3. (TCOs 3, 4, 5, & 7) Which of the following qualifies for the medical expense
ID: 2371025 • Letter: 3
Question
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
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
Explanation / Answer
3. (TCOs 3, 4, 5, & 7) Which of the following qualifies for the medical expense deduction? (Points : 5)
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
Airfare 600 + Lodging 9*80 + Meals 9*70+Limo 60 = $2010
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 for AGI.
3. (TCOs 3, 4, 5, & 7) Which of the following qualifies for the medical expense deduction? (Points : 5)
None of the above
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