Brad, Who Would Otherwise Qualify as Faye's Dependent, Had Gross

question 96

Multiple Choice

Brad, who would otherwise qualify as Faye's dependent, had gross income of $9,000 during the year. Faye, who had AGI of $120,000, paid the following medical expenses in 2014:
$\begin{array}{lr}\text { Cataract operation for Brad } & \$ 5,400 \\\text { Brad's prescribed contact lenses } & 1,800 \\\text { Faye's doctor and dentist bills } & 12,600 \\\text { Prescribed drugs for Faye } & 2,550 \\\text { Total } & \$ 22,350\end{array}$
Assuming Faye is age 45, she has a medical expense deduction of:

• A) $3,150.
• B) $4,950.
• C) $10,350.
• D) $13,350.
• E) None of the above.

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Definitions:

Adjusting Entries

Journal entries made in accounting to update record balances before preparing financial statements, ensuring accuracy of the accounting records.

Accounts

Records within accounting that track financial transactions categorized by type, such as assets, liabilities, equity, revenue, and expenses.

Independent Contractor

An individual or entity engaged in a work performance agreement who is not considered an employee and does not receive employee benefits or protections.

Invoice

A document issued by a seller to a buyer that specifies the products or services being sold, their quantity, and the price.