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Accounting

by | Nov 30, 2023 | questions

3. (TCOs 3, 4, 5, & 7) Which of the following qualifies for the medical
expense deduction? (Points : 5)

Funeral expenses
Toiletries
Nonprescription drugs
Weight reduction programs related to
obesity
None of the above

4. (TCOs 3, 4, 5, & 7) During the year, Marcus went from Sacramento to
Portland, Maine. After six days of business meetings, he took three days of vacation to go sightseeing. Marcus’ expenses for
the trip are as follows:

Airfare

$600

Lodging (9 days x $80)

$720

Meals (9 days x $70)

$630

Airport limo

$60


Marcus’ deduction is: (Points : 5)

$1,150.
$1,350.
$1,695.
$2,010.
None of the
above

5. (TCOs 3, 4, 5, & 7) In 2010, Colin, the sole proprietor of a video
rental store, pays a $4,000 premium for medical insurance for himself and his family. Lynette, one of Colin’s employees, pays a
$2,000 premium for a medical insurance policy for herself. Which of the following statements is TRUE? (Points : 5)

Colin may deduct $4,000 as a deduction from AGI.
Colin may deduct
$4,000 as a deduction for AGI.
Lynette may deduct $1,400 as a deduction for
AGI.
Lynette may deduct $2,000 as a deduction for AGI.
None of the above
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