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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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- Compute the 2018 standard deduction for the following taxpayers. Margie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 in wages from a part-time job. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. Frazier, age 55, is married but is filing a separate return. His wife Emma itemizes her deductions.Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. Please use Microsoft Excel using functions and formulas as appropriate.D.J., who is single, had $15,000 in social security benefits in 2021. D.J's modified adjusted gross income for 2021 was $41,000. Using only the Tier 1 calculation for social security benefits, how much of D.J's social security benefits are taxable? D.J's base amount is $25,000. Multiple Choice $7,500 $8,000 $15,000 None of the above
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