Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please explain John (age 50) and Mary (age 49) have two dependent children. In 2021, they have the following information: 200,000 90,000 Wages - John
please explain
John (age 50) and Mary (age 49) have two dependent children. In 2021, they have the following information: 200,000 90,000 Wages - John Wages - Mary Interest and nonqualified dividend income Gambling income 8,000 2,000 25,000 6,000 9,000 1,000 1,200 1,500 10,000 Medical expenses BEFORE limitations Real estate taxes State income taxes Sales taxes per IRS tables Sales taxes per receipts (other than auto) Sales taxes - auto Qualified residence interest expense Investment interest expense BEFORE limitations Charitable cash contributions Gambling losses Employee business expenses BEFORE limitations (no meals or entertainment) Tax return preparation fee Legal fees - drafting new wills 12,000 2,500 2,500 6,000 1,000 2,000 REQUIRED: Calculate John and Mary's 2021 TAXABLE INCOME Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started