During 2017, James, a single, cash method taxpayer incurred the following expenditures: (Click the icon to view the expenditures) (Click the icon to view the standard deduction schedule ) (Click the icon to view the schedule of personal and dependency exemption and phase-outs.) Requirement Compute James taxable income for the year. (Assume that he does not make an election to have the net capital gain taxed at the regular tax rates). Begin by calculating the adjusted gross income (AGI). (If a box is not used in the table leave the box empty, do not select a label or enter a zero. Adjusted gross income (AGI) Now calculate the itemized deductions (Complete all input cells. Enter a 'W" for appropriate balances ) Medical expenses Less: Excess medical expenses Miscellaneous itemized deductions Less Excess miscellaneous itemized deductions Total itemized deductions Compute James' taxable income for the year. Minus: Deductions from AGI During 2017, James, a single, cash method taxpayer incurred the following expenditures: (Click the icon to view the expenditures) (Click the icon to view the standard deduction schedule ) (Click the icon to view the schedule of personal and dependency exemption and phase-outs.) Requirement Compute James taxable income for the year. (Assume that he does not make an election to have the net capital gain taxed at the regular tax rates). Begin by calculating the adjusted gross income (AGI). (If a box is not used in the table leave the box empty, do not select a label or enter a zero. Adjusted gross income (AGI) Now calculate the itemized deductions (Complete all input cells. Enter a 'W" for appropriate balances ) Medical expenses Less: Excess medical expenses Miscellaneous itemized deductions Less Excess miscellaneous itemized deductions Total itemized deductions Compute James' taxable income for the year. Minus: Deductions from AGI