Other for AGI Deductions, Other Itemized Deductions (LO 5.5, 5.10) Eliza is a kindergarten teacher for Alexander Hamilton Elementary School. Eliza decorates her classroom with new artwork, posters, bulletin boards, etc. In 2020, she spends $470 on materials and supplies for her classroom. The school reimburses her $100 (the annual reimbursement limit).

Q: Calculate the taxable value of the fringe benefit using the statutory formula in the following case…

A: X=base value of asset y=statutory %=0.2 N=216 D=365 days

Q: 28. In 2020, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program.…

A: Hi student Since there are multiple questions, we will answer only first question

Q: Maria donated $80,000 cash to a public charity in 2020.  If Maria's 2020 AGI is $70,000, what is…

A: The question is based on the concept of Taxation.

Q: In 2020, Mary, age 70 and head of household (unmarried), had income of $37,000 and exclusions of…

A: Given : Mary's  age 70 and head of household (unmarried) Income =  $37,000 Exclusions =  $500…

Q: Using the IRS’s “Sales Tax Deduction Calculator” (and Google?), determine the optional sales tax…

A: (1) Timmy and Tammy, MFJ, living in Richardson, Dallas (ZIP - 75080) with 4 dependents and having…

Q: 1. In 2020, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She…

A: Qualified tuition Program (QTP) Contribution in the QTP including earnings is exempt if it used to…

Q: Rory is a staff of a furniture manufacture company. His employer allowed him to purchase an office…

A: As per our authoring rights we have right to answer to answer one question and you have asked two…

Q: Salama is married to Omran. Both are 48 years of age. They itemize their deductions. Their salaries…

A: Particulars  Amount ($) Salary received by Omran & Salama 150,000 Less: Interest on Capital…

Q: Jenny's personal car was totally destroyed in a hurricane in 2021, the area was declared a Federal…

A: Actually Paid amount: $15,000 AGI: $50,000 We need to compute the value of income which should be…

Q: Wendy is a single taxpayer and pays tuition of $7,800 in 2020. Her 2020 AGI is $66,000. What is the…

A: (1) As per the provisions of IRS in 2020 the Single Taxpayers whose AGI up to $ 65,000 can claim a…

Q: In May 2020 Jack purchased a car for $30,000 and drove it 11,000 miles during the year, all for…

A: The automatic mileage method is one of the way to claim mileage tax deduction. As per this method,…

Q: George purchases a computer on 02/01/2020 for $2,200 and uses the computer 75% of the time for his…

A: Depreciation is an annual deduction that allows a business to recover the cost or other basis of…

Q: On November 1, 2020 Mr. Raul Ferrer a VAT registered taxpayer made the following purchases from VAT…

A: VAT is the value added tax. Vat rate in Philippines is 12%. Input vat of capital goods should be…

Q: 26.Gina receives a $2,900 distribution from her educational savings account. She uses $1,500 to pay…

A: Hi student Since there are multiple questions, we will answer onlyfirst question.

Q: Medical Expense Deduction. In 2021, Charla, a single taxpayer with no dependents, was severely hurt…

A: Taxable income refers to the base upon which an income tax system imposes tax. In other words, the…

Q: Help to finish form 1040, please Note: This problem is for the 2018 tax year. Roberta Santos, age…

A: Gross income:  Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: Gwendolyn donates $500 cash to the American Red Cross in 2020.  If Gwendolyn has AGI of $46,000 in…

A: Introduction: Charitable contribution: Giving any monetary values as a donation to the Non profit…

Q: Mark's child, Mary, graduated from school 7 months ago. Mark took out an educational loan to pay for…

A: The maximum student loan interest deduction is $2,500 for a single filer, head of household, or…

Q: Amanda, who works 1,500 hours annually as a second grade teacher purchased $300 worth of supplies…

A: Deduction for teachers and other education professionals for up to $250 in out-of-pocket expenses.…

Q: Kathy is a single taxpayer. She had the following unreimbursed medical expenses for 2020:   $5,000…

A: Taxpayer is a person who pays the tax.Tax is beneficial for development of a country.

Q: In 2021, Jose paid the following amounts for his son to attend Big State University: Tuition $6,400…

A: Payments for an eligible student's tuition, fees, and other related expenses that are required for…

Q: This year Gerry's friend, Dewey, was disabled. Gerry paid $14,500 to Dewey's doctor for medical…

A: According to IRS, Any transfer to an individual either directly or indirectly where full…

Q: Determine the total amount that will qualify for itemized deduction by the taxpayer.  Reginald’s…

A: Tax is the amount which is paid to the government by the taxpayer which is calculated on the taxable…

Q: Ellen, made a cash contribution to a local homeless shelter (a 501(c)(3) charity) in 2022. If Ellen…

A: The annual gross income means the total of the all the incomes that is earned by the taxpayer. The…

Q: Danielle Landerman (33), a single taxpayer, spent $2,800 for tuition and required course fees to…

A: Danielle qualifies for Lifetime Learning Credit tax benefits for education.

