Question
Amanda has gross income of $85,000. Amanda has the following expenses: Qualifying student loan interest of $3,000. Mortgage interest of $5,000 State taxes of $4,000
Amanda has gross income of $85,000. Amanda has the following expenses:
- Qualifying student loan interest of $3,000.
- Mortgage interest of $5,000
- State taxes of $4,000
- Qualifying medical expenses of $7,000
Please determine Amanda's taxable income. Be sure to explain your calculations in detail.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To determine Amandas taxable income we need to calculate her Adjusted Gross Income AGI first AGI is ...
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Step: 2
Step: 3
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
