Your adjusted gross income (AGI) is $88,000. You do not own a home but have charitable contributions of $14,500 and $4000 interest on your student loans that you have paid throughout the year. This year you also have medical expenses of $15,000, which must pass a AGI test of 7.5% in order to be deducted. You are allowed a standard deduction of $12,550, there is no personal exemptions this year. What is your taxable income?

Your adjusted gross income (AGI) is $88,000. You do not own a home but have charitable contributions of $14,500 and $4000 interest on your student loans that you have paid throughout the year. This year you also have medical expenses of $15,000, which must pass a AGI test of 7.5% in order to be deducted. You are allowed a standard deduction of $12,550, there is no personal exemptions this year. What is your taxable income?

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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