Business
Business, 17.06.2020 21:57, inucornspineapple

Clem is married and is a skilled carpenter. Clem's wife wanda works part time as a substitute grade schoool teacher. Determine the amount of Clem's expenses that are deductible for AGI this year (If any) under the following independent circumstances: a. Clem is self-employed and this year he incurred $525 for tools and supplies related to his job. Since neither were covered by a qualified health plan, Wanda paid health insurance premiums of $3600 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 $1,250 in utilities and depreciation of $780.
c. Clem paid self-employment tax of $15,300 (the employer portion is $7,650), and Wanda had $3,500 of Social Security taxes withheld from her pay.
d. Clem paid $15,300 to rent a safe deposit box to store his coin collection. Clem has collected coins intermittently since he was a boy, and he expects to sell his collection when he retires.

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