What is the amount of melisa total itemized deductions

Assignment Help Finance Basics
Reference no: EM13284232

In the current year, Melissa, a single employee whose AGI is $100,000 before any of the items below,ncurs the following expenses:
SAfe deposit box rental for investments $100
Tax return prep fees 500
Moving expenses (deductible under sec 217) 2,000
Mortgage interest on prin residence 12,000
RE Taxes on prin residence 1,800
Unreimbursed employment-related expenses (other than
business meals and entertainment) 6,000
Unreimbursed employment related expenses for business meals and entertainment
(business is discussed) 1,200
total 23,600
a. What is the amount of Melisa's total miscellaneous deductions( after 2% floor)?
b. What is the amount of Melisa's total itemized deductions?
c. What is the amount of Melisa's total itemized deductions if her AGI after all adjusments above is $190,000?

Reference no: EM13284232

Questions Cloud

Find the force exerted by the gas : A sealed cubical container 11.0 cm on a side contains three times Avogadro's number of molecules at a temperature of 24.0°C
What is the difference between serial and parallel transfer : What is the difference between serial andparallel transfer. how to convert serial data to parallel andparallel data to serial. What type of register is needed.
What is the irr of the proposed investment : Buzz lightyear has been offered an investment in which he expects to receive payments of $4,000 at the end of each of the next 10 years in return an intial investment of $10,000 now.
Find the acceleration of the dragster : A VW Beetle goes from 0 to 65.7 mi/h with an acceleration of +2.34 m/s^2. Find the acceleration of the dragster
What is the amount of melisa total itemized deductions : In the current year, Melissa, a single employee whose AGI is $100,000 before any of the items below,ncurs the following expenses.
Calculate how thick is the layer of wet paint : A partly full paint can has 0.42 U.S. gallons of paint left in it. how thick is the layer of wet paint
Determine the value of any asset : What is the yield to maturity on a 10 year,9% annual coupon, $1,000 par value bond sells at $887? That sells at $1,134.20? What does the fact that a bond sells at discount or at a premium tell you about the relationship between rd and the bonds co..
How much time passes before the players collide : Two soccer players start from rest, 30 m apart. They run directly toward each other, both players accelerating. How much time passes before the players collide
Find the final velocity of the other coin : A 4.1 g coin sliding to the right at 26.2 cm/s makes an elastic head-on collision with a 12.3 g coin that is initially at rest. Find the final velocity of the other coin

Reviews

Write a Review

Finance Basics Questions & Answers

  What is the effective after-tax interest rate expense

A firm incurs $50,000 in interest expenses each year. If the tax rate of the firm is 30%, what is the effective after-tax interest rate expense for the firm?

  Classification of equity security

On Dec 29, 2008, Sam Co. sold an equity security that had been purchased on January 4, 2007. Sam owned no other equity securities. An unrealized holding loss was reported in the 2007 income statement.

  What is the average accounting return

The projected net income from the project is $1,200, $2,300, and $1,800 a year for the next 3 years, respectively. What is the average accounting return?

  Computing portfolio beta

A stock portfolio invested 35% in Stock Q, 25% in Stock R, 30% in Stock S, and 10% in Stock T. The betas for these 4 stocks are .84, 1.17, 1.11 and 1.36 respectively. Compute the portfolio beta?

  How much can she spend each year after she retires

how much can she spend each year after she retires? Her first withdrawal will be made at the end of her first retirement year.

  What is the wacc of startlight

What is the WACC of Startlight if it would like to finance a new investment project?

  What will the bonds sell for today

Giant Electronics is issuing 20-year bonds that will pay coupons semiannually. The coupon rate on this bond is 7.8 percent. If the market rate for such bonds is 7 percent, what will the bonds sell for today?

  How would one get this information

how might one start including more cost-based financial information in a decision-making processes? is the information needed available today? If not, how would one get this information?

  What gain must sierra recognize in 2014

Jack sold the land for $325,000 cash. As a result of the second disposition, what gain must Sierra recognize in 2014?

  What coupon rate should be set on its bonds

A business wants to raise $1.2 million by selling some coupon bonds at par. Comparable bonds in the market have a 6.5 percent annual coupon, 15 years to maturity, and are selling at 97.687 percent of par. What coupon rate should be set on its bond..

  Identification of cost of market research firm

Consumer Focus is a marketing research firm that organizes focus groups for consumer-product companies. A Consumer Focus staff member attends every session to ensure that all the logistical aspects run smoothly.

  Which of the following are prohibited transactions

Bob, a covered participant of the profit sharing plan, borrows $5,000 from his account balance to pay for his first semester in graduate school.

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