Q: Belinda spent the last 60 days of 2021 in a nursing home. The cost of the services provided to her…

A: Calculation of available exclusion: Available Exclusion = Daily limit - Cost of stay = $24,000 -…

Q: Gail is a single elementary school teacher. She buys the following items for use in her classroom in…

A: A qualified educator can deduct unreimbursed trade expenditures of up to $250 ($500 if married and…

Q: Ellen, made a cash contribution to a local homeless shelter (a 401(c)(3) charity) in 2021. If Ellen…

A: If Donation is made to Qualified public charity then and the Assessee itemized deduction then he can…

Q: In 2021, Amy receives $8,000 (of which $3,000 is earnings) from a qualified tuition program. She…

A: Gross income includes all revenue, regardless of source. Unless specifically exempted by the Act,…

Q: True/False. T-1, a lawyer, drafts a will for T-2, in exchange for which T-2 (also a lawyer) drafts a…

A: 1. The answer is True. 2. The answer is False. 3. The answer is False.

Q: Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a…

A: Martin is the head of household, hence standard deduction will be $18,350 for 2019.

Q: Sam, an self employed individual, take 10 day trip from Texas to NewYork. She spends 6 days…

A: Any cost that is deemed "normal, essential, and reasonable" and aids in the revenue generation of a…

Q: Barbara purchased a new Honda Clarity electric vehicle in 2019 for $36,000. Her federal tax credit…

A: Tax credits means a rebate provide by the  by the government on some special circumstances. It is…

Q: Tim receives a $25,000 gift from his parents for a down payment on a house. They know he cannot buy…

A: According to IRS, as per the annual gift consideration anybody can give a gift up to $15000 and the…

Q: Tyler, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five…

A: Cost of meals and beverages incurred for business  purposes will be deductible 100% for expense paid…

Q: the lifetime learning credit

A: Lifetime learning credit is a deduction available from tax payable in respect of expenditure…

Q: 1. David and Rochelle file a join return. Rochelle earned $28,500 during the year while pursued a…

A: Child & Dependent Care Credit: As per the tax law, taxpayer can claim for the expenses incurred…

Q: Required information [The following information applies to the questions displayed below.] Stephanie…

A: STANDARD DEDUCTION can be claimed by a person who is claimed as a dependent and is submitting his or…

Q: On June 25, 2020, Ms. Annie Rawlings purchased an automobile to be used exclusively in her…

A: Depreciation refers to the fall in the book value of an asset each year. Depreciable amount is…

Q: Determine the total amount that will qualify for itemized deduction by the taxpayer.  Rita needed…

A: Interest is a finance charge paid on the borrowed funds. The deduction is largely based upon the…

Q: The following information applies to the questions displayed below.] Natalie owns a condominium near…

A: When subtracting certain "above the line" deductions from your total income, you can compute your…

Q: In 2019, Kelly buys a truck costing $35,000. She is going to use it for her construction business to…

A:

Q: What is the maximum amount they can deduct for charitable contributions in 2021? a.$1,700 b.$2,000…

A: Solution:- Given, Eugene and Linda has adjusted gross income of $30,000 Cash contribution to church…

Q: . What is the amount of Ian and Isabella’s total itemized deductions in 2020 (including the…

A: The assessment of taxable income includes identification of type of taxpayer and his filling status.…

Q: In 2019, Jose paid the following amounts for his son to attend Big State University:   Tuition…

A: Qualified higher education expense for qualified tuition program = Tuition expenses + Room and Board…

Q: 3. Vanessa and her husband has a combined Gross Income of $103,442 for 2019. Vanessa is a teacher,…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Mr. Josh participated in two different events on January 4, 2020: Ang mahiwagang boses P10,000. Sexy…

A: The tax withholding is the amount that the provider of income withholds with them from the income of…

Q: Marlene, age 52, is not married and has salary income of $210,000 during 2020. She pays for all of…

A: Marlene's regular Taxable Income Particulars Amount ($) Income from Salary 210,000 Income…

Q: Question 1 Kevin, a single taxpayer, made payments of $6,000 for a life insurance policy that has a…

A: If the policy was transferred to you for cash or other valuable consideration, the exclusion for the…

Q: How much of this refund should be included in his 2021 federal gross income?

A: The tax-ability of refund from state and local government is decided based on whether the tax payer…