Accounting question

Learning Goal: I’m working on a accounting multi-part question and need an explanation and answer to help me learn.

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 $
Total salaries 320,000
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
Travel allowances 5,000
Visitors fees 1,000
Prescription drugs 1,200
Eyeglasses 700
General purpose vitamins 200
Medical premiums 21,700
Doctors’ fees 4,000
Hospital fees 6,700

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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