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
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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.
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- Marc Associates employs Janet Evanovich at its law firm. Her gross income for June is $7,500. Payroll for the month of June follows: federal income tax of $650, state income tax of $60, local income tax of $30, FICA Social Security tax rate at 6.2%, FICA Medicare tax rate at 1.45%, health-care insurance premium of $300, donations to a charity of $50, and pension plan contribution of $200. The employee is responsible for covering 40% of his or her health insurance premium. A. Record the journal entry to recognize employee payroll for the month of June; dated June 30, 2017. B. Record remittance of the employees salary with cash on July 1.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 $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 $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 expensesSimpson, 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 $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 $50,000 and has incurred the following medical expenses: Dentist charges$ 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 $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 = ?
- Paul is self-employed as a dentist. His business expenses are as follows, Advertising $1,200, Professional dues $490, Professional journals for dentists $360, Contributions to employee pension plans $2,000, Malpractice insurance $3,200, Fine for overbilling State of Ohio for work performed on welfare patients $5,000, Insurance on office contents $720, Interest on money borrowed to refurbish office $600, Accounting services $2,100, Miscellaneous office expense $388, Office rent $12,000, Dental supplies used in dental services for patients $7,672, Utilities and telephone $3,360, Wages $30,000, Payroll taxes $2,400 How to compute total deductible business expenses.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…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 False
