Lola Tinidora, 63 years old, was treated by her grandchildren Alden, Allen, and Ellen to Max's restaurant during the grandparent's day and their total bill is P2,240. How much is the discount on senior citizen? How much is the VAT?
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- Carol Wheeler, age 56, is single. Carol earned wages of $48,000 and was enrolled the entire year in a high deductiblehealth plan (HDHP) with self-only coverage. During the year, Carol contributed $3,000 to her Health Savings Account (HSA) and hercousin also contributed $1,000 to Carol’s HSA account. Carol’s Form W-2 shows $600 in Box 12 with code W. She has Form 5498-SA showing$4,600 in Box 2. Carol took a distribution from her HSA to pay her unreimbursed expenses: 2 visits to a physical therapist due to a car accident $300 unreimbursed doctor bills for $700 prescription medicine $400 replacement of a crown $1,500 over the counter sinus medication $80 10 Zumba classes for $125 Carol is a U.S. citizen with a valid Social Security number. 8. The over the counter sinus medication is a qualified medical expense for HSApurposes. True FalseCarol Wheeler, age 56, is single. Carol earned wages of $48,000 and was enrolled the entire year in a high deductiblehealth plan (HDHP) with self-only coverage. During the year, Carol contributed $3,000 to her Health Savings Account (HSA) and hercousin also contributed $1,000 to Carol’s HSA account. Carol’s Form W-2 shows $600 in Box 12 with code W. She has Form 5498-SA showing$4,600 in Box 2. Carol took a distribution from her HSA to pay her unreimbursed expenses: 2 visits to a physical therapist due to a car accident $300 unreimbursed doctor bills for $700 prescription medicine $400 replacement of a crown $1,500 over the counter sinus medication $80 10 Zumba classes for $125 Carol is a U.S. citizen with a valid Social Security number. 6. Carol can claim $__________ as her HSA contribution on Form 8889, Part 1.Sue is a small business owner who often gives gifts to clients. She gives a $40 gift to her client, Mr. Smith, and his wife. Sue spent $6 to wrap the gift. She also gave out 400 calendars with her company name on them. Each calendar cost $1. Sue also gave her secretary a $370 watch for his 10 years of service. How much of the above expenses may she duduct?
- Kathleen, age 56, works for MH Incorporated in Dallas, Texas. Kathleen contributes to a Roth 401(k), and MH contributes to a traditional 401(k) on her behalf. Kathleen has contributed $30,000 to her Roth 401(k) over the past six years. The current balance in her Roth 401(k) account is $50,000 and the balance in her traditional 401(k) is $40,000. Kathleen needs cash because she is taking a month of vacation to travel the world. Answer the following questions relating to distributions from Kathleen's retirement accounts assuming her marginal tax rate for ordinary income is 24 percent. a. If Kathleen receives a $10,000 distribution from her traditional 401(k) account, how much will she be able to keep after paying taxes and penalties, if any, on the distribution? (answer is not 6000 or 6840)Lolo Boy, a senior citizen went to MCDO to treat his 4 grandchildren on account of his retirement. They consumed goods and beverages with a gross amount of P1,120 VAT inclusive. How much is the total amount to be paid by Lolo Boy?Marco makes the following business gifts during the year: Miss Scarlett (a potential client) $30 Mr. and Mrs. White (both are clients) $40 Professor Plum (a client) $18 Mrs. Plum (the nonclient wife of Professor Plum) $12 Charles Mustard (Marco’s boss) $27 Marco also spent $15 on wrapping paper and a card for the above gift to the Whites.Calculate Marco’s total allowed deduction for gifts
- Jenny Smith, age 57, is single. Jenny earned wages of $52,000 and was enrolled the entire year in a high deductible healthplan (HDHP) with self-only coverage. During the year, Jenny contributed $2,000 to her Health Savings Account (HSA) and hermother also contributed $1,000 to Jenny's HSA account. Jenny's Form W-2 shows $650 in Box 12 with code W. She has Form 5498-SA showing$3,650 in Box 2.. Jenny took a distribution from her HSA to pay her unreimbursed expenses: 8 visits to a physical therapist after her knee surgery $400 unreimbursed doctor bills for $900 prescription medicine $200 replacement of a crown $1,500 over the counter medication $40 gym membership $240 Jenny is a U.S. citizen with a valid Social Security number. 6. Form 8889, Part 1 is used to report HSA contributions made by _______________. a. Jenny b. Jenny's employer c. Jenny's mother d. All of the above Jenny is eligible to contribute an additional $1,000 to her HSA because she is age 55…Phillip and Naydeen Rivers are married with two dependent children. The family has household income of $41,200 in 2020. They paid $11,000 for health care for the year through the health care exchange. A designated silver plan would have cost $9,800 and the poverty level for a family of 4 is $25,750. The applicable percentage is 4.59 percent. What is the Rivers' premium tax credit? a.$1,200 b.$505 c.$9,800 d.$7,909 e.$7,941Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 e. Julie paid $5,300 to the day care center and her AGI is $14,000 ($3,300 salary and $10,700 unearned income). Child and dependent care credit
- Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2020 traveling in Europe and was not a college student. He had gross income of $4,655 in 2020. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2020, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2020 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…Carrie, age 55, is an employee of Rocket, Inc. (Rocket). Rocket sponsors a SEP IRA and would like to contribute the maximum amount to Carrie’s account for the plan year. If Carrie earns $14,000 per year from Rocket, what is the maximum contribution Rocket can make on her behalf to the SEP IRA? a. $3,500. b. $14,000. c. $19,500. d. $57,000.Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 d. Julie paid $3,300 to the day care center and her AGI is $401,200 (all salary). Child and dependent care credit
