Connect ACCT 401 Chapter 6 Assignment – Spring B 2015 1 Taxation I & II

(ACCT 401 – Spring B 2015 1)


Don't use plagiarized sources. Get Your Custom Essay on
Connect ACCT 401 Chapter 6 Assignment – Spring B 2015 1 Taxation I & II
Just from $13/Page
Order Essay

Chapter 6


Problem 6-36 (LO 6-1)

Clem is married and is a skilled carpenter. Clem’s wife, Wanda, works part-time as a substitute grade school teacher. Determine the amount of Clem’s expenses that are deductiblefor AGIthis year (if any) under the following circumstances:


Clem is self-employed and this year he incurred $615 for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $5,790 to provide coverage for herself and Clem.


Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred $1,840 in utilities and depreciation of $1,115.


Clem paid self-employment tax of $18,600 (the employer portion is $9,300), and Wanda had $4,500 of Social Security taxes withheld from her pay.


Clem paid $45 to rent a safe deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires.


Problem 6-42 (LO 6-1)

This year Jack intends to file a married-joint return with two dependents. Jack received $166,200 of salary and paid $7,500 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualified moving expenses of $4,750 and $32,100 of alimony.(Do not round intermediate calculations.)


What is Jack’s adjusted gross income? Assume that Jack will opt to treat tax items in a manner to minimize his AGI.


Suppose that Jack also reported income of $10,400 from a half share of profits from a partnership. Disregard any potential self-employment taxes on this income. What AGI would Jack report under these circumstances? Again, assume that Jack will opt to treat tax items in a manner to minimize his AGI.


Problem 6-47 (LO 6-2)

Simpson is a single individual who is employed full-time by Duff Corporation. This year Simpson reports AGI of $60,000 and has incurred the following medical expenses:

Dentist charges



Physician’s charges


Optical charges


Cost of eyeglasses


Hospital charges


Prescription drugs


Over-the-counter drugs


Medical insurance premiums



Calculate the amount of medical expenses that will be included with Simpson’s itemized deductions after any applicable limitations.


Suppose that Simpson was reimbursed for $815 of the physician’s charges and $1,730 for the hospital costs. Calculate the amount of medical expenses that will be included with Simpson’s itemized deductions after any applicable limitations.


Problem 6-58 (LO 6-2)

Tim suffered greatly this year. In January a freak storm damaged his sailboat and in July Tim’s motorcycle was stolen from his vacation home. Tim originally paid $27,350 for the boat, but he was able to repair the damage for $6,800. Tim paid $17,850 for the motorcycle, but it was worth $19,950 before it was stolen. Insurance reimbursed $1,260 for the boat repairs and the cycle was uninsured.


Calculate Tim’s deductible casualty loss if his AGI is $50,000.


Calculate Tim’s deductible casualty loss if his AGI is $150,000.


How would you answer a. if Tim received an additional $65,000 in interest from municipal bonds this year?

My Essay Gram
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.


Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

Live Chat+1(405) 367-3611Email