Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $58,400 and has incurred the following medical expenses: $ 1,070 1,910 965 Dentist charges Physician charges Optical charges Cost of eyeglasses Hospital charges Prescription drugs Over-the-counter drugs Medical insurance premiums (not through an exchange) 410 4,100 535 470 795
Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…
A: Federal income tax refers to the tax levied by the Internal Revenue Service (IRS) on the desired…
Q: Jesse is 53 years old and had the following transactions for 2021: $5,500 Medical expenses incurred…
A: Medical expense deduction can be claimed for only those expenses which have been paid. Whether the…
Q: 0Hospital charges2,100Prescription drugs250Over-the-counter drugs450Medical insurance premiums (not…
A: (a) Calculation of Medical expenses for Simpson’s Itemized deductions: Particulars…
Q: Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year…
A: An itemized deduction is an expense that can be subtracted from adjusted gross income (AGI) to…
Q: In 2020, Landen Company paid Trudy $61,500 in salary. Trudy's spouse contracted COVID and Trudy was…
A: Data interpretation: Wages of the employee= $61500Allocation to Sick pay= $2500Family leave…
Q: Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She…
A: Itemized deductions: Deductions that individual can claim on federal income tax return and it…
Q: Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year…
A: The following are the allowable medical expenses Dentist Charge Physician Charges Optical Charges…
Q: Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare,…
A: Solution- social security tax=$1000*0.62=62$ medicare tax=$1450*.0145=21.025$. calculating from his…
Q: An employee earned $37,000 during the year working for an employer when the maximum limit for Social…
A: Formula to calculate employee's annual FICA taxes amount:Employee's annual FICA taxes = Employee…
Q: Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he…
A: Formula: Net pay = Gross salary - Social security tax - FICA tax - Tax withheld
Q: Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year…
A: Medical and Dental expenses paid during the year (by cash/check or charged on credit card) less…
Q: Dotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy…
A: As per IRS, expenses paid during the year less reimbursed portion by employer or insurance company…
Q: Kalen O’Brien earned $730 this week. The deductions from her pay were as follows: FIT FICA—OASDI…
A: Disposable earnings refers to the amount of income remained at an individual after deducting all the…
Q: Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at…
A: The question is based on the concept of social security security tax withholding on wage and…
Q: Barry is a self-employed attorney who travels to New York on a business trip during the year.…
A: Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…
A: Net pay = January Earnings - Federal Income tax withholdings - Social security tax - Medicare tax…
Q: Garrett Hudson earned $895 this week. The deductions from his pay were as follows: FIT $86.00…
A: Disposable earnings refers to the amount of portion of income left with the person after deducting…
Q: Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year…
A: A taxpayer can deduct the itemized deductions from the adjusted gross income. These deductions…
Q: cial security is 6.2% of the first $128,400 of employee earnings each calendar year and the FICA tax…
A: Higher income earners are taxed at a higher rate under the federal income tax, which is based on a…
Q: Matilda works for a company with 1,000 employees. The company has a hospitalization insurance plan…
A: (1) Employee must pay the first $3,000 of their Medical Expenses. (2) Matilda's Employer has…
Q: Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he…
A: Formula: Net pay = Gross pay - Total deductions
Q: Required information [The following information applies to the questions displayed below.] Simpson,…
A: Any costs incurred in the prevention or treatment of injury or disease are referred to as medical…
Q: Precision Labs has two employees. The following information was taken from its individual earnings…
A: Wages: Wages are the earnings of the employees for their work to the company they serve. These are…
Q: Lee Sutherlin is a self-employed electrical consultant. He estimates his annual net earnings at…
A: The social security tax rate is 6.2% per year multiplied by 2. The withholding social security…
Q: Paul is self-employed as a dentist. His business expenses are as follows, Advertising $1,200,…
A: The expenses which are in revenue nature and not in capital nature which are exclusively incurred…
Q: Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year…
A: All the expenses are qualified expenses except Over-the-counter drugs. Medical Expense (Actual)…
Q: Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year…
