
What is the for-AGI educator expenses deduction : Sally is a high school math teacher. If married filing jointly, what is the for-AGI educator's expenses deduction, assuming the 2014 law is extended into 2015
What is the balance in additional paid-in capital : Zigma corporation is authorized to issue 2,000,000 shares of $4 par value capital stock. What is the balance in additional paid-in capital
What is eugene taxable income : He has no deductions for adjusted gross income. Eugene's itemized deductions are $11,200. What is Eugene's taxable income
Identify an individual or family crisis experience in life : Identify an individual or family crisis experience in your life. You may be able to identify one immediately or you may have to give this some thought.
How is restricted cash handle in the balance sheet : What is segregation of duties? Give an example of functions that should be separated. How is restricted cash handle in the balance sheet
What amount jones report as minimum taxable income : Home mortgage interest on loan to acquire residence 6,000, What amount did Jones report as alternative minimum taxable income before the AMT exemption
Prepare a monthly cash budget for the three-month period : The firm has a monthly rental expense of $5,000. Prepare a monthly cash budget for the three-month period ending in December

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