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Business, 07.03.2020 03:56 victory08

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.
a. Clem is self-employed and this year he incurred $525 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 $3,600 to provide coverage for herself and Clem (not through an exchange).
b. 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.
c. 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.

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Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part-time as a substitute grad...

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