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Help please I don't know if I did this correctly! Brandon Mann has $84,750 in gross income from his job at the Acme Pro. During
Help please I don't know if I did this correctly!
Brandon Mann has $84,750 in gross income from his job at the Acme Pro. During 2020 he had $2,600 in adjustments. He had $19000 in qualified medical expenses and $14,200 in other fully itemized deductions. He has 1 dog. Use 2020 tax tables posted on Canvas. Use the following information to answer the next 7 tax questions. Income tax held throughout the year = $13,440 Standard Deduction: Head of Household=$18,650; Single=$12,400; Married Filing Jointly=$24,800 1. What is the Adjusted Gross Income. $84,750 - $2,600 = $82,150 2. What is the total amount of itemized deductions? $82,150 - $6,161.25 = $12,838.75 3. What is the taxable income? $82,150 - $27,038.75 = $55,111 4. How much Federal tax is owed (what is their tax liability)? $55,111.25 x 24 = $13,226Step by Step Solution
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