FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Itemized Deductions. During 2021, 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 non-cash 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?
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Transcribed Image Text:Itemized Deductions. During 2021, 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 non-cash 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?
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So why would we not use standard deduction? 

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So why would we not use standard deduction? 

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