Julia Sims has $30,000 of adjusted gross income and $5,000 of medical expenses. She expects to itemize
Question:
Julia Sims has $30,000 of adjusted gross income and $5,000 of medical expenses. She expects to itemize her tax deductions this year. The most recent tax year has a medical expenses floor of 10 percent. How much of a tax deduction for medical expenses will Julia be able to take?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 77% (9 reviews)
30000 10 3000 500...View the full answer
Answered By
Parvesh Kumar
I am an experienced Mathematics and Statistics tutor with 10 years of experience teaching students and working professionals. I love teaching students who are passionate to learn subjects or wants to understand any mathematics and statistics concept at graduation or master’s level. I have worked with thousands of students in my teaching career. I have helped students deal with difficult topics and subjects like Calculus, Algebra, Discrete Mathematics, Complex analysis, Graph theory, Hypothesis testing, Probability, Statistical Inference and more. After learning from me, students have found Mathematics and Statistics not dull but a fun subject. I can handle almost all curriculum of mathematics. I did B.Sc (mathematics), M.Sc (mathematics), M.Tech (IT) and am also Gate (CS) qualified. I have worked in various college and school and also provided online tutoring to American and Canadian students. I look forward to discussing with you and make learning a meaningful and purposeful
5.00+
4+ Reviews
10+ Question Solved
Related Book For
Focus On Personal Finance
ISBN: 9781265521974
7th Edition
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Melissa Hart
Question Posted:
Students also viewed these Business questions
-
How do deductions for adjusted gross income and deductions from adjusted gross income of an individual differ?
-
The most recent test scores in a chemistry class were {74, 71, 87, 89, 73, 82, 55, 78, 80, 83, 72} What was the average (mean) score?
-
How might an analyst obtain the most recent financial statements for a foreign company in which he or she is interested?
-
Using the case study, characterize Amazons approach to marketing communications.
-
Figure 16 displays a scatterplot that compares the mean lengths and mean heights of 51 types of dinosaurs. Let L be the mean length and H be the mean height, both in meters, of a dinosaur. a....
-
In nucleotide excision repair in E. coli, the function of the UvrA/ UvrB complex is to a. detect DNA damage. b. make cuts on both sides of the damage. c. remove the damaged piece of DNA. d. replace...
-
Electric motors generate heat in their rotor. What is the average time for a loaded motor to reach stable temperature?
-
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31, 2013. To simplify this exercise, the amounts given are in thousands...
-
Describe a federal law that shapes discretionary benefits practices and identify the relevant employee benefits practices to which they apply. What are pros and cons of this law?
-
Jimmy owns a garden in which he has planted N trees in a row. After a few years, the trees have grown up and now they have different heights. Jimmy pays much attention to the aesthetics of his...
-
Allison has returned to school after five years out of the work force. She is taking one course at the local university for a cost of $1,500. To minimize her taxes, should she take a tuition and fees...
-
Would you prefer a fully taxable investment earning 10 percent or a tax-exempt investment earning 8.25 percent? (Assume a 24 percent tax rate.) Why?
-
The Blue Heron Shop had the following inventory data: Company managers need to know the companys gross profit percentage and rate of inventory turnover for 2018 under 1. FIFO. 2. LIFO. Which method...
-
An economy shows the following features: Consumption: C=80+0.8Yd (where Yd is disposable income) Tax: Investment: Transfer: T=60+0.2Y (where Y is national income) I-200-10r (where r is interest...
-
How do organizations effectively implement intersectional approaches within diversity initiatives to address the complex interplay of various identity dimensions and ensure inclusivity?
-
The value of indicated areas are 4 = 1.2 cm and A=0.35 cm. These two levels are at a height difference of h = 45 mm. Determine the velocity of flow from the tap. T + Ao A
-
How do theories of statecraft and governance, ranging from realism to constructivism, inform our understanding of power relations among nation-states and the strategies employed by leaders to pursue...
-
Determine the flow rate of air when the manometer deflection is 0.08 m. A venturi meter of throat diameter = 0.05 m is installed in a 0.1 m diameter pipe carrying air with a specific weight of 12...
-
Let B be an m x n matrix with orthonormal columns b1, b2 ... bn. (a) Prove that m n. (b) Prove that BT B = In.
-
Eleni Cabinet Company sold 2,200 cabinets during 2011 at $160 per cabinet. Its beginning inventory on January 1 was 130 cabinets at $56. Purchases made during the year were as follows: February . 225...
-
How might tax-exempt income and tax credits be used by government to stimulate economic growth?
-
What tax information sources would you be most likely to use? Why?
-
If $4,323 was withheld during the year and taxes owed were $4,122, would the person owe an additional amount or receive a refund? What is the amount?
-
November 2021 (actual) December 2021 (budgeted) January 2022 (budgeted) Cash sales $ 80.000 Credit sales Total sales 240,000 $320,000 $100,000 360,000 $460,000 $ 60,000 180,000 $240,000 Management...
-
A firm has 200 shareholders, you among them. Each shareholder owns $20 worth of sto addition, Mr. Hostile owns 50 shares (for a firm total of 250 shares) and is trying to fi management. In an attempt...
-
You own a Triplex and are renting each unit for $1029/month Expenses will be 45% of gross rent Vacancy rate is 5% You will also have additional income by charging $25/month/unit for each unit's use...
Study smarter with the SolutionInn App