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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
During the current tax year, Doug incurs the following deductible expenses:
State Income Tax $2,300
Local Property Tax $3,000
Medical Expenses $ 800
Charitable Contributions $2,000
Doug is 33, single with no dependents. His has $35,000 AGI for the year.
What is the amount of Doug's taxable income.
| AGI | Â | Â | Â | Â | Â | Â | Â |
| Less itemized deductions: | Â | Â | Â | Â | Â | ||
| Â | Medical: | Â | Â | Â | $ | Â | Â |
| Â | Less: 10% of AGI | Â | Â | Â | Â | Â | |
| Â | Deductible medical expenses | Â | Â | $ - | Â | ||
| Â | State income taxes | Â | Â | Â | Â | Â | |
| Â | Local property taxes | Â | Â | Â | Â | Â | |
| Â | Charitable contributions | Â | Â | Â | Â | ||
| Â | Total itemized deductions | Â | Â | Â | Â | ||
| Â | Compare to standard deduction | Â | Â | Â | Â | ||
| Deduction (itemized > standard) | Â | Â | Â | Â | Â | ||
| Personal exemption | Â | Â | Â | Â | Â | Â | |
| Taxable income | Â | Â | Â | Â | Â | $ - | |
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