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Jeff and Judee are a married couple with two dependent sons. Their salaries total $115,000. They have a capital loss of $7,000 and tax-exempt interest
| Jeff and Judee are a married couple with two dependent sons. Their salaries total $115,000. They | |||||||||
| have a capital loss of $7,000 and tax-exempt interest income of $600. They paid home mortgage | |||||||||
| interest of $13,000, state income taxes of $3,500, and medical expenses of $10,000, and the made | |||||||||
| charitable contributions of $7,000 for tax year 2014. | |||||||||
| A. Compute their adjusted gross income | |||||||||
| Salaries | |||||||||
| Interest income | |||||||||
| Allowable Capital Loss | |||||||||
| AGI | 4 | ||||||||
| B. Compute itemized deductions | |||||||||
| Itemized deductions | |||||||||
| Medical expenses | |||||||||
| Home Mortgage Interest | |||||||||
| State Income Taxes | |||||||||
| Charitable Contributions | |||||||||
| Total Itemized Deductions | |||||||||
| C. Compute Personal Exemptions | |||||||||
| Personal Exemptions | 6 | ||||||||
| D. Compute Taxable Income | |||||||||
| Taxable Income | 1 | ||||||||
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Data Analysis And Sampling Simplified A Practical Guide For Internal Auditors
Authors: Donald A. Dickie PhD
1st Edition
1634540611, 978-1634540612
