Please give solving progress: You are a homeowner, with a mortgage interest of $20,500, Property taxes of $17,500 and charitable contributions of $12,000. According to your filing status, a standard...

Please give solving progress:


  1. You are a homeowner, with a mortgage interest of $20,500, Property taxes of $17,500 and charitable contributions of $12,000. According to your filing status, a standard deduction of $12,200 is allowed. You also live in NJ, so SALT will affect you if you choose to itemize your taxes. What amount should you deduct on your tax return?












  1. Your adjusted gross income (AGI) is $62,000. You do not own a home but have charitable contributions of $8500 and $2000 interest on your student loans that you have paid throughout the year. This year you also have medical expenses of $10,000, which must pass a AGI test of 7.5% in order to be deducted. You are allowed a standard deduction of $12,200, there is no personal exemptions this year. What is your taxable income?











  1. You are single and earns and income of $150,000 a year. Recently, you sold stocks that you had held longer than a year for a gain of $50,000. How much tax will you pay on this gain?








  1. D and J are married and file a joint return. They live in New York. The standard deduction for their filing status is $24,400 They have the following itemized deductions:




Medical Bills that exceeded the 7.5% limit $8,000


Mortgage Interest expense $10,500


Property tax $10,000


State Sales tax $7000


Miscellaneous deductions $1550


Should they itemize their deductions or use the standard deduction?






  1. Aine’s adjusted gross income is $65,000. She has $8,200 in unreimbursed medical expenses. How much in medical expenses can she claim as an itemized deduction?



















James has a marginal tax rate of 20%. He suddenly realizes that he neglected to include a $9,000 tax deduction. How will this oversight affect his taxes?







  1. From question 24, if James had forgotten a $9000 tax credit (instead of a $9000 tax deduction), how would his taxes be affected?





Oct 07, 2021
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