ACCOUNTING

This year Jack intends to file a married-joint return with two dependents. Jack received $174,200 of salary and paid $5,750 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $5,000 and $28,500 of alimony.
1. What is Jack’s adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI.
2. Suppose that Jack also reported income of $9,450 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI.

 

Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $56,600 and has incurred the following medical expenses:
Dentist charges $ 1,380
Physician’s charges 2,100
Optical charges 575
Cost of eyeglasses 450
Hospital charges 3,400
Prescription drugs 530
Over-the-counter drugs 685
Medical insurance premiums 1,190
1. Calculate the amount of medical expenses that will be included with Simpson’s itemized deductions after any applicable limitations.
2. Suppose that Simpson was reimbursed for $945 of the physician’s charges and 2,070 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson’s itemized deductions after any applicable limitations.

Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim’s motorcycle was stolen from his vacation home. Tim originally paid $30,850 for the boat, but he was able to repair the damage for $11,100. Tim paid $20,450 for the motorcycle, but it was worth $22,050 before it was stolen. Insurance reimbursed $1,210 for the boat repairs and the cycle was uninsured.
1. Calculate Tim’s deductible casualty loss if his AGI is $50,000.

 

2. Calculate Tim’s deductible casualty loss if his AGI is $150,000.

 

3. How would you answer a. if Tim received an additional $65,000 in interest from municipal bonds this year?

 

 Bottom of Form

Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim’s motorcycle was stolen from his vacation home. Tim originally paid $30,850 for the boat, but he was able to repair the damage for $11,100. Tim paid $20,450 for the motorcycle, but it was worth $22,050 before it was stolen. Insurance reimbursed $1,210 for the boat repairs and the cycle was uninsured.

1. Calculate Tim’s deductible casualty loss if his AGI is $50,000.

2. Calculate Tim’s deductible casualty loss if his AGI is $150,000.

3. How would you answer a. if Tim received an additional $65,000 in interest from municipal bonds this year?

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