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QveST [7]
3 years ago
14

In each of the following independent cases, indicate the amount (1) deductible for AGI, (2) deductible from AGI, and (3) deducti

ble neither for nor from AGI before considering income limitations or the standard deduction. (Leave no answer blank. Enter zero if applicable.) Ted paid $90 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned.
Business
1 answer:
OLEGan [10]3 years ago
4 0

Answer: kindly check your questions, I don't think it's complete.

For the first independent case as you have given in the question. Here is the answer below:

1) Ted paid $90 rent on a safety deposit box at the bank. In this box he kept the few shares of stock that he owned-------

Answer

Deductible for AGI $0

Deductible from AGI $90

Not deductible $0

Deduction from AGI (investment expense )

------For the remaining independent cases as you omitted in the question will be seen below with answers

2.Tyler paid $177 for minor repairs to the fence at a rental house he owned

Answer: Deductible for AGI $177

Deductible from AGI $0

Not deductible $0

-Deduction for AGI

And Rental expense.

3)Timmy paid $585 for health insurance premiums this year (not through an exchange). Timmy is employed full-time and his employer paid the remaining premiums as a qualified fringe benefit.

. Answer---

Deductible for AGI $0

Deductible from AGI $585

Not deductible $0

The health insurance premium is from AGI,

Health itemized deduction which is also subjected to an AGI floor limitation.

4)Tess paid $2,090 of state income taxes on her consulting income. (W-2)

Answer---Deductible for AGI $0

Deductible from AGI $2,090

Not deductible $0

--The state income taxes are deductible from AGI which is an itemized deduction.

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Explanation:

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Hence the correct answer is E.

Cheers!

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Variable costs are cost which change with a change in output as the business provides more services. Variable cost examples are cost of raw materials, commissions and so on.

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