AC 450 - Week 5

AC 450 - Week 5 - Textbook Chapter 10 required and TaxCut...

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Textbook: Chapter 10 required: Problem 45, 46 and TaxCut 47, Part 1. Ch Chapter 10 Problem 45 AGI is $227,300 Deductions $28,000 Medical Expenses $10,953 Step 1 8,700 Interest on home mtg 8,700 Step 2 9,500 State income tax 9,500 3,600 Real estate tax 3,600 Deductible itemized 2,500 Charitable contributions 2,500 Itemized ded not sub $52,300 Total Itemized Ded. $35,253 Problem 46 AGI is $240,000 Deductions $20,000 Medical Expenses $2,000 Step 1 3,900 State and local inc tax 3,900 Step 2 2,100 Real estate tax 2,100 4,400 Home mortgage interest 4,400 Deductible itemized 4,500 Charitable contributions 4,500 Itemized ded not sub 25,000 Casualty loss 1,000 5,600 Unreimb. employee exp. 800 4,900 Gambling loss 2,700 $70,400 Total Itemized Ded. $21,400 Tax Cut: Chapter 10 - 47, Part 1 SEE .PDF Chapter 11 Problem 50 Problem 51 Self employed, earns $200,000 Pays Dividends and interest $18,000 Acquires of a partnership w/a loss of What is AGI assuming that a. He does not participate in the operations of the partnership. Fran's
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This note was uploaded on 04/17/2010 for the course AC 290 taught by Professor Don'trecall during the Fall '09 term at Regis University.

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AC 450 - Week 5 - Textbook Chapter 10 required and TaxCut...

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