1. The Manson family had an adjusted gross income of $90,623. They included medical deductions on Schedule A. They had $16,870 in medical expenses. Medical insurance covered 70% of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 8.2% of a taxpayer's adjusted gross income. How much can they claim as a medical deduction?
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- Tomika and Mark had $3,800 in medical expenses and paid an additional $8,009 for medical insurance. The insurance covered 60% of the medical expenses. The IRS allows medical and dental expense deductions for the amount that exceeds 7.5% of a taxpayer's adjusted gross income. If their adjusted gross income is $101,598, how much can they claim as a medical deduction?Amanda paid $6,120 for medical insurance and had $4,230 in medical expenses last year. Her medical insurance covered 70% of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 7.5% of a taxpayer's adjusted gross income. If Amanda's adjusted gross income is $71,450, how much can she claim as a medical deduction?Meghan paid $9,212 for medical insurance and also had $5,700 in medical expenses last year. Her medical insurance covered 80% of these expenses. The IRS allows medical and dental expense deductions for the amount that exceeds 7.5% of a taxpayer's adjusted gross income. If Meghan's adjusted gross income is $65,432, how much can she claim as a medical deduction?
- 1. Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: A. Medicare B. Group-term life insurance C. Medical care reimbursements D. Adoption assistance 2. Prior to the current period, Sol Berenson had earnings subject to FICA tax of $138,600. This week, Sol has gross earnings of $4,900, so he will have $_____ withheld in FICA tax for this period. 3. Barring any special circumstances, over what age is an individual eligible to receive Medicare benefits? Answer: A. 55 B. 62 C. 65 D. 70Carlos incurs the following medical expenses during the current tax year: Surgeon's fees $2,000 Medical insurance premiums 600 Hospital fees 800 Prescription drugs 310 Wheel chair 200 Carlos's adjusted gross income for the year is $32,000. He receives a $500 reimbursement from his insurance company. Determine the amount of his medical expense deduction for the current year. a.$2,910 b.$-0- c.$3,910 d.$1,010 e.$210For each of the following items indicate if the expense is: A. An adjustment for AGI (above the line) B. Deduction from AGI(below the line/itemized deduction) C. Neither 1. Premiums paid on personal life insurance 2. State income taxes paid 3. Loss on sale of personal auto 4. Fees paid for tax return preparation 5. Federal income taxes paid 6. Contributions to Health Savings Account 7. Donations to Charity 8. Health insurance premiums paid by a self-employed individual 9. Interest paid on home mortgage indebtedness of $250,000 10. Union dues not reimbursed by an employer
- Duke and Pat Collins have adjusted gross income of $358,000. They have itemized deductions of $20,000 consisting of $8,000 in medical expenses that exceed 10% of adjusted gross income, $3,000 in property taxes, $4,000 in housing interest, and $5,000 in miscellaneous itemized deductions. What is the amount of their itemized deductions?: If an individual whose filing status is single earns $256,000 during the year, what portion of the earnings are subject to Additional Medicare Tax, and what is the total (standard and Additional) Medicare Tax rate that will be applied to these earnings? Answer: A. $6,000 and 0.9% B. $6,000 and 2.35% C. $56,000 and 0.9% D. $56,000 and 2.35%What is the maximum amount of qualified expenses that a taxpayer with one qualifying child can claim for the basis of the Form 2441 credit for dependent care for TY2023? a. $6,000 b. $5,000 c. $3,000 d. There is no limit to the expenses