Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepa the Hunters' joint 2018 tax return. So far, he's been able to determine the following concerning income and possible deductions: Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income from limited partnership Interest paid on credit cards Qualified dividend income earned Sales taxes paid Charitable contributions made Capital losses realized Interest paid on a car loan Social Security taxes paid Property taxes paid $1,155 50,770 5,000 5,200 1,400 200 400 600 2,470 1,250 3,500 570 2,700 750 State income taxes paid 1,700 Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $24,000 for married filing jointly applies.) Do not round your intermediate computations.
Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepa the Hunters' joint 2018 tax return. So far, he's been able to determine the following concerning income and possible deductions: Total unreimbursed medical expenses incurred Gross wages and commissions earned IRA contribution Mortgage interest paid Capital gains realized on assets held less than 12 months Income from limited partnership Interest paid on credit cards Qualified dividend income earned Sales taxes paid Charitable contributions made Capital losses realized Interest paid on a car loan Social Security taxes paid Property taxes paid $1,155 50,770 5,000 5,200 1,400 200 400 600 2,470 1,250 3,500 570 2,700 750 State income taxes paid 1,700 Given this information, determine the amount of the available itemized deductions. How much taxable income will the Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies for the child tax credit, and the standard deduction of $24,000 for married filing jointly applies.) Do not round your intermediate computations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
N9.
Account
Transcribed Image Text:Freya and Sebastian Hunter are married and have one child. Sebastian is putting together some figures so he can prepare
the Hunters' joint 2018 tax return. So far, he's been able to determine the following concerning income and possible
deductions:
Total unreimbursed medical expenses incurred
Gross wages and commissions earned
IRA contribution
Mortgage interest paid
Capital gains realized on assets held less than 12 months
Income from limited partnership
Interest paid on credit cards
Qualified dividend Income earned
Sales taxes paid
Charitable contributions made
Capital losses realized
Interest paid on a car loan
Social Security taxes pald
$1,155
50,770
5,000
5,200
1,400
200
400
600
2,470
1,250
3,500
570
2,700
Property taxes paid
State Income taxes pald
Given this information, determine the amount of the available itemized deductions. How much taxable income will the
Hunters have in 2018? (Note: Assume that Sebastian is not covered by a pension plan where he works, his child qualifies
for the child tax credit, and the standard deduction of $24,000 for married filing jointly applies.) Do not round your
intermediate computations.
750
1,700
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