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21. Which of the following is incorrect? a. Alimony can be a deduction for AGI. b. The expenses associated with royalty property are a deduction from AGI. c. Contributions to a traditional IRA are a deduction for AGI. d. Medical expenses are a deduction from AGI e. None of the above. 22

21. Which of the following is incorrect? a. Alimony can be a deduction for AGI. b. The expenses associated with royalty property are a deduction from AGI. c. Contributions to a traditional IRA are a deduction for AGI. d. Medical expenses are a deduction from AGI e. None of the above. 22

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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24. Amy incurs and pays the following expenses during the year: Alimony of $14,000 to her former spouse, Ted from divorce in 2014.. Child support of $12,000 to Ted for the care of their son, Bobby. Medical expenses of $8,000 for herself. Charitable contributions of $3,000 to her church. Contribution to her traditional IRA of $5,000. Mortgage interest on her residence of $11,000. Property taxes on her residence of $7,200. State income taxes for herself of $4,000. Amy's only income is a $100,000 salary. Calculate Amy's taxable income. . ●
Transcribed Image Text:24. Amy incurs and pays the following expenses during the year: Alimony of $14,000 to her former spouse, Ted from divorce in 2014.. Child support of $12,000 to Ted for the care of their son, Bobby. Medical expenses of $8,000 for herself. Charitable contributions of $3,000 to her church. Contribution to her traditional IRA of $5,000. Mortgage interest on her residence of $11,000. Property taxes on her residence of $7,200. State income taxes for herself of $4,000. Amy's only income is a $100,000 salary. Calculate Amy's taxable income. . ●
21. Which of the following is incorrect? a. Alimony can be a deduction for AGI. b. The expenses associated with royalty property are a deduction from AGI. c. Contributions to a traditional IRA are a deduction for AGI. d. Medical expenses are a deduction from AGI e. None of the above. 22.
Transcribed Image Text:21. Which of the following is incorrect? a. Alimony can be a deduction for AGI. b. The expenses associated with royalty property are a deduction from AGI. c. Contributions to a traditional IRA are a deduction for AGI. d. Medical expenses are a deduction from AGI e. None of the above. 22.
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