{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 7 Spreadsheet for Students

Chapter 7 Spreadsheet for Students - 35-Doctor Bil...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 35-Doctor Bil s11,700Hospital9,400Med. Ins. Prem60021,700Reimburse.-10,00011,7007.5% x AGI-4,350.075 * (58,000)Total Med. ID7,350Itemized Deductions:Medical7,350Mortgage Int.2,750Total ID10,100Salary58,000ID-10,100PE-3,650Taxable Income44,25037-Mileage12 trips x 200 x 2 (both ways) x ___=792Lodging12 x $50 =600Meals100 x 50% =50Total1,442wil be subject to a 7.5% of AGI floor38-Orthodontic work3,000Medical for Brent2,000Med. Ins. Prem900Prescriptions400Doctor Bil s1,0007,30039-a.AGIID:MedicalHospitalInc. in HomeMaintenanceMedical PremWheelchair7.5% x AGITotal Med IDPETaxable Income40-a.b.c.AGI51,000d.41-a.AGIb.45-Investment Income: DividendsInterest Inc.Capital GainsCapital GainsInvestment Income Investment Exp( )Net Invest. Inc.(Investment interest expense wil be limited to this amount)Investment Interest Expense = 3/4 x 3,200 = 2,400AGI w/o Invest.DividendsInterest IncomeCapital GainsCapital GainsAGIID:State Inc. TaxInv. Int. Exp....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online