SALEH_ACCT422_22

Overview

Assignment (2)

Deadline: 02 /08/2025 @ 23:59

Course Name: TAX AND ZAKAT ACCOUNTING Student’s Name:

Course Code: ACCT 422 Student’s ID Number:

Semester: Summer CRN:

Academic Year: 1446 H

For Instructor’s Use only

Instructor’s Name:

Students’ Grade: /15 Level of Marks: High/Middle/Low

Instructions – PLEASE READ THEM CAREFULLY

The Assignment must be submitted on Blackboard (WORD format only) via allocated folder.

Assignments submitted through email will not be accepted.

Students are advised to make their work clear and well presented, marks may be reduced for poor presentation. This includes filling your information on the cover page.

Students must mention question number clearly in their answer.

Late submission will NOT be accepted.

Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.

All answers must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism.

Submissions without this cover page will NOT be accepted.

Assignment Question(s): (Marks 15)

1. Explain the Formula for Calculating the US Income Tax for Individuals with Numerical Example

Answer:

2. Explain the Differences between Itemized and Standard Deductions

Answer:

3. Under US Income Tax Law Deductions Are Classified Into Deductions For Adjusted Gross Income AGI And Deductions From Adjusted Gross Incoming. Give Examples For the Two Types Of Deductions.

Answer:

Q4. Mr. Abdullah’s medical and personal expenses include the following:

Particulars Amount in $

Prescription drugs 2,400

Eyeglasses 1,400

Doctors’ fees 8,000

Hospital fees 13,400

Food for personal use (expenses) 4,000

Travel allowances 10,000

General purpose vitamins 400

Medical premiums 43,400

Visitors fees 2,000

Recreation fees 5,000

Club fess 2,000

Abdullah’s AGI for the year is $ 132,000. He is single and age 56. Insurance company reimburses none of the medical costs and other related items.

After considering the AGI floor, what will be Abdullah’s medical expense deduction?

Answer: