Richard, Age 50, Is Employed as an Actuary

question 20

Multiple Choice

Richard, age 50, is employed as an actuary.For calendar year 2018, he had AGI of $130,000 and paid the following medical expenses: Derrick and Jane would qualify as Richard's dependents except that they file a joint return.Richard's medical insurance policy does not cover them.Richard filed a claim for $4,800 of his own expenses with his insurance company in November 2018 and received the reimbursement in January 2019.What is Richard's maximum allowable medical expense deduction for 2018?

• A)$0
• B)$7,090
• C)$10,340
• D)$20,090
• E)None of the above

Identify the conditions under which price controls lead to shortages or surpluses in the market.

Understand the concepts of demand, supply, and market equilibrium.

Analyze the effects of price floors and price ceilings on market outcomes.

Calculate shortages and surpluses in the market given government interventions such as price floors and price ceilings.

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Definitions:

Lifelong Needs Establishment

The process of identifying and meeting the diverse and changing needs of individuals throughout their entire lives.

Medical Care

The services provided by professionals to diagnose, treat, and prevent illness and maintain physical and mental well-being.

Live in Poverty

The state of experiencing a lack of financial resources below a certain income threshold, affecting an individual's or family's ability to meet basic needs.