SOLUTION: Zoe's gross income is $16,960. His medical expenses for the year
amounted to $812.35. If he can deduct only the amount over 7 1/2% of
his gross income for medical expense
Algebra.Com
Question 890980: Zoe's gross income is $16,960. His medical expenses for the year
amounted to $812.35. If he can deduct only the amount over 7 1/2% of
his gross income for medical expenses, how much can he deduct for
medical expenses?
I don't know how to find the amount deducted for the medical expenses...may you please help
Answer by JulietG(1812) (Show Source): You can put this solution on YOUR website!
Zoe's gross income is $16,960
7.5% of that would be $1,272 (.075 * 16960)
Since his medical expenses were $812.35, he does not meet the threshold to deduct them. He can deduct $0.
.
The Fair Tax makes SO much more sense, and is just so much more... well, FAIR.
RELATED QUESTIONS
I am trying to help my daughter with this question as well:
Malcom has a choice of... (answered by checkley75,stanbon)
Mr. Jones has two health insurance policies. For the first policy he pays $120 a year... (answered by Theo)
Adam’s annual salary is RM120,000 and his total expenses is RM90,000. His salary... (answered by mananth)
if my current sales for the year is $175,000 and I need 35% to cover my overhead and... (answered by jpg7n16)
The total receipts (gross income) of a coal mining company one year were $167,250,000.... (answered by Boreal)
Gus plans to sell a limited number of T-shirts printed with a design he made. It costs... (answered by ikleyn)
When calculating his income tax an accountant realized that his federal tax was 25% of... (answered by ikleyn)
hen calculating his income tax an accountant realized that his federal tax was 40% of his (answered by ikleyn)
When calculating his income tax an accountant realized that his federal tax was 40% of... (answered by ikleyn)