Ask Question
BusinessBusiness
15 March, 17:39

Amanda works as an industrial designer. Her Adjusted Gross Income (AGI) is $60,000. Due to an emergency, she had to spend $6,500 on medical expenses. Is she eligible for a tax deduction, and if so, how much?

A.

no; she is ineligible for a tax deduction

B.

yes; a tax deduction on the entire medical expense

C.

yes; a tax deduction on any amount spent above 10% of her AGI

D.

no; her medical bill is less than 20% of her AGI

+5
Answers (2)
  1. 15 March, 18:29
    0
    The correct answer is Choice C.

    Beginning Jan. 1, 2019, all taxpayers may deduct only the amount of the total unreimbursed allowable medical care expenses for the year that exceeds 10% of their adjusted gross income.
  2. 15 March, 20:23
    0
    The correct answer is c.

    Explanation:

    Amanda is eligible for tax deduction for medical expenses. But not for the full amount, because once your adjusted gross income is calculated, you can only deduct the amount that exceeds 10% of your adjusted gross income.

    Since Amanda's adjusted gross income (AGI) is $60,000, 10% of this amount is $6000 and her medical expenses were $6500, she will only be able to deduct $500.

    Have a nice day!
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Amanda works as an industrial designer. Her Adjusted Gross Income (AGI) is $60,000. Due to an emergency, she had to spend $6,500 on medical ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Dante is the owner of HomeThings, a shop that sells home goods. He just launched a Local Catalog ad campaign. Where are two places a consumer might encounter Dante's Local Catalog ad?
Answers (1)
Which of the following was one of the first CRM components built to address the issues that sales representatives were struggling with the overwhelming amount of customer account information they were required to maintain and track? a.
Answers (1)
Prime costs are a. direct materials and direct labor b. direct labor and factory overhead c. period costs and factory overhead d. direct materials and factory overhead
Answers (1)
Often an individual will join and support a certain interest group to receive tangible economic advantages from that membership. these advantages are referred to as
Answers (1)
Kendell Adams owns a software development company. When he first launched his firm, he was carefully to hire employees who had the experience he was looking for, were good matches for the positions he had available, and could be properly supervised.
Answers (2)
New Questions in Business
Suppose a bank enters a repurchase agreement in which it agrees to buy Treasury securities from a correspondent bank at a price of $33,950,000, with the promise to buy them back at a price of $34,000,000. a.
Answers (1)
Beverly is creating a website for her new clothing company. Aside from including photographs, how can she use the index page to quickly attract the attention of young adults looking for the latest summer fashions? A.
Answers (1)
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,534, Indigo Corporation estimates that 8% of its accounts receivable balance of $74,100 will become uncollectible and records the necessary adjustment to
Answers (1)
Successfully starting and running a business requires drive. True ot False
Answers (1)
A consumer price index of 160 in 1996 with a base year of 1982minus-1984 would mean that the cost of the market basket A. equaled $160 in 1996. B. rose 60% from the cost of the market basket in the base year. C. equaled $160 in 1983. D.
Answers (2)
Home » Business » Amanda works as an industrial designer. Her Adjusted Gross Income (AGI) is $60,000. Due to an emergency, she had to spend $6,500 on medical expenses. Is she eligible for a tax deduction, and if so, how much? A.
Sign Up Forgot Password?