Learning Goal: I’m working on a accounting multi-part question and need an explanation and answer to help me learn.
Q.1. Mr. X and Mrs. Y are married and have two dependent children. P & Q They also fully support Mrs. Y’s mother who lives with them and has no income. Their 2014 tax and other related information is as follows: (2 marks)
|Particulars||Amount in $|
|Bank account interest income||7,000|
|Municipal bond interest income||3,000|
|Value of employer provided medical insurance||11,000|
|Value of premiums for $ 100000 of group term life insurance provided by employer||1,000|
|Gift from X’S parents||30,000|
|Gain from the sale of qualified small business stock acquired in 2008||30,000|
|Total itemized deductions||32,000|
|Dividend income—from ABC stock,||4,000|
|Loan from X’S parents||10,000|
Required: Compute Mr. X and Mrs. Taxable income. (Show all calculations in proper /good form.)
Q.2- Ahmed’s medical expenses include the following: (1.5 mark)
|Particulars||Amount in $|
|Food for personal use (expenses)||2,000|
|General purpose vitamins||200|
Ahmed’s AGI for the year is $66,000. He is single and age 59. Insurance company reimburses none of the medical costs and other related items. After considering the AGI floor,
Required – What will be Ahmed’s medical expense deduction?
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