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Lera25 [3.4K]
3 years ago
11

Richard, age 50, is employed as an actuary. For calendar year 2019, he had AGI of $130,000 and paid the following medical expens

es:
Medical insurance premiums $5,300
Doctor and dentist bills for Derrick and Jane (Richard's parents) 7,900
Doctor and dentist bills for Richard 5,100
Prescribed medicines for Richard 830
Nonprescribed insulin for Richard 960
Derrick and Jane would qualify as Richard's dependents except that they file a joint return. Richard's medical insurance policy does not cover them. Richard filed a claim for $4,800 of his own expenses with his insurance company in November 2019 and received the reimbursement in January 2020. What is Richard's maximum allowable medical expense deduction for 2018?
a. $0
b. $7,090
c. $10,340
d. $20,090
e. None of the above
Business
1 answer:
Black_prince [1.1K]3 years ago
5 0

Answer:

c. $10,340

Explanation:

For year 2018, the deduction for medical expense is amount of qualified medical expense that exceeds 7.5% of AGI.

Expenditure Richard can deduct as medical expense = $5300 + $7900 + $5100 + $830 + $960 - 7.5% * $130000

= $10,340

As such option c is correct and other options a, b, d and e are incorrect.

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Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay pe
Alexeev081 [22]

Answer:

Journal entries for the following will be shown below:

Explanation:

1.

Journal entries for the wages expense is as follows:

Wages expense A/c.........................Dr     $50,000

        Income Tax Payable A/c................Cr   $7,000

        FICA taxes payable A/c...................Cr   $2,625

        Cash A/c...............................................Cr   $40,375

Working Note:

Cash = Wage expense - Income tax payable - FICA taxes payable

= $50,000 - $7,000 - $2,625

= $40,375

2.

Journal entry for the payroll expenses is as follows:

Payroll tax expense A/c............................Dr    $2,875

       FICA taxes payable A/c............................Cr   $2,625

       Unemployment taxes payable A/c.........Cr   $250

4 0
3 years ago
Circumstances) People, constraints, and consumption are some of the key factors that will impact on your critical thinking and s
zimovet [89]

Answer:

True

Explanation:

Critical thinking is the thinking that deals in analyzing the facts so that the judgment could be created. It involves various things like rationality, non-biased, proof-based on facts provided, etc

Here the factors that directly impact the critical thinking are people, constraints and the consumption this results in shaping your goals and objectives you made

hence, the given statement is true

8 0
2 years ago
Which of the following statements is true of​ just-in-time (JIT)​ purchasing? A. Only disadvantage of JIT purchasing is the high
m_a_m_a [10]

Answer:

B. In JIT​ purchasing, raw materials​ (or goods) are purchased so that products are delivered just as needed for production or sales.

Explanation:

JIT stands for Just in time management.  It is an inventory management approach that advocates for the purchase of materials just when they are needed for production. In JIT, there is no storing of materials for use for future production. The purchase of materials is aligned with the production process.

The success of JIT is dependent on management ability to forecast sales volumes accurately.  Management must work with reliable suppliers to ensure that materials are available when required. JIT lower's the cost of inventory management by eliminating the need to store huge quantities of materials. It reduces wastage by doing away with losses that arise due to the storage of bulk materials.

8 0
3 years ago
Identify which are goals of monetary policy, and which are not. Goals of monetary policy Not goals of monetary policy Answer Ban
kondor19780726 [428]

Answer:

goals of monetary policy

financial market stability

economic growth

high employment

price stability

Not goals of monetary policy

increasing the size of the financial market

high inflation

improving banks' profits

Dual mandate :  high employment

price stability

Explanation:

Monetary policy are policies taken by the central bank of a country to increase or reduce aggregate demand.

There are two types of monetary policy :

Expansionary monetary policy : these are polices taken in order to increase money supply. When money supply increases, aggregate demand increases. reducing interest rate and open market purchase are ways of carrying out expansionary monetary policy

Contractionary monetary policy : these are policies taken to reduce money supply. When money supply decreases, aggregate demand falls. Increasing interest rate and open market sales are ways of carrying out contractionary monetary policy

Goals of monetary policy include

  • financial market stability
  • economic growth
  • high employment
  • price stability

The dual mandate of the Federal Reserve was birthed as a result of the stagflation of the 1970s. Stagflation is a period of high unemployment and high inflation levels

The dual mandate are : high employment, stable prices and moderate long-term interest rates.

4 0
3 years ago
According to the textbook, government price controls fail because: A. they are not enforced. B. legislation cannot repeal basic
Morgarella [4.7K]

Answer:

The correct answer is letter "B": legislation cannot repeal basic economic motives.

Explanation:

Government price controls are regulations imposed by the central government of a country to set limits on prices of certain goods or services because of a surplus, shortage or simply to maintain the demand and supply of those products at their equilibrium level.  

However, the demand for some of those products could be unpredictable because individuals could react in opposite directions even if the government has set rules against consumers' favor. <em>Customers' motives might not be always repealed by legislation</em>.

4 0
2 years ago
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