Question
In: Finance
Janet is completing her federal income taxes for the year and has identified the amounts listed...
Janet is completing her federal income taxes for the year and has identified the amounts listed here. How much can she rightfully deduct?
- AGI: $44,500
- Medical and dental expenses: $1,350
- State income taxes: $1,250
- Mortgage interest: $8,000
- Charitable contributions: $1,700
Using the following table, calculate the taxes for an individual with taxable income of $47,000.
| 10 | % | Up to $10,200 | |
| 15 | % | $10,200 − $51,000 | |
| 25 | % | $51,000 − $100,600 | |
| 28 | % | $100,600 − $199,900 | |
| 33 | % | $199,900 − $413,150 | |
| 35 | % | Over $413,150 | |
Solutions
Expert Solution
| 1.Amount Jane can rightfully deduct: | |
| State income taxes | 1250 |
| Mortgage interest | 8000 |
| Charitable contributions | 1700 |
| Total deductions (Answer) | 10950 |
| Note: Medical and dental expenses: $1,350 is < AGI, 44500*7.5%= 3337.50---so not deductible |
| 2.. | ||
| 1st 10200 | 10200*10%= | 1020 |
| Bal.(47000-10200)=36800 | 36800*15%= | 5520 |
| Total taxes | 6540 | |
| (Answer) |
jeff jeffy answered 2 years agoRelated Solutions
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