5.5 Reducing Tax Liability Bell Ringer

Minka is a piano tuner and has a part-time party planning business on the side. She's divorced and is filing as Head of Household. She spent $8,711 on medical insurance last year. Her medical expenses last year were $1,770 for doctors and $2,300 for dentists. Her insurance paid 80% of her medical expenses. The IRS allows medical and dental expense deductions for the amount that exceeds 7.5% of a taxpayer’s adjusted gross income. Her adjusted gross income is $81,901.

How much will Minka have to pay for the medical expenses, not including insurance?

• $814

• $3,256

• $2,230

• $2,654

Tags

CCSS.7.EE.B.3

Minka is a piano tuner and has a part-time party planning business on the side. She's divorced and is filing as Head of Household. She spent $8,711 on medical insurance last year. Her medical expenses last year were $1,770 for doctors and $2,300 for dentists. Her insurance paid 80% of her medical expenses. The IRS allows medical and dental expense deductions for the amount that exceeds 7.5% of a taxpayer’s adjusted gross income. Her adjusted gross income is $81,901.

How much will Minka have to pay for the medical expenses including insurance?

• $9,525

• $11,967

• $10,941

• $7,897

Tags

CCSS.7.EE.B.3

Minka is a piano tuner and has a part-time party planning business on the side. She's divorced and is filing as Head of Household. She spent $8,711 on medical insurance last year. Her medical expenses last year were $1,770 for doctors and $2,300 for dentists. Her insurance paid 80% of her medical expenses. The IRS allows medical and dental expense deductions for the amount that exceeds 7.5% of a taxpayer’s adjusted gross income. Her adjusted gross income is $81,901.

How much will Minka's medical expenses have to exceed to be deducted? Round to the nearest dollar.

• $6,143

• $6,142

• $61,426

• $61,425

Tags

CCSS.6.RP.A.3C

Minka is a piano tuner and has a part-time party planning business on the side. She's divorced and is filing as Head of Household. She spent $8,711 on medical insurance last year. Her medical expenses last year were $1,770 for doctors and $2,300 for dentists. Her insurance paid 80% of her medical expenses. The IRS allows medical and dental expense deductions for the amount that exceeds 7.5% of a taxpayer’s adjusted gross income. Her adjusted gross income is $81,901.

Will Minka be able to deduct any of her medical expenses? If so, how much?

• Yes; $6,143

• No

• Yes; $3,382

• Yes; $9525

Tags

CCSS.6.RP.A.3C

Jonathan is a single taxpayer. His total income before deductions was $63,110. By filling out Schedule A and Schedule 1, he reduced his taxable income by $10,312.

What is taxable income after deductions?

Tags

CCSS.7.NS.A.1D

Jonathan is a single taxpayer. His total income before deductions was $63,110. By filling out Schedule A and Schedule 1, he reduced his taxable income by $10,312.

Before filling out Schedule A and Schedule 1, how much did Jonathan owe in taxes?

Tags

CCSS.7.RP.A.3

Jonathan is a single taxpayer. His total income before deductions was $63,110. By filling out Schedule A and Schedule 1, he reduced his taxable income by $10,312.

After filling out Schedule A and Schedule 1, how much did Jonathan owe in taxes?

Tags

CCSS.7.RP.A.3

Jonathan is a single taxpayer. His total income before deductions was $63,110. By filling out Schedule A and Schedule 1, he reduced his taxable income by $10,312.

By filling out Schedule A and Schedule 1, how much did Jonathan save taxes?