Question

9) Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses...

9) Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses during 2019:
Medical expenses $ 5,000
Alimony (divorce finalized in 2019) 24,000
Charitable contributions 2,000
Federal disaster casuality loss 3,000
Mortgage interest on personal residence 4,500
Property taxes on personal residence 4,200
Moving expenses 2,500
Contribution to a traditional IRA 3,000
Sales taxes (no state or local income tax is imposed) 1,300

Student loan interest 2,000

A. Calculate Jack's deductions for AGI.
B. Calculate The Taxable Income.

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Answer #1

GIVEN THAT :-

According to the question we have that values

Jack, a single individual with a salary of $I00,OOO, incurred and paid the following expenses during 2019

TO FIND :-A. Calculate Jack's deductions for AGI.

Now for finding the jacks deductions

as it is deductions we are adding the expenses

alimony +moving expenses+contribution to IRA

substituting the values from the above we get that

==> 24000$+2500$+3000$

total deductions = 29500

TO FIND:- B. Calculate The Taxable Income.

as it is the taxable income

we have : grossincome- total deductions

==>$100000-$29500

=70500$

The Taxable Income.=70500$

************************************************************

i have solved the answer completly please give us upvote which is very help full for us

THANK YOU

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