NEED FAST
Part III: What was the bookkeeper's taxable income last year?
4. Marsha is filing h...
Mathematics, 06.06.2021 14:00, Jimm6500
NEED FAST
Part III: What was the bookkeeper's taxable income last year?
4. Marsha is filing her federal income tax return with the Single filing status. She
had an adjusted gross income of $56,800 last year and is trying to decide
whether to take the standard deduction of $5700 or to itemize deductions. Last
year she had $4900 in medical expenses, $3100 in state and local income taxes
paid, $1940 in mortgage interest paid, $530 in charitable contributions, and
$1200 in non-reimbursed work expenses. (7 points: Part 1 - 1 point, Part II - 2
points; Part III - 1 point; Part IV - 1 point, Part V - 2 points)
Part 1: If medical expenses are deductible to the extent that they exceed 7.5% of a
taxpayer's AGI, how much will Marsha be able to deduct for medical expenses if
she itemizes deductions?
Answers: 1
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