During March the Bear family drove 1,795 miles for medical transportation. Assume miles driven ratably over the entire year. Calculate the Bear's medical expense deduction (based on HW 22): Yogi Bear (SS 111-11-1111) is married to Cindy Bear (SS 111-11-1112) and they have a child named Boo Boo Bear (SS 111-11-1113). Boo Boo Bear is a qualified child dependent. Yogi and Boo Boo are pictured above. The Bear family live at 555 Cave Creek Drive in the city of Jellystone, RI 02881. Yogi and Cindy are 40 years old and Boo Boo is 15 years old and is a sophomore at Hibernation High School. While Yogi believes he is "smarter than the average bear," his wife, Cindy, really is. Cindy Bear is an accounting student at Jellystone Community College. Cindy receives a tuition scholarship from the RI Society of CPAs. The amount of the scholarship is $14,700 and is directly applied to her tuition costs (i.e., the RI CPA Society basically pays Cindy's tuition). Yogi earned \$200,000 as a garbage collector at Jellystone National Park. Park Ranger Smith (Yogi's boss) often receives complaints from park guests about Yogi's conduct at the park. It seems that Yogi is so eager do a good job that he tries to collect the trash (i.e. "pic-a-nic" baskets) before the park guests have actually discarded the picnic baskets. Oops! Unless noted otherwise, assume all amounts relate to the current tax year. Any amount you report on the tax return should be shown in whole dollars (it makes no sense to report in cents!). 2. Yogi's employer, Jellystone National Park, withheld $25,000 (federal) and $7,200 (RI state) income tax from his salary for the year. Yogi employer also withheld \$12,014 Social Security (147,000 (2022 limit) 6.2%) and Medicare tax ($200,0001.45%) on Yogi's behalf. In addition, The Bear Family remitted \$1,020 RI state income tax (on behalf of tax year 2021) when filing their state income tax return on April 15, 2022. Finally, the Bear family paid $600 estimated state income tax payments to the state of RI during 2022. The Bear Family paid real property tax on the Bear Cave (primary residence) of $6,140. Yogi also paid state sales taxes of $475 personal property tax - based on vehicle value - of $760 (vehicle 1) and $1,140 (vehicle 2) and $400 for state excise tax on craft beer (liquor). HINT: Think CASH basis! a. Calculate the Bear's tax expense deduction (related to HW 26, 27 \& 28); b. EXTENSION: What if the $1,020 state income tax was refund TP applied to next year state income tax liabjlity? 4. The Bear familv made the followine contributions durine the vear: Other potential charitable contributions: State University raffle tickets to benefit football team. Purchased 10 tickets. - Paid \$100 per ticket. Prize \$75,000, Bear Family did not win. Cindy Bear volunteers one day a month at "Save the Bears" (qualified) charity - Value of her time $1,920. ( 8 hours x$20 per hour 12 months) - supplies, etc. purchased by Cindy for charity $180 - round-trip mileage to charity is 30 miles - one trip per month Family synagogue (qualified religious charity) \$ $1,000 The Democratic party $10,000 Cub Scouts of Jellystone (qualified charity): Cash $150 Used furniture: basis $2,000, fmv $300 The Bear family has valid receipts for all cash or property donations. Calculate the Bear's contribution expense deduction (based on HW 34(a)): 3. The Bear family paid the following amounts for interest during the year. The Bear Cave was purchased in a prior year and the Bear family refinanced to a 15-year mortgage on March 1. Qualified mortgage interest on (home) Bear Cave (Form 1098) 28,000 Loan indebtedness $450,000; FMV $500,000 Home equity loan interest (proceeds to fund family vacation) Auto loan interest (financed at car dealership) Margin interest to stockbroker (investment interest expense) 1,100 Credit card interest 2,500 4,200 800 Calculate the Bear's interest expense deduction (based on HW 30): Investment interest earned $2,200