Question
1. During the year, John's employer provides him with several gifts: (1) Best buy gift certificate for $650, (2) Wedding gift (gold watch) worth $800,
1. During the year, John's employer provides him with several gifts: (1) Best buy gift certificate for $650, (2) Wedding gift (gold watch) worth $800, and (3) Weight loss award (art painting) worth $900. What is the total amount of taxable benefit that will be included in John's income as a result of these gifts?
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
2. Josh Jacobson is 81 years old and has 2020 Net Income for Tax Purposes of $75000. Determine Mr. Jacobson's age credit for 2020.
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response.
3. Ms. Marnie Lawson and her spouse, Lloyd Lawson, have 2020 medical expenses which total $5900. While Ms. Lawson has 2020 Net Income for Tax purposes of $175000, Lloyd's only income is $500 in savings account interest. They have one child, Mandy, who is 24 and has 2020 medical expenses of $6600 and Net Income for Tax Purposes of $5500. Ms. Lawson pays all of the medical expenses. Determine Ms Lawson's medical expense tax credit for 2020.
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