BUSA427_Chapter8.docx - Chapter 8 Ch 8 Question 26 Tom and...

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Chapter 8 Ch. 8: Question 26 Tom and Shannon’s medical expense deduction for the year is $4,768. I found this by calculating the following: Hospital costs $3,200 Doctor’s bills 4,200 ($1,600 + $2,600) Medicine and drugs 1,800 ($ 800 + $1,000) Hospitalization insurance premiums 4,000 Cosmetic surgery 0 Mileage 68 (400 miles * $0.17) Total medical expenses $13,268 Less: 10% AGI 8,500 ($85,000 * 10%) Medical Deduction $4,768 Ch. 8: Question 40 Mark can reduce $18,000 as contributions if he does not elect to reduce the fair market
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  • Fall '14
  • fabioambrosio
  • Accounting, Physician, medical expense deduction, total medical expenses, Hospitalization insurance premiums

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