The Lowatsky family had $9,441 worth of hurricane damage that was not covered by insurance. They need to follow IRS procedures to take a casualty deduction on Schedule A. a. The IRS requires that$100 be deducted from each casualty. What is the total casualty loss after the $100 is deducted? b. Their adjusted gross income is$67,481. Find 10% of their adjusted gross income. c. Their Schedule A casualty deduction can be found by subtracting 10% of the adjusted gross income from the answer to part a. What is their casualty loss deduction?

Maria's adjusted gross income was a dollars. She had three different casualties last year that were not covered by insurance. A laptop computer valued at x dollars was taken from her gym locker and her car was stolen, and she did not have comprehensive insurance, so she lost y dollars. An ice storm caused z dollars worth of damage that was not covered by insurance. Express her casualty loss algebraically.

The Kivetsky family had an adjusted gross income of $119,245.61. They included medical deductions on Schedule A. They had$14,191 in medical expenses. Medical insurance covered 80% of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 10% of a taxpayer's adjusted gross income. How much can they claim as a medical deduction?

The Mazzeo family donated c dollars in cash to charity last tax year. They also donated b bags of used clothing valued at $50 each. They donated two used computers valued at x dollars each to the local food pantry. Express their total charitable contributions algebraically.

Anita's adjusted gross income was a dollars last year. The IRS allows medical arid dental expense deductions for the amount that exceeds 10% of a taxpayer's adjusted gross income. If she had m dollars of medical expenses last year, and 80% of these expenses were covered by her insurance, express her medical expense deduction algebraically.

The Holfester family took $5 \frac{1}{2}$ hours to gather information for their Schedule A. The itemized deductions saved them $4,095 in taxes. What was the mean savings per hour to fill out Schedule A? Round to the nearest dollar.

Mike and Lisa Lerner had combined wages of $91,301 last year. They also had a bank interest of$792 and $667. They received stock dividends of$287 and $530. During the year, Lisa won a$1,000 prize. Find the total income from wages, bank interest, dividends, and the prize.

The Starkey family had a total income of i dollars. They also had a dollars in adjustments to income. Express their adjusted gross income algebraically.

Use each term correctly in the paragraphs below. Then rewrite the paragraphs.

Emergency fund

A __________ is used to summarize your spending habits and aid in planning for future spendings. Your budget is based on your take-home pay. To determine how you spend your money, keep records of your monthly __________ for three months to a year. Real estate taxes, insurance payments, pledges, and contributions are examples of __________. Mortgage loan payments, rent, installment payments, and regular savings deposits are examples of __________. Amounts for food, clothing, pocket money, and utility bills are examples of __________.For your budget to succeed, an __________ is necessary to provide for unpredictable expenses, such as medical bills and repair bills.

Davia and Bill are married and file their taxes jointly. Davia's taxable income was $50,675 and Bill's was$32,802. Davia's employer withheld $11,654 in federal taxes. Bill's employer withheld$7,345 in federal taxes. a. What is their combined taxable income? b. Use the tax tables from Lesson 7-1 in this workbook to determine their tax. c. Do they get a refund? d. Find the difference between their tax and the amount withheld by their employers.

Latoya is an accountant who also works as a part-time museum tour guide. Information from her tax worksheet includes wages from the accounting job, $85,290.45; wages from the museum job,$12,670.34; interest, $563.99; and dividends,$234.67. What is Latoya's total income?

Parker is single and paying off his graduate student loan. The monthly payment is $679.34. He is hoping to receive an income tax refund that is large enough to make at least one monthly payment. His taxable income is$77,911 and his employer withheld $19,458 in federal taxes. a. How much of a refund will Tony receive? b. How many loan payments will Parker be able to make with this refund?

Anita's adjusted gross income was a dollars last year. If she had m dollars of medical expenses last year, and 80% of these expenses were covered by her insurance, express her medical expense deduction algebraically.

Arthur's employer withheld $15,987.76 in federal income tax. After completing his return, Arthur has determined that his tax is$18,945.22. Will Art get a refund, or does he owe the IRS and how much?