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Mark is a single taxpayer and works as a migrant fisherman. He has an Adjusted Gross Income of $100,000. Mark has the following personal expenses:
- Medical expenses: $10,500
- State taxes paid: $6,000
- Property taxes paid: $7,000
- Home mortgage interest: $5,500
- Charitable Contributions: $1,000
What is the maximum amount Mark can deduct after AGI limitations?
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- Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $14,000 and tax credits of $2,000. Sharon had $22,000 withheld by their employer for federal income tax. She has a tax (due/refund) rounded to the nearest whole dollar of $.John Leslie lives with his wife and 21 year old blind son, Keith, who qualifies for the disability tax credit. Keith has no income of his own. During 2020, John paid medical expenses of $16,240 for Keith. None of these expenses involve attendant care. John’s Taxable Income for 2020 was $100,000. Determine the total amount of tax credits related to Keith that will be available to John.Requirement For each scenario, indicate the amount that must be included in the taxpayer's gross income. a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. (Assume the tuition scholarship is less than the cost of tuition at Eastern Law School. Enter a "0" for any amounts that should not be included in the taxpayer's gross income.) The amount of tuition scholarship that Larry must include in his gross income is The amount of wages from the campus bookstore that Larry must include in his gross income is More info a. Larry was given a $1,500 tuition scholarship to attend Eastern Law School. In addition, Eastern paid Larry $4,000 per year to work part-time in the campus bookstore. b. Marty received a $10,000 football scholarship for attending Northern University. The scholarship covered tuition, room and board, laundry, and books. Four thousand dollars of the scholarship…
