Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of...
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Accounting
Karin and Chad (ages 30 and 31, respectively) are married and together have $110,000 of AGI. This year they have recorded the following expenses: Home mortgage interest (acquisition debt of $300,000) $ 16,640 Real estate taxes 5,400 State income taxes paid 6,300 Medical expenses (unreimbursed) 1,800 Employee business expenses (unreimbursed) 450 Charitable contributions (cash to their church) 760 Karin and Chad will file married jointly and will itemize their deductions. Calculate their taxable income. Keep in mind that many itemized deduction are limited.
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