90.2K

Verified Solution

Link Copied!

Matthew and Olivia are a married couple with two dependent sons. Their salaries total $135,000. They have a capital loss of $6,500 and tax-exempt interest income of $700. They paid home mortgage interest of $11,000, state income taxes of $4,500, and medical expenses of $6,000, and they made charitable contributions of $3,000. (The tax year is 2018.) Read the requirements. (Click the icon to view the standard deduction amounts.) Requirements a. Compute their adjusted gross income. (Complete all input fields. Enter a "0" for amounts with a zero balance. Use parentheses or a minus sign to enter a loss.) Adjusted gross income Requirement b. Compute their total itemized deductions. (Complete all input fields. Enter a "0" for amounts with a zero balance.) Itemized deductions Total itemized deductions Requirement c. Compute their taxable income. Choose from any list or enter any number in the input fields and then continue to the next question. 4:57 PM O Type here to search 0 | B e A E L pl 5 - O ra NX 12/9/2019 Matthew and Olivia are a married couple with two dependent sons. Their salaries total $135,000. They have a capital loss of $6,500 and tax-exempt interest income of $700. They paid home mortgage interest of $11,000, state income taxes of $4,500, and medical expenses of $6,000, and they made charitable contributions of $3,000. (The tax year is 2018.) Read the requirements. 2 (Click the icon to view the standard deduction amounts.) Adjusted gross income Requirement b. Compute their total itemized deductions. (Complete all input fields. Enter a "0" for amounts with a zero balance.) Itemized deductions Total itemized deductions Requirement c. Compute their taxable income. Taxable income Choose from any list or enter any number in the input fields and then continue to the next question. O Type here to search o B e L op ^ o 4:57 PM re Qx 72/9/2019 D

Answer & Explanation Solved by verified expert

See Answer