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
- Spring '10
- Taxation in the United States