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The Tanakas filed jointly in 2019.Their AGI is $120,000.They reported $10,000 of qualified business income and $26,000 of itemized deductions.They also have two dependent qualifying children.The 2019 standard deduction amount for MFJ taxpayers is $24,400.What is the total amount of from AGI deductions they are allowed to claim on their 2019 tax return?
Money
A medium of exchange that is widely accepted in transactions for goods and services and repayment of debts.
Wealth
The total value of all financial assets and physical possessions owned by an individual or entity, minus any debts.
Required Reserve Ratio
The percentage of deposits that banks are mandated to keep on hand and not lend out, as regulated by central banking authorities.
Money Supply
The total amount of monetary assets available in an economy at any given time, including cash, coins, and balances held in checking and savings accounts.
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