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I have all the labels but I need help with the #s that should be there: Requirement a. Compute James' taxable income for the year
I have all the labels but I need help with the #s that should be there:
Requirement a. Compute James' taxable income for the year (assuming that he makes 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.) Salary Interest income Net long-term capital gain 75,000 17,000 9,000 101,000 Adjusted gross income (AGI) Now calculate the itemized deductions. (Complete all input cells. Enter a "O" for appropriate balances.) Medical expenses Less: 110% of AGI Excess medical expenses Taxes Charitable contributions Investment interest Mortgage interest Miscellaneous itemized deductions Investment expenses Tax preparation and consulting fees Less 2% of AGI Excess miscellaneous itemized deductions Total itemized deductions
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