Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. In 2010, Margaret and John Murphy are married taxpayers who file a joint tax return with AG1 of $25,000. During the year they incurred

1. In 2010, Margaret and John Murphy are married taxpayers who file a joint tax return with AG1 of $25,000. During the year they incurred the following expenses: Hospitalization insurance premiums $1,050 Premiums on an insurance policy that pays 300 $100 per day for each day Margaret is hospitalized Medical care lodging (two people, one night) 65 Hospital bills 2.200 Doctor bills 850 Dentist bills 175 Prescription drugs and medicines 340 Psychiatric-care 300 In addition, during the year they drove 109 miles for medical transportation, and their insurance company reimbursed them $900 for the above expenses. Calculate the Murphy's medical expense deduction. 2. Ken paid the following amounts for interest during 2010: Qualified interest on home mortgage $4,700 Auto loan interest 850 Points" on the mortgage for acquisition of his 300 personal residence Service changes on his account 40 Mastercard interest 300 Calculate Ken's itemized deduction for interest on Schedule A. 3. Jerry made the following contributions during 2010: His synagogue (by check) $680 The Republican Party (by check) 180 The American Red Cross (by check) 150 His lodge for a holiday party ' " 100 In addition, Jerry donated used furniture to the Salvation Army costing $2,000 with a fair market value of $400. Assuming Jerry has adjusted gross income of $45,000, has the necessary written acknowledgments, and itemizes deductions. Complete the Gifts to Charity section of Schedule A, what is Jerrys deduction for 2010

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Accounting An Integrated Approach

Authors: Penne Ainsworth, Dan Deines

5th Edition

0073527009, 9780073527000

More Books

Students also viewed these Accounting questions

Question

TRUE OR FALSE.

Answered: 1 week ago

Question

1. To gain knowledge about the way information is stored in memory.

Answered: 1 week ago