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Problem 2 (5 points): Anita and Brendans filing status is married filing jointly. During 2020 they engaged in the transactions detailed below. Determine their total
Problem 2 (5 points): Anita and Brendans filing status is married filing jointly. During 2020 they engaged in the transactions detailed below. Determine their total AGI. LABEL EACH ITEM. a. Anita works at Siyi Company where she earned a salary of $80,000. Siyi Company also paid $9,000 in educational expenses for Anita to pursue her MBA. b. Brendan works at Hyunwoo Industries where he earned a salary of $75,000. c. Anita and Brendan participate in a healthcare plan through Hyunwoo Industries where the company covers all insurance premiums ($7,000). Hyunwoo Industries also offers employees discounted onsite childcare. The couple's two children (ages 3 and 5) both go to childcare at Hyunwoo Industries. The total childcare cost is $18,000 of which half is paid by Brendan and half is paid by Hyunwoo Industries. d. During the year, the couple also received an insurance settlement from a car accident. The insurance company paid $14,000 to reimburse medical expenses and $20,000 in lost wages for the period following the accident when Brendan was unable to work. Problem 2 (5 points): Anita and Brendans filing status is married filing jointly. During 2020 they engaged in the transactions detailed below. Determine their total AGI. LABEL EACH ITEM. a. Anita works at Siyi Company where she earned a salary of $80,000. Siyi Company also paid $9,000 in educational expenses for Anita to pursue her MBA. b. Brendan works at Hyunwoo Industries where he earned a salary of $75,000. c. Anita and Brendan participate in a healthcare plan through Hyunwoo Industries where the company covers all insurance premiums ($7,000). Hyunwoo Industries also offers employees discounted onsite childcare. The couple's two children (ages 3 and 5) both go to childcare at Hyunwoo Industries. The total childcare cost is $18,000 of which half is paid by Brendan and half is paid by Hyunwoo Industries. d. During the year, the couple also received an insurance settlement from a car accident. The insurance company paid $14,000 to reimburse medical expenses and $20,000 in lost wages for the period following the accident when Brendan was unable to work
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