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icang [17]
3 years ago
5

Mrs. and Mr. Strange, who are filing a joint return, have adjusted gross income of $50,000 in 2019. During the tax year, they pa

id the following medical expenses for themselves and for Mrs. Strange's father, Mr. Stark. The Strange's could claim Mr. Stark as their dependent, but he has too much gross income. Insulin for Mr. Strange $1,000 Health insurance premiums for Mr. and Mrs. Strange (after-tax) $3,100 Hospital bill for Mr. Stark $5,200 Doctor bill for Mr. Strange $4,000 Mr. and Mrs. Strange (both age 40) received no reimbursement for the above expenditures. What is the amount of their deductible itemized medical expenses? Group of answer choices $3,750 $9,550 $8,100 $13,300
Business
1 answer:
Valentin [98]3 years ago
3 0

Answer:

$8,300

Explanation:

Health insurance premiums for Mr. and Mrs. Strange (after-tax) $3,100

Add Hospital bill for Mr. Stark $5,200

Total $8,300

Therefore the amount of their deductible itemized medical expenses is $8,300

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Government policies that heavily tax some activities while subsidizing others and that fix or control interest rates will result
mart [117]

Answer: Government policies that heavily tax some activities while subsidizing others and that fix or control interest rates will result in lower productivity of investment.

Explanation: Lowering productivity of investment will cause the economy to not do as well due to the small level of investments happening. When the government heavily taxes different things, it lowers the amount of people purchasing those items due to the high rates.

7 0
2 years ago
Progressive women reformers worked to: (a) reduce wages (b) limit the worday (c) overturn the nineteenth amendment (d) establish
Nikitich [7]

whole quiz

1. Limit the workday.

2. Ida B, Wells.

3. prohibition.

Your welcome :)


3 0
3 years ago
Read 2 more answers
Margie is 15 and claimed as a dependent by her parents. she has $800 in dividends income and $1,400 in wages from a part-time jo
Vinil7 [7]
Under United States tax law, the standard deduction is a dollar quantity that non-itemizers may deduct from their income before income tax is applied. Taxpayers may select either itemized deductions or the standard deduction, either outcomes in the lesser amount of tax payable. The standard deduction is accessible to US citizens and aliens who are occupant for tax purposes and who are individuals, married persons, and heads of household. When filing her own tax return, Margie is limited to the greater of $1,050 or $1,750, it is solved by the sum of the earned income for the year plus $350.So the answer is $1,400 + $350 = $1,750
6 0
3 years ago
Using the information below, calculate gross profit for the period:    Beginning Raw Materials Inventory$25,000 Ending Raw Mater
nevsk [136]

Answer:

Gross Profit                  714,000

Explanation:

Gross Proft: is the diference between the sales revenue and the cost of the goods sold.

Sales revenue          1,254,000

Cost of Goods Sold    (540,000)

Gross Profit                  714,000

note: All the other account and values are irrelevant to determinate the gross profit.

<u>Other way to calculate gross profit:</u>

(sale price per unit - cost per unit) x unit sold

5 0
3 years ago
bob katz and sally mander are a married couple with four children. total wages for 2018 equaled $102,400. stock which had been p
xxTIMURxx [149]

Answer:

Bob Katz and Sally Mander

Taxable Income for 2018:

= $78,200

Explanation:

a) Data and Calculations:

Total wages =                  $102,400

Gain from sale of stock =     5,200

Interest income =                      100

Total income =                 $107,700

less total deductions =     (29,500)

Taxable Income =            $78,200

b) Bob Katz and Sally Mander will have taxable income of $78,200 when the appropriate rate of tax is applied and the tax liability obtained, then the $1,500 tax credit will be deducted before arriving at the tax liability due.  

c) The short-term capital gain of $5,200 is taxed as ordinary income.  Since it is held for less than a year, it will be included in the taxable income for that year and it follows the same tax brackets as ordinary income.  On the other hand, the long-term capital gain of  $13,000 will attract a tax rate of 0 percent for a taxable income of $78,200.  Otherwise, it will attract a tax rate of 15 percent or 20 percent, depending on income level. This means that long-term capital gains tax rates are much lower than the ordinary income tax rate.

8 0
3 years ago
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