1.. John is self-employed with income of $60,000. Mary makes $50,000 as a schoolteacher. Although...
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1.. John is self-employed with income of $60,000. Mary makes $50,000 as a schoolteacher. Although Mary could carry John on her health insurance, john got his own cheaper policy for $4000 and put $1000 in his health savings plan. Mary spent $600 on school supplies for her students. Their income was $110,000 Their credits were John's Insurance -4000 Health Savings -1000 Educator Expense -600 self-employment tax -3720 Adjusted Gross income $100680 Will they get audited? Why? 3. List four deductible taxes. 4. What is the requirement for deducting mortgage interest? 1.. John is self-employed with income of $60,000. Mary makes $50,000 as a schoolteacher. Although Mary could carry John on her health insurance, john got his own cheaper policy for $4000 and put $1000 in his health savings plan. Mary spent $600 on school supplies for her students. Their income was $110,000 Their credits were John's Insurance -4000 Health Savings -1000 Educator Expense -600 self-employment tax -3720 Adjusted Gross income $100680 Will they get audited? Why? 3. List four deductible taxes. 4. What is the requirement for deducting mortgage interest
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