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notsponge [240]
2 years ago
12

Herman is covered by a cafeteria plan by his employer. His adjusted AGI is $100,000. He paid unreimbursed medical premiums in th

e amount of $10, 500 and he itemizes deductions. What amount will Herman be able to deduct for his medical insurance premium expenses​
Business
2 answers:
ZanzabumX [31]2 years ago
5 0

Answer:

Explanation:

Adjusted Gross Income= $100,000

Unreimbursed medical premium= $10,500

Amount deductable for his medical insurance premium should be equal to 7.5% of the AGI.

7.5% of AGI

7.5/100*$100,000

0.075*100,000

=$7,500 medical insurance expenses

Total medical insurance premium deductable is

$10,500-$7,500

=$3000

harkovskaia [24]2 years ago
3 0

Your total medical expenses, including premiums, must surpass 7.5 percent of your adjusted gross income to be deductible.

In this case, take his AGI and multiply by 7.5%. subtract that amount from the total medical expenses and you will have the amount that is deductible from his taxes.

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Answer:

See the explanation for the answer.

Explanation:

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2. Distinctive characteristics of a service firm illustrated by Village Volvo are:-

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In Rick's PPI, he notes the description, location, cost, and time of purchase. What is he missing?
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Explanation:

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1 year ago
Woodcarving Co. incurred the following costs during May: Conversion costs $ 476,500 Prime costs 403,750 Manufacturing overhead 3
faust18 [17]

Answer:

The correct answer is C

Explanation:

With the following information, we need to calculate the direct materials and direct labor:

Woodcarving Co. incurred the following costs during May:

Conversion costs $ 476,500

Prime costs 403,750

Manufacturing overhead 320,500

We know that:

Conversion cost= direct labor + Manufacturing overhead

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direct labor= $156000

Prime costs= direct materials + direct labor

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direct labor= $247750

7 0
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