Mr and Mrs

question 1644

Multiple Choice

Mr. and Mrs. Thibodeaux (both age 35) , who are filing a joint return, have adjusted gross income of $100,000 in 2018. During the tax year, they paid the following medical expenses for themselves and for Mrs. Thibodeaux's mother, Mrs. Watson (age 63) . Mrs. Watson provided over one- half of her own support. Mr. and Mrs. Thibodeaux received no reimbursement for the above expenditures. What is the amount of their deductible itemized medical expenses?

• A) $2,000
• B) $9,400
• C) $4,100
• D) $1,900

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Definitions:

Maximum Rent

The highest price that can be charged for a property or piece of land, often regulated by law in rent-controlled areas to protect tenants from excessive rent increases.

Price Elastic

refers to the responsiveness of the quantity demanded of a good or service to a change in its price.

Per-Unit Tax

A tax imposed on a product based on the number of units purchased, not the value of the purchase.

Buyers

Individuals or entities that exchange money for goods and services.