Dr Peter Mark is a medical doctor. He works for his own medical clinic in Sydney. Overall, Dr Peter has incurred the following costs. Advise him as to whether he can claim deductions on the following expenses.
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Dr Peter Mark is a medical doctor. He works for his own medical clinic in Sydney. Overall, Dr Peter has incurred the following costs. Advise him as to whether he can claim deductions on the following expenses.
Donation of $400 to the building fund of a local public library
Payment of $600 membership fees to the Medical Doctors association.
Payment of $2000 for repainting the front of his medical clinic with a new type of higher quality paint to make it more attractive to walk-in patients.
Payment of 1200 for a Registered Tax
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- Your client, a carpenter, donated one of his handcrafted wooden desks to his church, a qualified public charity. The church sold the desk at an auction for $3,500, which is comparable to the standard price for the client's other woodwork. He calculated his costs as follows: Wood $1,000 Other materials $300 Rent for workshop $500 Time and services $1,700 This is his only charitable contribution. He itemizes deductions and has an adjusted gross income of $80,000. What is the maximum current year income tax deduction allowable for the client's charitable contribution? A)$3,500 B)$1,800 C)$500 D)$1,300Céline is physically disabled and in order to live independently and productively certain improvements were made to her residence. These improvements included expenditures for constructing entrance and exit ramps to the residence and widening the hallways and doorways to accommodate her wheelchair. Céline incurs and pays the following amounts during the current year: Doctor and hospital bills $18,000 Expenditures for the improvements referenced above 16,300 Hearing aids 5,500 Cost of certified appraisal 300 In addition, Céline pays $3,200 for prescribed medicines. The improvements have an estimated useful life of 25 years. The appraisal was to determine the value of Céline's residence with and without the improvements. The appraisal states that her residence was worth $125,000 before the improvements and $131,000 after the installation. Céline's AGI for the year was $101,000. What is the total of her qualifying medical expenses for 20197 32,604 X What is her medical expense deduction…To improve her body shape Ms. Ganda decided to undergo procedure and sought the services of the Body Beautiful, a clinic operated outside the hospital and owned by Below Medical Center Group Company. Body Beautiful charged Ms. Ganda the amount of P224,000 (inclusive of 12% but exclusive of excise tax) for the service rendered. Ms. Ganda bought residential house for P4,000,000. He paid P1,000,000 down and mortgage back the property as security for the P3,000,000. REQUIRED:1) How much is the DST from the mortgage? 2) How much is the Excise tax?
- To improve her body shape Ms. Ganda decided to undergo procedure and sought the services of the Body Beautiful, a clinic operated outside the hospital and owned by Below Medical Center Group Company. Body Beautiful charged Ms. Ganda the amount of P224,000 (inclusive of 12% but exclusive of excise tax) for the service rendered. Ms. Ganda bought residential house for P4,000,000. He paid P1,000,000 down and mortgage back the property as security for the P3,000,000. Based on the information above, how much is the excise tax?Karen Meyer owns and operates Crystal Cleaning Company. Recently, Meyer withdrew $10,000 from Crystal Cleaning, and she contributed $6,000, in her name, to the American Red Cross. The contribution of the $6,000 should be recorded on the accounting records of which of the following entities? Crystal Cleaning and the American Red Cross Karen Meyer's personal records and the American Red Cross Karen Meyer's personal records and Crystal Cleaning Karen Meyer's personal records, Crystal Cleaning, and the American Red CrossBernadette suffers from multiple sclerosis and has great difficulty climbing stairs. Upon the recommendation of her physician, she has an elevator chair-system installed in her personal residence. In connection with the system, Bernadette incurs and pays the following amounts during the current year: Doctor and hospital bills $6,700 Elevator chair-system 19,500 Installation charge for elevator chair-system 1,500 Cost of certified appraisal 500 In addition, Bernadette pays $1,350 for prescribed medicines. The system has an estimated useful life of 25 years. The appraisal was to determine the value of Bernadette's residence with and without the system. The appraisal states that her residence was worth $224,000 before the system was installed and $240,000 after the installation. Bernadette's AGI for the year was $83,000. What is the total of her qualifying medical expenses for 2018?$ What is her medical expense deduction for the current year?$
- Assume that Charity A and Charity B are alike in every way except as described below. Assume that each of these questions is independent from all other questions.a. Each charity suffers significant damage from a hail storm this year. Each hires a person to repair the damage. Each of these workers donates the labor to the charity. Charity A looks at the repair work and believes it required a specialized skill that it would have had to buy. Charity B looks at the repair work and decides that it did not require a specialized skill. After the recording, which entity will report the largest amount of unrestricted net assets?b. Each charity receives a large investment in shares of a publicly traded company. The investment must be held forever. Charity A can spend the resulting income as it sees fit. Charity B must spend the resulting income to supplement salaries. Both charities receive the same amount of income this year. Both charities immediately spend the income to supplement salaries.…Assume that Charity A and Charity B are alike in every way except as described below. Assume that each of these questions is independent from all other questions. Each charity suffers significant damage from a hail storm this year. Each hires a person to repair the damage. Each of these workers donates the labor to the charity. Charity A looks at the repair work and believes it required a specialized skill that it would have had to buy. Charity B looks at the repair work and decides that it did not require a specialized skill. After the recording, which entity will report the largest amount of unrestricted net assets? Each charity receives a large investment in shares of a publicly traded company. The investment must be held forever. Charity A can spend the resulting income as it sees fit. Charity B must spend the resulting income to supplement salaries. Both charities receive the same amount of income this year. Both charities immediately spend the income to supplement salaries.…This year Evan graduated from college and took a job as a deliveryman in the city. Evan was paid a salary of $78,300 and he received $700 in hourly pay for part-time work over the weekends. Evan summarized his expenses as follows: Cost of moving his possessions to the city (125 miles away) Interest paid on accumulated student loans Cost of purchasing a delivery uniform Contribution to State University deliveryman program $1,200 3,000 1,600 1,400 Calculate Evan's AGI and taxable income if he files single. Assume that interest payments were initially required on Evan's student loans this year. Evan's AGI Taxable income
- Paul's car sild off the icy road, causing $2.000 in damage to his car. He was also treated for minor injuries, costing $1,400. His car insurance has a $500 deductible, after which the full loss is paid His health insurance has a $250 deductible and covers 80% of medical cost. What were Paul's out-of-pocket costs from the incident? Paul's out-of-pocket costs are $(630). (Round your response to the nearest penny)Linda installed special pool for the hydrotherapeutic treatment of severe arthritis, as prescribed by her doctor. The cost of installing the pool was $20,000, and her insurance company paid $5,000 toward its cost. The pool increased the value of Linda's house by $7,000, and it has a useful life of 10 years. How much of a deduction (before any AGI limitations) is Linda entitled to in the year of installation of the pool?$Stephanie was involved in a car accident and rushed to the emergency room. She received stitches for a facial and treatment for a broken finger. Under Stephanie PPO plan, emergency room care at a network hospital is 80 percent covered after the member has met a 300 annual deductible. Assume that Stephanie went to a hospital within her PPO network. Her total emergency room bill was 850. What amount did Stephanie have to pay? What amount did the PPO cover?
