Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. john and georgia are a married couple with 2 depen

John and Georgia are a married couple with 2 dependent sons. Their salaries total $130,000....

80.2K

Verified Solution

Question

Accounting

John and Georgia are a married couple with 2 dependent sons. Their salaries total $130,000. They have a capital loss of $8000 and tax-exempt interest income of $1000. They paid home mortgage interest of $10000, state income taxes of $4000 and medical expenses of $3000 and they made charitable contributions of $5000. A) Compute their AGI B)Compute their total itemized deductions. C) What is the amount of their personal exemptions? D) Compute their taxable income (Tax year is 2013)

HOW CAN WE KNOW CAPITAL LOSS IS $3000 ( IAM STUCK IN HERE)???????????????????

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Recent financial statements for a major public company reportsthe following:Average total assets$2,355,000Average...Recent financial statements...

Accounting
Q

• derive the equations for tensile stresses in the bottom of steel for a. superposion beam b. composite...

Civil Engineering
Q

A 720-kg two-stage rocket is traveling at a speed of 6.90×10^3 m/s away from Earth when...

Physics
Q

wATER IS THE LIFEbLOOd OF THE EARTH, but by 2025, according to the United Nations, two-thirds...

Psychology
Q

Consider the following compound inequality x 1 or x 2 a Graph the compound inequality...

Basic Math
Q

Compute the total and annual return on the following investment.Three years after paying $2600 for...

Basic Math
Q

For 14-year-old boys, the distribution of blood cholesterol is approximately Normal with mean =170 milligrams...

Statistics
Q

make sure to do all parts Entries for Process Cost System Preston & Grover Soap...

Accounting
Q

Which of the following is NOT one of the three rules of data normalization? To...

Accounting
Q

Apples Inc. is starting a new project. It plans to manufacture new type of i-Phones...

Finance
Q

How to Compare and contrast the differences between Medical billing and Dental billing?

Accounting
Q

Dwight Donovan, the president of Donovan Enterprises, is considering 2 investment opportunities. Because of limited...

Accounting