(15 POINTS) Charlie and Dean (ages 30 and 31, respectively) are married and toge
ID: 2518990 • Letter: #
Question
(15 POINTS) Charlie and Dean (ages 30 and 31, respectively) are married and together have $100,000 of AGI. This year they have recorded the following itemized expenses, all relating to and paid by Charlie and Dean in the current year: Home mortgage interest Real estate taxes State income taxes paid Unreimbursed employee business expenses Charitable contributions (cash to their church) Dentist payments Physicians payments Over-the-counter medications Prescription medications Hospital payments Pre-tax medical insurance premiums $6,640 $1.560 $4,500 $450 $2,060 $200 $2,100 $600 $1,000 $7,000 $8,000 Charlie and Dean will file married filing joint with two personal exemptions. Calculate their faxable income.Explanation / Answer
AGI 100000 Particulars Amount Eligibility Home Mortage Interst 6640 6640 Real Estate taxes 1560 0 State income Tax 4500 0 Unreimbursed 450 0 Charitable Contributions 2060 0 Dentist Payments 200 0 Physicians Payments 2100 0 Over the counter Medications 600 0 Prescription Medications 1000 0 Hospital Payments 7000 0 Pre Tax Medical Insurance 8000 8000 34110 14640 Deduction 14640 Taxable Income 85360 (100000-14640)
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