All categories

3 years ago

Reggie who is 55, had adjusted gross income of $32,000 in 2020. During the year, he paid for the following medical expenses:

1 answer:

6 0

Assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

Calculation to determine Reggie medical expense deduction

Drugs $500

Add Health insurance premium-after tax $850

Add Doctors fees $1,250

Add Eye glasses $375

Total expenses $2,975

($500+$850+$1,250+$375)

Less Insurance reimbursement ($500)

Less 7.5% of Adjusted gross income ($2,400)

($32,000×7.5%)

Medical Expense Deduction $75

($2,975 - $500 - $2,400)

Inconclusion assuming Reggie who is 55, had an adjusted gross income of $32,000 in 2020, Reggies medical expense deduction will be $75

Learn more here:

brainly.com/question/17136095

You might be interested in

On January 1, 2022, Concord Company issued $2,800,000 face value, 7%, 10-year bonds at $3,006,070. This price resulted in a 6% e

yaroslaw [1]

Answer:

Concord Company

Journal Entries:

i. The issuance of the bonds on January 1, 2022:

Debit Cash $3,006,070

Credit Bonds Payable $2,800,000

Credit Bonds Premium $206,070

To record the issuance of bonds at premium.

ii. Accrual of interest and amortization of the premium on December 31, 2022:

Debit Interest expense $180,364

Debit Premium Amortization $15,636

Credit Interest Payable $196,000

To accrue interest and record premium amortization.

iii. The payment of interest on January 1, 2023:

Debit Interest Payable $196,000

Credit Cash $196,000

To record payment of interest.

iv. Accrual of interest and amortization of the premium on December 31, 2023:

Debit Interest expense $179,426

Debit Premium Amortization $16,574

Credit Interest Payable $196,000

To accrue interest and record premium amortization.

Explanation:

a) Data and Calculations:

January 1, 2022:

Face value of bonds issued = $2,800,000

Proceeds from the bonds issue 3,006,070

Bonds Premium = $206,070

Coupon interest rate = 7%

Effective interest rate = 6%

Bonds maturity period = 10 years

Payment of annual interest = each January 1

December 31, 2022:

Interest expense = $180,364 ($3,006,070 * 6%)

Cash payment = $196,000 ($2,800,000 * 7%)

Amortization of premium $15,636 ($196,000 - $180,364)

Bonds' fair value = $2,990,434 ($3,006,070 - $15,636)

December 31, 2023:

Interest expense = $179,426 ($2,990,434 * 6%)

Cash payment = $196,000 ($2,800,000 * 7%)

Amortization of premium $16,574 ($196,000 - $179,426)

Bonds' fair value = $2,973,860 ($2,990,434 - $16,574)

Analysis:

i. The issuance of the bonds on January 1, 2022:

Cash $3,006,070 Bonds Payable $2,800,000 Bonds Premium $206,070

ii. Accrual of interest and amortization of the premium on December 31, 2022:

Interest expense $180,364 Premium Amortization $15,636 Interest Payable $196,000

iii. The payment of interest on January 1, 2023:

Interest Payable $196,000 Cash $196,000

iv. Accrual of interest and amortization of the premium on December 31, 2023:

Interest expense $179,426 Premium Amortization $16,574 Interest Payable $196,000

3 0

3 years ago

Which of the following equals the amount of public saving?

ollegr [7]

Answer:

The answers are:

A) Government tax revenue minus the sum of government purchases and transfer payments to households.
B) a budget surplus

Explanation:

The formula to calculate public saving is (T - G - TR).

T stands for all the government revenue through taxes and tariffs.
G stands for all the government spending including purchase of goods and provision of services.
TR stands for all the government transfers including payments to individuals and households through social programs (including social security).

Budget surplus is the same as public saving.

3 0

3 years ago

When Steven askes questions in an open-minded way, he avoids:

Elenna [48]

Attacking someone else's opinion. I hope this helps!

3 0

3 years ago

Read 2 more answers

The merger of McKesson, the leading U.S. drug wholesaler, and HBOC, a producer of health-care inventory software, is an example

Elis [28]

The merger is an example of

<h3>What is a vertical merger?</h3>

A merger occurs when one firm is absorbed by another firm. When a merger occurs, one of the firms would not exist as a separate entity while the other firm would continue to exist.

A vertical merger is when a firm purchases another firm in the same production line. e.g. a baker purchases a pastry distributing company.

To learn more about mergers, please check: brainly.com/question/1086715

5 0

2 years ago

g a machine with a cost of $148,000 and accumulated depreciation of $103,000 is sold for $59,000 cash. the amount that should be

krek1111 [17]

In a condition wherein a machine costing $148,000 and accumulates depreciation of $103,000 is sold for $59,000 cash, then the amount that should be reported as a source of cash under the cash flows from investing activities will be $59,000. Therefore, the option C holds true.

Cash flows from investing activities include the amount(s) spent by an organization over investing in different classes of assets with a view to pursue monetary returns. They include the amounts that are received or sent as cash at the time of purchase or sales of an asset of an organization.

Learn more about cash flows here:

brainly.com/question/15021405

#SPJ4

Complete question

g a machine with a cost of $148,000 and accumulated depreciation of $103,000 is sold for $59,000 cash. the amount that should be reported as a source of cash under cash flows from investing activities is:

a. Zero.

b. This is a financing activity.

c. $59,000.

d. $14,000.

e. This is an operating activity.

f. $45,000.

5 0

1 year ago