Spring 2011 Simulations Test II - labeled

Spring 2011 Simulations Test II - labeled - Dr. Valrie...

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Dr. Valrie Chambers Simulations Test II Remember to show all work! 1. Belinda is trying to decide whether she should accept employment as a salesperson or work as a self-employed sales representative. The salesperson job pays $70,000 and includes $3,600 of insurance benefits under a qualified health plan. In contrast, the sales representative position pays $90,000 but Belinda would also need to pay self employment tax of $12,700 and purchase health insurance for $4,000. To help Belinda decide, compute her AGI for both positions. 2. Jon and Holly are married and live in a retirement community. This year Jon celebrated his 65 th birthday and Holly turned 68 years old. For their ages, both Jon and Holly are in good health. This year the only significant expense that they incurred was an unreimbursed medical expense of $3,200. If Jon and Holly together have AGI of $42,000, what is the amount of their standard deduction this year?
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This note was uploaded on 03/27/2012 for the course ACCT 3321 taught by Professor Chambers during the Spring '09 term at Texas A&M University, Corpus Christi.

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Spring 2011 Simulations Test II - labeled - Dr. Valrie...

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