MrAnd MrsThibodeaux (Both Age 35),who Are Filing a Joint Return,have Adjusted

question 44

Multiple Choice

Mr.and Mrs.Thibodeaux (both age 35) ,who are filing a joint return,have adjusted gross income of $75,000.During the tax year,they paid the following medical expenses for themselves and for Mrs.Thibodeaux's mother,Mrs.Watson (age 63) .Mrs.Watson provided over one-half of her own support. Mr.and Mrs.Thibodeaux received no reimbursement for the above expenditures.What is the amount of their deductible itemized medical expenses?

• A)$1,900
• B)$2,000
• C)$4,100
• D)$9,400

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Definitions:

Cash

A form of liquid asset that includes currency, coins, bank deposits, and other mediums of exchange that can be used immediately for transactions.

Trial Balance Totals

The aggregate amounts of all debits and credits in a company's trial balance, which should match to indicate that the accounting entries are balanced.

Journal Entry

A record in the accounting journal that details all the financial transactions of a business and their impact on its accounts.

Debit Portion

Part of a financial transaction that represents an increase in assets or expenses or a decrease in liabilities or equity, according to double-entry accounting principles.