Mr. and Mrs. Compton paid $9,280 of medical expenses that were not reimbursed by their private...

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Accounting

Mr. and Mrs. Compton paid $9,280 of medical expenses that werenot reimbursed by their private insurance provider.
Compute the after-tax cost of these expenses assuming that theComptons itemize deductions on their joint tax return, their AGI is$87,000, and their marginal tax rate is 24 percent.
Compute the after-tax cost of these expenses assuming that theComptons itemize deductions on their joint tax return, their AGI is$424,000, and their marginal tax rate is 35 percent.
Compute the after-tax cost of these expenses assuming that theComptons take the standard deduction on their joint tax return,their AGI is $39,000, and their marginal tax rate is 12percent.

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IN ORDER TO CALCULATE THE AFTER TAX COST OF THE MEDICAL EXPENSES FIRST SHOULD KNOW THAT THERE IS A FLOOR LEVEL FOR MEDICAL EXPENSES DEDUCTIONS THAT FLOOR OR LEVEL MEANS CAN DEDUCT QUALIFIED MEDICAL See Answer

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