Thomas is single and a self-employed architect. During 2011, Thomass income from his business is $128,000. He
Question:
Thomas is single and a self-employed architect. During 2011, Thomas’s income from his business is $128,000. He also pays $2,200 for a medical insurance policy.
a. How should the medical insurance policy payment be reflected on his 2011 tax return?
b. What is his 2011 self-employment tax deduction?
c. Assume the same facts as in part a, except Thomas is married, his wife’s salary is $30,000, and they are covered by a medical policy from her employer.
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a Thomas is allowed a deduction for adjusted gross income for the cost of the policy b Thomas is all...View the full answer
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Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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