Answer:
$1,943.06
Explanation:
Monthly mortgage payment: $6.6 X $229 = $1,511.4
Monthly property taxes: $1,550/12 = $129.16
Monthly property insurance: $630/12 =$52.5
Monthly association fee: $250
Total monthly housing payment: $1,943.06
Answer: Changing an item's lot size does not directly affect the average level of the pipeline inventory.
Complete Question:
Jon is a cash-basis taxpayer and has adjusted gross income of $40,000 in 2018. During the year he incurred and paid the following medical expenses.
Drugs and medicines prescribed by doctors $300
Health insurance premiums $750
Doctors' fees $2,250
Eyeglasses $75
How much medical expense can he deduct as itemized deduction?
Answer:
Jon
Medical expense that Jon can deduct as itemized deduction:
= $375
Explanation:
a) Data and Calculations:
Adjusted gross income = $40,000
Incurred medical expenses:
Drugs and medicines prescribed by doctors $300
Health insurance premiums $750
Doctors' fees $2,250
Eyeglasses $75
Total = $3,375
Under Tax Cuts and Jobs Act (TCJA), the medical expenses which can be deducted as an itemized deduction on the federal income tax return are only to the extent that they exceed 7.5% of adjusted gross income (AGI).
7.5% of $40,000 = $3,000
Therefore, Jon can itemize deduction of $375 in medical expense.
BRICS is an acronym for the economies of Brazil, Russia, India, China, and South Africa combined, which in 2001 were the fastest growing major economies in the world.
