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#1 Required Information [The following information applles to the questions displayed below.] Clem is marrled and is a skilled carpenter. Clem's wlfe, Wanda, works part
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Required Information [The following information applles to the questions displayed below.] Clem is marrled and is a skilled carpenter. Clem's wlfe, 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 independent circumstances: Note: Leave no answer blank. Enter zero if applicable. a. Clem is self-employed, and this year he incurred $880 in expenses for tools and supplies related to his job. Because neither was covered by a qualified health plan, Clem pald health insurance premiums of $5,040 to provide coverage for himself and Wanda (not through an exchange). b. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1,640 In utilities and $805 in depreciation. c. Clem pald self-employment tax of $19,400 (the employer portion is $9,700 ), and Wanda had $5,600 of Social Security taxes withheld from her pay. d. Clem paid \$58 to rent a safety deposit box to store his coin collection. Clem has collected coins intermittently since he was a child, and he expects to sell his collection when he retiresStep by Step Solution
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