1:Moe has a law practice and earns $322,000 which he reports on his Schedule C. His wife, Mindy, works parttime at Wal-Mart and earns $8,300. Mindy does not receive any medical benefits through Wal-Mart. Their 29- year old daughter, Michelle, who is not a dependent, is working towards earning her Master's degree.
Moe and Mindy pay the following amounts:
Health insurance $6,100
Dental insurance $ 525
Vision care insurance $ 425
Health insurance for their daughter $1,620
Long-term care insurance for Moe who is 54 years old $1,380
How much may Moe and Mindy claim on their tax return as a self-employed health insurance deduction?
2: Acme Corporation had the following expenses:
1. 1,000 pads of paper embossed with the company logo to hand out at the Big Time Convention $ 750
2. Display racks to use at the convention center $ 200
3. An allexpense vacation for Susie's 25 years of service award $2,500
4. A golden cone to recognize Wayne's on the job safety record $ 300
Acme has a qualified plan for the job awards. Calculate Acme's total deductions for the above expenses.