Jenna (Age 50) Files Single and Reports AGI of $40,000

question 29

Short Answer

Jenna (age 50) files single and reports AGI of $40,000. This year she has incurred the following medical expenses: $$\begin{array} { | l | r | } \hline \text { State income tax withholding } & \$ 1,900 \\\hline \text { State income tax estimated } & 850 \\\text { payments } \\\hline \text { Federal inc ome tax withholding } & 7,100\\\hline \text { Social Security tax withheld from } & 4,800 \\\text { wages }\\\hline \text { State excise tax on liquor } & 400 \\\hline \text { State inheritance tax } & 1,200 \\\hline \text { County real estate tax } & 790 \\\hline \text { School district tax on realty } & 510 \\\hline\end{array}$$ Calculate the amount of medical expenses that will be included with Jenna's other itemized deductions.

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Definitions:

Balance Sheet

A financial statement that presents the assets, liabilities, and shareholders' equity of a company at a specific point in time, showing the financial position.

Fair Value

An estimate of the market value of an asset or liability, based on current prices in active markets for identical or similar items.