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2. Calculate the itemized deductions allowed for the following married taxpayers (both under age 65): a. AGI is $100,000 b. Medical expenses $14,000 c. State

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2. Calculate the itemized deductions allowed for the following married taxpayers (both under age 65): a. AGI is $100,000 b. Medical expenses $14,000 c. State withholding tax $9,000 d. Real estate tax $6,700 e. Qualified mortgage interest $12,500 d. Charitable contributions to qualified charities: i. Cash of $50,000 to the First Baptist Church ii. An antique painting held for more than one year to United Way. The painting will be sold by the charity. Cost $20,000; Fair market value $80,000. iii. An antique painting held for more the one year to American Heart Foundation. The painting will be used by the charity in its work. Cost $20,000; Fair market value $80,000 iv. Coca Cola stock held long term to First United Methodist Church. Cost $10,000; Fair market value $30,000. v. Horizon stock held for four months. Cost $12,000; Fair market value $20,000

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