Question

Serena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietorship. Her 2019 Schedule C reports net profits of $15,624. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,545 in 2019. Serena also pays long-term care insurance premiums of $600 in 2019.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Taxation

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Miller Mining acquired rights to a tract of land with the intent of extracting from the land a valu-...

A: Depletion: It can be defined as a reduction or fall in the value of natural resources being used in ...

Q: A summary of the transactions affecting the stockholders’ equity of Strait Corporation during thecur...

A: Statement of stockholder’s equity is as follows: Result:

Q: Describe how the nature of evidence used to evaluate the controlenvironment differs from the nature ...

A: Click to see the answer

Q: Working with the Takeaways throughout this chapter we have considered the financial statements of Ap...

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

Q: Garagiola Company had net income in the current year of $430,000. Depreciation expense for theyear t...

A: Statement of cash flows:   It is one of the financial statement that shows the cash and cash equiva...

Q: On January 1, 2016, the Osgood Film Studios reported the following alphabetical list of shareholders...

A: Statement of stockholder's equity shows the balance left from the assets after paying off all the li...

Q: QuickBank has decided to lower the interest rate it charges on business loans in order to attract mo...

A: Adverse Selection: It is a problem Created when there is asymmetric information before a transaction...

Q: Discuss each of the following situations, indicating whether the situation is a loss contingencythat...

A: Contingent Liability:   Contingent liability refers to any potential liability that can occur subje...

Q: Define current liabilities and long-term liabilities. Underwhat circumstances might a 10-year bond i...

A: Liabilities are referred to as the obligation of the business towards the creditors for operating th...

Q: journal entry

A: Depreciation is the reduction in the value of asset over time due to normal wear & tear, passage...

Q: Ellicott Construction enters into a contract to design and build a hospital. Ellicott is responsible...

A: As per IFRS 15 an obligation to perform the promise to transfer the goods or bundle of goods that ca...

Q: 10) During 2020, Canadian resident Mark Forbes has calculated his Taxable Income to be $53,175. Calc...

A: Canadas’ Federal tax rates for 2020: 15% on the first $48,535 of taxable income, plus 5% on the nex...

Q: 5-1. Amherst Metal Works produces two types of metal lamps. Amherst manufactures20,000 basic lamps a...

A: Simple costing system is also considers as traditional costing system, under this costing system ove...

Q: 5-22 Plant-wide, department, and activity-cost rates. Acclaim Inc. makes two styles of trophies, bas...

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get...

Q: Accounting Question

A: Economic order quantity means the quantity to be ordered so that total inventory cost (purchase cost...

Q: An old duplex was bought for $200,000 cash. Both sides were rented for $2500 per month. The total an...

A: Requirement 1: The calculation of the expected after-tax return is as follows: The resultant table ...

Q: A granary has two options for a conveyor used in the manufacture of grain for transporting, filling,...

A: Given that, Option 1 Cost of asset = $70000 Salvage value = $3000 Useful life = 16 years Operations ...

Q: Tullahoma Company purchased equipment for $27,500. It depreciated the equipment over a five-year lif...

A: In double declining method, the asset is depreciated at a twice the straight line depreciation rate ...

Q: Airlines AMR (American Airlines) leases most of its commercial aircraft and is currently com-mitted ...

A: Lease:   Lease is a contractual agreement whereby the right to use an asset for a particular period...

Q: Required: Compute the EUP of materials and conversion costs. A. Using the FIFO method B. Using the W...

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect...

Q: Custom Cabinets Inc. (CCI) uses a job-order costing system. During February and March, only 3 jobs w...

A: Process Costing: Process costing reports the accumulated costs incurred in manufacturing process. It...

Q: Sandhill Company sells goods that cost $275,000 to Indigo Company for $440,000 on January 2, 2020. T...

A: Goods = 440,000 x 408,600/(41,400 + 408,600) = $399,520 Installation = 440,000 x 41,400/(41,400 + 40...

Q: Please answer part d with explanations thx

A: Ratio of liabilities to stakeholders' equity shows the ratio of total debts or financial liabilities...

Q: On January 2, 2020, Tamarisk Inc. sells goods to Carla Vista Company in exchange for a zero-interest...

A: Interest = Face value of bonds - Fair value of goods = $7,920 - $7,200 = $720

Q: What is the meaning of FINANCING in the financial market?

A: Financial market is a marketplace where trading of securities takes place. Securities include bonds,...

Q: Atlantic Airlines operated both an airline and several motels located near airports. During theyear ...

A: Income statement is a statement which is prepared to estimate the total profit earned by the busines...

Q: Selected data from Design Corporation for 206 is as follows: Conversion Cost is:   (see image)

A: Conversion cost: This is the cost incurred to convert the raw materials into finished goods. These c...

Q: On October 1, 2013 a machine costing Rs. 35,000 was purchased and Rs. 5,000 spent on transporting an...

A: Depreciation means the wear and tear of assets by usage , passage of time or change in technology.

Q: INSTRUCTIONS:                     Putting an X in the appropriate spot, classify the costs highlig...

A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct ...

Q: If answered within 45mins,it would be helpful! After reviewing ATG Company Ltd.’s bankstatement for ...

A: Bank Reconciliation Statement is a statement that is prepared to reconcile the Bank balance as per t...

Q: The following information is available for delta company as of April 30, 2014: a. Cash on the books ...

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the unanswere...

Q: Total Per Unit       Revenue  $        480,000  $            30.00 Variable expenses          ...

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

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three invent...

A: INTRODUCTION PERPETUAL INVENTORY SYSTEM Perpetual inventory system is the method of recording invent...

Q: Please answer all parts with explanations thx

A: Return on total assets: Return on total assets is net income earned as percentage of total assets. R...

Q: Accounting Research Problem Refer to the annual report of General Mills, Inc. for the year ending Ma...

A: Assets refer to the things or items which are owned by the company or any individual. The assets can...

Q: Deborah, who is employed by Rogers Public Co. Ltd., was granted an option in year one to purchase up...

A: Given that, Deborah who is a employee in Rogers public co. ltd., It means the company is a listed co...

Q: Which type of report would you prepare when engaged to prepare forecasted statements?

A: Forecasted statements refers to the statements or reports that estimate the expected future income o...

Q: During a period of steadily increasing purchase costs, whichinventory flow assumption results in the...

A: FIFO method (Firstt in First Out method) : Under this method, the inventory issues will be recorded ...

Q: Explain the uses of dollar and percentage changes, trend percentages, component percentages,and rati...

A: Uses of dollar and percent changes are as follows: To find a degree of change over time. It is used...