Assignments: TAX4001 RVC 1228 Excel McGraw Hill Excel Question - Saved Search (Option+Q) File Home Insert Draw Formulas Data Review View Help Editing Calibri Ib AA Wrap Text General 2 Paste Clipboard BIURA- Merge & Center $ -% Font Number Undo A1 X fx Accessibility tab summary: Students please use the information below to complete th A D G 1 2 The Client wants to better understand how floors and ceilings work with respect to itemized deductions. As such, you have been asked to 3 prepare a functional spreadsheet emulating Schedule A to demonstrate the calculations using formulas. 4 5 Required: 6 1. Complete Schedule A using formulas to calculate applicable lines. Itemized deduction amounts have already been entered. 7 8 (Hint: use a Cell Reference the Adjusted Gross Income amount provided below in Cell D10.) 9 10 Form 1040 Line 11-Adjusted Gross Income: 11 12 SCHEDULE A Itemized Deductions 86,000 2021 22 25 26 1982 RE 13 15 Medical 16 and 17 Dental Caution: Do no include expenses reimbursed or paid by others. 1 Medical and Dental Expenses 4,000 2 Enter amount from Form 1040 or 1040-SR Line 11 18 Expenses 3 Multiply Line 2 by 7.5% (0.075) 4 Subtract line 3 from line 1. If line 3 is more than line 1, enter-0- 20 Taxes You 5 State and local taxes 21 Paid State and local income taxes or general sales taxes. You may include either income b State and local real estate taxes (see instructions) 3,870 8,000 23 Interest 29 You Paid c State and local personal property taxes Add lines 5a through Sc Enter the smaller of line Sd or $10,000 ($5,000 if married filing separately) 6 Other taxes. List type and amount 7 Add lines Se and 6 8 Home mortgage interest and points. If you didn't use all of your home mortgage loans(a) to buy, build, or improve your home, see instructions and check this box. Graded Worksheet Calculation Mode: Automatic Workbook Statistics + MacBook Pro