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Accounting

Problem:

John and Georgia are a married couple with 2 dependent sons. Their salaries total $130,000. They have a capital loss of $8000 and tax-exempt interest income of $1000. They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000.

Required:

Question 1: Compute their AGI

Question 2: Compute their total itemized deductions.

Question 3: What is the amount of their personal exemptions?

Question 4: Compute their taxable income (Tax year is 2013)

Note: Please show how you came up with the solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165170

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