(1). Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (if any) under the following circumstances:

a.Clem is self-employed and this year he incurred $830 for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $5,490 to provide coverage for herself and Clem (not through an exchange). Deductible amount for AGI ..

b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred $1,270 in utilities and depreciation of $985.

Deductible amount for AGI

c. Clem paid self-employment tax of $17,600 (the employer portion is $8,800), and Wanda had $3,500 of Social Security taxes withheld from her pay. Deductible amount for AGI

d. Clem paid $45 to rent a safe deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires.

Deductible amount for AGI

(2). This year Jack intends to file a married-joint return with two dependents. Jack received $170,800 of salary and paid $7,050 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $7,400 and $31,300 of alimony. (Do not round intermediate calculations.)

a. What is Jack's adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI. Jacks AGI

b. Suppose that Jack also reported income of $11,300 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI.

Jacks AGI

(3). Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $71,600 and has incurred the following medical expenses:

Dentist charges	$	1,700
Physician's charges		2,670
Optical charges		995
Cost of eyeglasses		750
Hospital charges		2,500
Prescription drugs		425
Over-the-counter drugs		700
Medical insurance premiums (not through an exchange)		1,045

a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses

b. Suppose that Simpson was reimbursed for $890 of the physician's charges and $1,850 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpsons itemized deductions after any applicable limitations. Medical expenses

(4). Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim's motorcycle was stolen from his vacation home. Tim originally paid $30,250 for the boat, but he was able to repair the damage for $8,050. Tim paid $15,900 for the motorcycle, but it was worth $17,600 before it was stolen. Insurance reimbursed $1,040 for the boat repairs and the cycle was uninsured.

a. Calculate Tim's deductible casualty loss if his AGI is $50,000. Deductible casualty loss

b. Calculate Tim's deductible casualty loss if his AGI is $150,000. Deductible casualty loss

c. How would you answer a. if Tim received an additional $65,000 in interest from municipal bonds this year? Deductible casualty loss