A: The qualifying medical expenses refers to the amount of money spent for medically necessary…
Q: John Klos was in the hospital for 15 days, the total bill was $152,000. Then John spent an…
A: Total bill=$152000Deductible=$500Coinsurance cap=$1500
Q: old son paid during the same 12-month period totaled $1,800. For the current year, O had net income…
A: As per the provisions of the medical expense can be claimed if it is paid by the tax payer or his…
Q: Portia Grant is an employee who is paid monthly. For the month of January of the current year, she…
A: Net pay is the amount of compensation that remains available for distribution to an employee after…
Q: Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year…
A: PLEASE LIKE THE ANSWER Particulars (a) (b) Dentist charges $1,480.00 $1,480.00…
Q: Trey Morgan is an employee who is paid monthly. For the month of January of the current year, he…
A: Given that, total earnings = $4540 FICA tax for social security = 6.2% FICA tax rate for medicare =…
Q: Detmer is a successful doctor who earned $205,350 in fees this year, but he also competes in weekend…
A: The amount of the golfing expenses deductible = Total deductible expenses - (2% * AGI)
Q: Precision Labs has two employees. The following information was taken from its individual earnings…
A: Following are the calculations for missing amount of the employees B:
Q: Theresa Morgan of Boone, IA, age 55, recently suffered a stroke. Her total bill for this care was…
A: Deductible is the amount that is paid by the insured under a insurance policy to the insurance…
Q: Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year…
A: Answer: Following are the medical expenses that will be included with Simpson's itemized deductions…
Q: Rebecca and Irving incur the following medical expenses during 2020: Medical insurance premiums…
A: GIVEN Rebecca and Irving incur the following medical expenses during 2020: Medical…
Q: Trey Morgan is an employee who is paid monthly For the month of January of the current year, he…
A: Here in this question, we are required to calculate the net pay amount. For calculating net pay, we…
Q: Portia Grant is an employee who is paid monthly. for the month of Jan of the current year, she…
A: Net pay is the net amount after adjusting all taxes except FUTA and SUTA
Q: Carol Wheeler, age 56, is single. Carol earned wages of $48,000 and was enrolled the entire year in…
A: In accordance with provisions contained in Section 9003 of the Affordable Care Act, only prescribed…
Q: Theresa Morgan of Boone, IA, age 55, recently suffered a stroke. Her total bill for this care was…
A: For the Medical Insurance coverage which are incurred with the total deductible amount and…
Q: Samuel Nguyen was seriously injured in a skiing accident that broke both his legs and an arm. His…
A: Given information: Follow up visits are 6 Deductible expenses is $500 Health insurance pays 90% of…
Q: Dow, 42, is a manager for Winter Company. In addition to his $83,000 salary, he receives the…
A: Gross income is the total amount of income earned by the company or individuals. Then some…
Q: Addidas Co. pays $190 per month for Jay's insurance, $22 per month for his disability insurance, and…
A: Journal entries are the entries to be recorded in the accounting books of the business for all the…
Q: An employee earned $44,600 during the year working for an employer when the maximum limit for Social…
A: Formula to calculate employee's annual FICA taxes amount: Employee's annual FICA taxes = Employee…
Q: Ashley is a self-employed artist. She pays $650 a month for health insurance coverage through her…
A: Monthly Insurance coverage = $ 650. Full year coverage = $ 650 x 12 months = 7800.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $50,000 and has incurred the following medical expenses: Dentist charges$ 900Physician charges1,800Optical charges500Cost of eyeglasses300Hospital charges2,100Prescription drugs250Over-the-counter drugs450Medical insurance premiums (not through an exchange)775 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $69,200 and has incurred the following medical expenses: Dentist charges $ 1,600 Physician charges 2,450 Optical charges 875 Cost of eyeglasses 715 Hospital charges 4,350 Prescription drugs 575 Over-the-counter drugs 820 Medical insurance premiums (not through an exchange) 1,200 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $67,200 and has incurred the following medical expenses: Dentist charges $ 1,200 Physician charges 2,370 Optical charges 565 Cost of eyeglasses 485 Hospital charges 2,700 Prescription drugs 265 Over-the-counter drugs 735 Medical insurance premiums (not through an exchange) 855 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. b. Suppose that Simpson was reimbursed for $350 of the physician's charges and $1,800 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.
- Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $73,800 and has incurred the following medical expenses: Dentist charges $ 1,080 Physician charges 2,140 Optical charges 940 Cost of eyeglasses 725 Hospital charges 3,750 Prescription drugs 375 Over-the-counter drugs 935 Medical insurance premiums (not through an exchange) 1,060 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of S 55,200 and has incurred the following medical expenses: Dentist charges $ 1, 480 Physician charges 2, 660 Optical charges 800 Cost of eyeglasses 690 Hospital charges 4, 400 Prescription drugs 550 Over-the-counter drugs 530 Medical Insurance premiums (not through an exchange) 1,235 b. Suppose that Simpson was reimbursed for $310 of the physician's charges and $3,500 for the hospital costs. Calculate the amount of medical expenses that will be Included with Simpson's itemized deductions after any applicable limitations. What are the Medical Expenses? (Show your work)Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $73,400 and has incurred the following medical expenses: Dentist charges $ 1,650 Physician charges 2,300 Optical charges 710 Cost of eyeglasses 400 Hospital charges 2,400 Prescription drugs 430 Over-the-counter drugs 740 Medical insurance premiums (not through an exchange) 1,025 Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Q: How much is Medical expenses
- Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $50,000 and has incurred the following medical expenses: Dentist charges $ 900 Physician charges 1,800 Optical charges 500 Cost of eyeglasses 300 Hospital charges 2,100 Prescription drugs 250 Over-the-counter drugs 450 Medical insurance premiums (not through an exchange) 775 Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations.Simpson, age 45, is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $50,000 and has incurred the following medical expenses: Dentist charges $ 900 Physician charges 1,800 Optical charges 500 Cost of eyeglasses 300 Hospital charges 2,100 Prescription drugs 250 Over-the-counter drugs 450 Medical insurance premiums (not through an exchange) 775 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. medical expenses = ? b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. medical expenses = ?Assume that services during the year included these three patients: Mrs. Marple, a Medicare patient whose stay at Reston Hospital (one of HCA’s owned hospitals) was for 7 days and who received services which HCA assigned in retail charges (otherwise termed gross revenue) of $25,000. The Medicare DRG payment for her case is expected tobe $10,000; Mr. Chan, a patient with little income or assets and one whom the hospital classifies as a charity patient, stayed in the hospital 4 days and received services with gross charges amounting to $18,000; Mr. Friday stayed in the hospital for 3 days and received services with gross charges amounting to $28,000. Although Mr. Friday had no insurance, he did have a significant source of income and had a sizable amount of assets. Attempts by the hospital to locate Mr. Friday to settle his bill have proven fruitless, and currently he has moved and has left no forwarding address. Assume that at the end of the period the status of the bills for the…
- Going back to the Income Statement now, note the amount of Operating revenue for the most recent period. Assume that services during the year included Mr. Chan, a patient with little income or assets and one whom the hospital classifies as a charity patient, stayed in the hospital 4 days and received services with gross charges amounting to $18,000. Where, if at all, and at what amounts will Mr. Chan’s gross revenue and net revenue appear on the Income Statement?Junie, an employee, has two (2) health insurances provided under his employment contract: (1) Phil Health; and (2) Care Bear Co. Each of the insurance states clearly the types of insured sicknesses, the accredited hospitals, where the insurances are applicable, the amounts of indemnification in case of sickness, and all other relevant information. A year later, Junie had an illness covered under both of Junie’s health insurance. The accredited hospital billed Junie a total of P100,000, P40,000 of which is covered by Phil Health, and Care Bear Co. covered the remaining. Question: Which legal principles of insurance are present, and how are they applied in the situation? Justify your answer.Max, age 28, is insured under an individual medical expense policy that is part of a preferred provider organization (PPO) network. The policy has a calendar- year deductible of $1,000, 75/25 percent coinsurance, and an annual out-of-pocket limit of $2,000. Max recently had outpatient arthroscopic surgery on his knee, which he injured in a skiing accident. The surgery was performed in an outpatient surgical center. Max incurred the following medical expenses. (Assume that the charges shown are the charges approved by Max s insurer and that all providers are in the PPO network.) Outpatient X-rays and diagnostic tests................................................ $800 Covered charges in the surgical center ................................................ $12,000 Surgeon s fee.............................................................................. $3,000 Outpatient prescription drugs............................................................ $400 Physical…