Overview
Assignment (2)
Deadline: 02 /08/2025 @ 23:59
| Course Name: TAX AND ZAKAT ACCOUNTING | Student’s Name: Royouf Yahay Almalki |
| Course Code: ACCT 422 | Student’s ID Number: S210030378 |
| Semester: Summer | CRN: 50212 |
| 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: