Erika (age 62) was hospitalized with injuries from an auto accident this year. She incurred the following expenses from the accident: Hospital charges$3,280Prescription medicine510Doctors' fees1,240In addition, Erika's auto was completely destroyed in the accident. She bought the car several years ago for $18,000 and it was worth $4,700 at the time of the accident. What are Erika's itemized deductions this year if she was uninsured and her AGI is $40,000?
What will be an ideal response?
$1,030 of medical expenses.
The medical expenses of $5,030 are reduced by 10 percent of AGI ($4,000), and the casualty loss is not deductible.
You might also like to view...
Which of the following is true of business markets?
A) Buyers are usually not skilled at comparing competitive product offerings. B) Buyers have limited purchasing power. C) Property rights, language, culture, and local laws are the most important concerns. D) Products sold in such markets are usually highly standardized. E) Business buyers purchase goods to make or resell a product to others at a profit.
For the year ending December 31, 2019, the partnership reported net income of $55,000. What is Lori's share of the net income?
Lori and Peter enter into a partnership and decide to share profits and losses as follows: 1. The first allocation is a salary allowance with Lori receiving $16,000 and Peter receiving $18,000. 2. The second allocation is 15% of the partners' capital balances at year end. On December 31, 2019, the capital balances for Lori and Peter are $90,000 and $20,000, respectively. 3. Any remaining profit or loss is allocated equally. A) $29,500 B) $20,250 C) $31,750 D) $23,250
Answer the following statements true (T) or false (F)
1. Time pressures increase the likelihood of poor moral decisions. 2. Externally oriented individuals are more likely to persist in ethical tasks than internally oriented people. 3. Most people tend to overestimate how ethical they are. 4. Moral sensitivity is the most studied stage in the Four-Component Model of ethical decision-making and behavior. 5. Kohlberg’s stages of moral development has drawn criticism because it is closely similar to Rawl’s theory of justice.
What did the Civil Service Reform Act of 1978 do?
What will be an ideal response?