Mr. and Mrs. Montgomery are filing a joint tax return. While listing their deductions, they find that they can deduct $7,540 from medical bills, $2,384 from state taxes, $6,440 from charitable donations, and $3,530 from interest on from their mortgage. The standard deduction for married couples filing jointly is $25,800. How does the standard deduction compare to the Montgomery's deductions? The standard deduction is $19,894 better than the Montgomery's deductions The Montgomery's deductions are $5,906 better than the standard deduction. The Montgomery's deductions are $19,894 better than the standard deduction. The standard deduction is $5,906 better than the Montgomery's deductions

Mr. and Mrs. Montgomery are filing a joint tax return. While listing their deductions, they find that they can deduct $7,540 from medical bills, $2,384 from state taxes, $6,440 from charitable donations, and $3,530 from interest on from their mortgage. The standard deduction for married couples filing jointly is $25,800. How does the standard deduction compare to the Montgomery's deductions? The standard deduction is $19,894 better than the Montgomery's deductions The Montgomery's deductions are $5,906 better than the standard deduction. The Montgomery's deductions are $19,894 better than the standard deduction. The standard deduction is $5,906 better than the Montgomery's deductions

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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