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seraphim [82]
2 years ago
8

Fred and Lucy are married, ages 33 and 32, and together have AGI of $120,000 in 2019. They have four dependents and file a joint

return. They pay $5,000 for a high deductible health insurance policy and contribute $2,600 to a qualified Health Savings Account. During the year, they paid the following amounts for medical care: $9,200 in doctor and dentist bills and hospital expenses, and $3,000 for prescribed medicine and drugs. In October 2019, they received an insurance reimbursement of $4,400 for the hospitalization. They expect to receive an additional reimbursement of $1,000 in January 2020. Determine the maximum itemized deduction allowable for medical expenses in 2019. a.$9,200 b.$800 c.$3,800 d.$12,800 e.None of these choices are correct.
Business
1 answer:
algol132 years ago
3 0

Answer:

$3,800

Explanation:

According to the scenario, computation of the given data are as follow:-

Particular                                                              Amount ($)

Bills of doctor and dentist and hospital expenses 9,200

Less-received an insurance reimbursement 4,400

Add-prescribed medicines and drugs 3,000

Add-high deductible health insurance policy 5,000

Total expenses                                  12,800

Less- AGI’s 7.5%   ($120,000 × 7.5% ) $9,000

After Deduction medical expenses for 2019 $3,800

Contribution of $2,600 to a qualification health savings account is a deduction for AGI. So it is not calculated in deduction.  

According to the analysis, option (C) $3,800 is correct.

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Type the correct answer in the box. Spell all words correctly.
Alika [10]

Answer:

its to easy

Explanation:

i know it

7 0
2 years ago
Analyze and evaluate the ways that both external and internal migration changed over time from 1830 to 1920.
Verizon [17]

Answer:

See explanation below.

Explanation:

It is important to note that from 1830-1900 migration in America increased especially on the coasts with immigrants who came from other countries in search of a better life. We will show some of the most important events associated with external and internal migration.

External migration increased by the discovery of gold on the west coast and opportunities across the country. In 1982 there was an important event called "Chinese exclusion law", this was the first law implemented to prevent all members of a specific ethnic group (Chinese women) from immigrating in the United States.

Internal migration was influenced by the mining industry throughout the country, the discovery of gold and silver. The native people of America moved from their original land to another. Another important event was "The Homestead Act" in 1862, with this the government provided any adult citizen who could stay for 5 years an amount of 160 acres for the cultivation of this land

7 0
2 years ago
Turquoise, Inc. is trying to decide whether to purchase identical inventory from one of the following suppliers: Supplier A Supp
melomori [17]

Answer:

Actual Cost of Supplier A:  $291.60

Actual Cost of Supplier B: $271.60

Explanation:

<u>Supplier A:</u>

Cost - 270

Shipping FOB shipping point

Purchase Discount = Invoice Price * Discount

For Supplier A, the invoice price is 270 and discount is 2/10 = 2%, so:

Purchase Discount = 270 * 0.02 = $5.4

Cost is:

270 + 27(shipping FOB point) - 5.4 = $291.60

<u>Supplier B:</u>

Cost - 280

Shipping Destination (so 0)

Purchase Discount = Invoice Price * Discount

For Supplier B, the invoice price is 280 and discount is 3%, so:

Purchase Discount = 280 * 0.03 = $8.4

Cost is:

280 - 8.4 = $271.60

8 0
3 years ago
Cross-border acquisitions are primarily made to: Group of answer choices overcome barriers to entry in another country. reshape
miv72 [106K]

Answer:

Overcomes barriers to entry in another county.

Explanation:

Cross border acquisitions: Buying assets for your company in another country.

  • Most companies tend to relocate itself beyond the border to get the idea of international market, and gain a competitive advantage for themselves in their domestic market.
  • The primary reason for a company to relocate is, getting an entry in the market of of another company which looks profitable. By acquisition the barriers would be gone.
4 0
3 years ago
Schaeffer Shippers announced on May 1 that it will pay a dividend of $1.20 per share on June 15 to all holders on record as of M
VLD [36.1K]

Answer:

$41.14

Explanation:

Declared dividend per share = $1.20

Tax on declared dividend per share = $1.20 * 28% = $0.3360

Net Declared dividend per share = $1.20 - $0.3360 = $ 0.864

Firm's closing stock price per share today = $42

Opening share price tomorrow = $42 - $0.8640 = $41.1360, approximately $41.14.

7 0
3 years ago
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