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During the current tax year, Doug incurs the following deductible expenses: State Income Tax $2,300 Local Property Tax $3,000 Medical Expenses $ 800 Charitable Contributions
During the current tax year, Doug incurs the following deductible expenses:
State Income Tax $2,300
Local Property Tax $3,000
Medical Expenses $ 800
Charitable Contributions $2,000
Doug is 33, single with no dependents. His has $35,000 AGI for the year.
What is the amount of Doug's taxable income.
AGI | |||||||
Less itemized deductions: | |||||||
Medical: | $ 800 | ||||||
Less: 10% of AGI | 300 | ||||||
Deductible medical expenses | $ - | ||||||
State income taxes | |||||||
Local property taxes | |||||||
Charitable contributions | |||||||
Total itemized deductions | |||||||
Compare to standard deduction | |||||||
Deduction (itemized > standard) | |||||||
Personal exemption | |||||||
Taxable income | $ - |
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