Question: For calender year 2011, Jane was a self-employed consultant with no employees. She had $80,000 net profit from consulting and paid $7,000 in medical insurance

For calender year 2011, Jane was a self-employed consultant with no employees. She had $80,000 net profit from consulting and paid $7,000 in medical insurance premiums on a policy covering 2011. How much of these premiums may Jean deduct as a deduction for AGI, and how much may she deduct as an itemized deduction ( subject to the 7.5% floor)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

I need help with this homework Using the High-Low Method to Estimate Variable and Fixed Costs. Using the High-Low Method to Estimate Variable and Fixed Costs Located on Swiftcurrent Lake in Glacier...

4. In 2019, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated with the business mileage. Assuming Britt uses the standard mileage...

16. Ellen borrowed $50,000 from her Parents for a down payment on the purchase of a new home. She paid interest of $3,200 in 2009, $0 in 2010, and $9000 in 2011. The IRS disallowed the deduction. Can...

Problem 10-23 (Algorithmic) (LO. 2) Reba is a single taxpayer. Lawrence, Reba's 84-year-old dependent grandfather, lived with Reba until this year, when he moved to Lakeside Nursing Home because he...

For calendar year 2017, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2017....

For calendar year 2 0 2 3 , Giana was a self - employed consultant with no employees. She had $ 8 0 , 0 0 0 of net profit from consulting and paid $ 7 , 0 0 0 in medical insurance premiums on her...

For calendar year 2021, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering...

For calendar year 2022, Giana was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering...

Problem 10-25 (LO. 2) For calendar year 2018, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her...

For calendar year 2020, Jean was a self-employed consultant with no employees. She had $80,000 of net profit from consulting and paid $7,000 in medical insurance premiums on her policy covering 2020....

Consider the following program in MARIE assembly language. Complete the table detailing the RTN for next 3 instructions only that will be executed including the content of registers PC, IR, MAR, MBR...

Delsing Canning Company is considering an expansion of its facilities. Its current income statement is as follows: Sales $ 7,300,000 Variable costs (50% of sales) 3,650,000 Fixed costs 2,030,000...

Describe the effect of a $ 1 1 5 comma 0 0 0 $ 1 1 5 , 0 0 0 cash distribution paid on OctoberOctober 1 to the sole shareholder of a calendar year corporation whose stock basis is $ 3 2 comma 0 0 0 $...

Several ethical issues reside in the law of negotiable instruments. For example, fraud in the inducement is treated as a personal defense and fraud in the inception is treated as a real defense. Or,...

The debate over convergence and divergence in human resource applications internationally.

The nature and importance of the global marketplace.

The role of human resources in providing services to support internationalisation.