ACC 321 Exam 2 2023 LATEST EXAM GRADED A+

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 deductible for AGI this year. Clem is self-employed and this year he incurred $615 in expenses 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 (not through an exchange). - ANSWER 6,405 The tools and supplies and health insurance are deductible for AGI. 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 deductible for AGI this year. Clem and Wanda own a garage downtown that they rent to a local business for storage. This year they incurred expenses of $1840 in utilities and $1115 in depreciation. - ANSWER 2955 The utilities and depreciation are deductible for AGI (rental activity) 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 deductible for AGI this year. Clem paid self-employment tax of $18,600 (the employer portion is $9300), and Wanda had $4500 of Social Security taxes withheld from her pay. - ANSWER 9300 The employer portion of the self-employment tax is deductible but for AGI but the Social Security tax is not deductible Smithers is a self-employed individual who earns $20,000