Bruce and Amanda are married during the tax year. Bruce is a botanist at Green Corporation. Bruce earns a salary of $$56,000$ per year. Green Corporation has an accountable reimbursement plan. During the year, Bruce has $$5,000$ of employee expenses. Green Corporation reimburses Bruce for only $$4,000$ of expenses.

Bruce decides to put $$5,500$ into a Traditional IRA.

Amanda owns a financial consulting firm as a sole proprietor $($it qualifies as a full trade or business$).$ Amanda generates $$80,000$ of revenues during the year. She has the following business payments associated with her firm:

Utilities: $$2,000$

Office Rent: $$14,000$

Self$-$Employment Tax: $$5,000$

Salary for her secretary: $$20,000$

Fines$/$Penalties: $$8,000$

Payroll Taxes $($Employer Portion$)$: $$1,000$

Business Meals: $$2,000$

Bribe to police officer to forgive parking violation $$1,500$

Due to the income and expenses above, Amanda has $$39,500$ of Qualified Business Income for the purposes of the QBI deduction.

Also, during the year a tornado damaged the roof of their personal residence. They purchased the home five years ago for $$250,000.$ The value of the home after the tornado was $$200,000.$ Bruce and Amanda do not know the fair market value of the home immediately before the tornado, but the repair cost was $$30,000.$ The home is located in a federally declared disaster area.

They also have the following personal expenses during the year:

Medical Expenses: $$19,750$

State & Local Taxes $$4,000$

Federal Income Tax Payments: $$6,000$

The personal exemption amount for the tax year is: $$0$

The standard deduction amounts are listed below:

Single: $$12,950$

Head of Household: $$19,400$

Married Filing Jointly: $$25,900$

Questions:

$1.$ What amount of Amanda's gross buiness revenue is included in Gross Income? $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$2.$ How much of a deduction does Bruce get ofr the contribution to his IRA? $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$3.$ Bruce and Amanda's Gross Income: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$4.$ What is the total deductible amount of Amanda's busines expenses? $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$5.$ Bruce and Amanda's Adjusted Gross Income: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$6.$ Whatis the deductible amoun tof their medical expenses after limitations$?\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$7.$ What is the deductible amount of their deductible casualty loss after limitations$?\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$8.$ What is the total deductible amount of their allowable itemized deducitons after limitations$?($Do not include QBI deduciton for this answer$)\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$9.$ What is the amount of their Qualified Business Income deduction? $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$10.$ Bruce and Amanda's Taxable Income: $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$