Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2020 Schedule C reports net profits of $15,000. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,800 in 2020. Serena also pays long-term care insurance premiums of $600 in 2020. Calculate Serena's self-employed health care deduction

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A: Concept used : The deferral limit for 2020 is $19,500.

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Q: surance. Serena pays health insurance premiums of $7,545 in 2019. Serena also pays long-term care…

A: As per the provisions, a person must have to satisfy the following conditions to claim the deduction…

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A: Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Gross income…

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A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

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A: Adjusted Gross Income: It is the taxable income of an individual from all sources such as business…

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A: Topic 414 of the IRS code deals with Rental income and expenses. A taxpayer has to report all rental…

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A: Medical expenses are deductible over 7.5% of Adjusted gross income. Adjusted Gross income = $100000…

Q: Susan, a single taxpayer, owns and operates a bakery (as a sole proprietorship). The business is not…

A: Taxable income:-It is an income that is liable for tax payment as per the slab rate prescribed in…

Q: osh is a MFJ taxpayer and decides to return to school to get a graduate degree at night school while…

A: Income tax:   It is the amount a person is liable to pay on the earned amount in an accounting year.…

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A: As per IRS rule 2020 if a dependent child has unearned income more than $…

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A: AGI is an alteration of gross income. Gross income is the sum of all the money an individual earns…

Q: Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in…

A: Given, Clarita is a single taxpayer Dependent children = 2 (below age 13) Qualified child care…

Q: . Taxpayer, age 16, is claimed as a dependent by his mother. In 2019, he has dividend income of…

A: Taxable income is computed after deducting all the standard or itemized deductions for which the…

Q: Brooke, a single taxpayer, works for Company A for all of 2021, earning a salary of $64,000. a.…

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

Q: Jason's earned income credit

A:

Q: a. Clem is self-employed and this year he incurred $795 in expenses for tools and supplies related…

A:

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Introduction: Medical expenses include all costs associated with the prevention or treatment of…

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A: GIVEN, School supplies for classroom= $300 Supplies and material for tutoring = $400 she uses 200…

Q: Patricia, an unmarried taxpayer who is head of household, has adjusted gross income of \$42 ,800 and…

A: Answer: If Patricia elects to participate in the employer provided program and has her expenses…

Q: To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim’s mother) $5,600.…

A: There is no credit for child and dependent care expenses.   Explanation: Annual gross income of Jim…

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A: The portion of your total income used to calculate how much tax you owe in a given tax year is known…

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Q: During 2020, Murray, who is 60 years old and unmarried, provided all of the support of his elderly…

A: Correct option is a. head of household and 1 dependent.   Explanation:

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A: Adjusted Gross Income (AGI) would be considered as gross income less income adjustments. Salaries,…

Q: Ray, who is single and 22 years old, was unemployed for a few months during 2020. He earned $6,700…

A: Answer: Option A. $0

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Q: as follows: 9,000 miles for business, 2,000 miles for personal use, 2,500 miles for a move to a new…

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A: Workings: Given values: Net Income is $ 35000

Q: Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole…

A: The following condition needs to be satisfied by a self-employed person (Sarena) to claim the health…

Q: Lisa is a member of Bigfoot LLC, which runs a retail business in which she is active. For the…

A: Lisa income are as follows : Guaranteed payment = $40000 Here guaranteed payment is the amount…

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Medical expenses are deductible over 7.5% of Adjusted gross income. In this case, Adjusted gross…

Q: Ted Higgins is a single taxpayer with an AGI of $150,000, Taxable income of $90,000 and calculated…

A: Tax is the liability which has paid by the individual and the corporation to the Federal Government…

Q: Patricia, an unmarried taxpayer who is head of household, has adjusted gross income of $42,800 and…

A: It is the tax credit available from the government to the tax paying parent who have dependent child…

Q: Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…