United States Tax Law Taxpayer has the following items: braces, $5000; knee surgery, $8,000; cosmetic nose surgery, $1,000; aspirin, $500; medical insurance premiums, $2000; his AGI is $100,000. What would be his net medical deduction?

United States Tax Law Taxpayer has the following items: braces, $5000; knee surgery, $8,000; cosmetic nose surgery, $1,000; aspirin, $500; medical insurance premiums, $2000; his AGI is $100,000. What would be his net medical deduction?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter9: Deductions: Employee And Self- Employed-related Expenses

Section: Chapter Questions

Problem 19CE: Fred, a self-employed taxpayer, travels from Denver to Miami primarily on business. He spends five...

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

United States Tax Law

Taxpayer has the following items: braces, $5000; knee surgery, $8,000; cosmetic nose surgery, $1,000; aspirin, $500; medical insurance premiums, $2000; his AGI is $100,000. What would be his net medical deduction?

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