Ask Question
17 August, 00:34

During 2018 , Doug incurs the following deductible expenses:

$ 2,300 in state income taxes, $ 3,000 in local property taxes, $ 800 in medical expenses, and $ 2,000 in charitable contributions.

Doug is 33, single, has no dependents, and has $ 35,000 AGI for the year.

What is the amount of Doug's taxable income?

+2
Answers (1)
  1. 17 August, 02:30
    0
    The amount of Doug's taxable income is $27,700.

    Explanation:

    GIVEN:

    AGI = $35,000

    State income taxes = $2300

    Local property taxes = $3000

    Medical expense = $800

    Charitable contribution = $2000

    Total deduction amount = State income taxes+Local property taxes+Charitable contribution

    = 2300+3000+2000

    = $ 7300

    Total deduction amount = $7300

    Taxable income = $35000 - $7300

    = $27,700

    The amount of Doug's taxable income is $27,700.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “During 2018 , Doug incurs the following deductible expenses: $ 2,300 in state income taxes, $ 3,000 in local property taxes, $ 800 in ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers