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accounting questions Required information (The following information applies to the questions displayed below.) This year Randy pald $30,550 of interest on his residence. (Randy borrowed
accounting questions
Required information (The following information applies to the questions displayed below.) This year Randy pald $30,550 of interest on his residence. (Randy borrowed $484,000 to buy his residence, which is currently worth $534,000.) Randy also paid $3,350 of interest on his car loan and $5,475 of margin interest to his stockbroker (investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? a. Randy received $2,880 of interest this year and no other investment income or expenses. His AGI is $75,000 Interest deductible Required information [The following information applies to the questions displayed below) This year Randy paid $30,550 of interest on his residence. (Randy borrowed $484,000 to buy his residence, which is currently worth $534,000.) Randy also paid $3,350 of interest on his car loan and $5,475 of margin interest to his stockbroker (Investment interest expense). How much of this interest expense can Randy deduct as an itemized deduction under the following circumstances? b. Randy had no investment income this year, and his AG is $75,000 Interest deductible [The following information applies to the questions aisp Simpson, age 45, is a single individual who is employed fulltime by Duff Corporation. This year Simpson reports AGI of $54,000 and has incurred the following medical expenses: Dentist charges Physician charges Optical charges Cost of eyeglasses Hospital charges Prescription drugs Over-the-counter drugs Medical insurance premiums (not through an exchange) $ 1,880 2,760 605 525 4,500 275 805 1,120 a. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations Medical expenses Required information [The following information applies to the questions displayed below) Simpson, age 45, is a single individual who is employed full time by Duff Corporation. This year Simpson reports AGI of $54,000 and has incurred the following medical expenses: Dentist charges Physician charges Optical charges Cost of eyeglasses Hospital charges Prescription drugs Over-the-counter drugs Medical insurance premium (not through an exchange) $ 1,880 2,760 605 525 4,500 275 B05 1, 120 b. Suppose that Simpson was reimbursed for $250 of the physician's charges and $1,200 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson's itemized deductions after any applicable limitations. Medical expenses Step by Step Solution
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