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Ellen and Rick are married with one dependent child. They have AGI of $355,250, and itemized deductions consisting of $20,000 state income taxes and $20,000 medical expenses, after applying the 10 percent of AGI limitation.
Compute the following for 2014:
a. Itemized deductions allowed after the phase-out for high-income taxpayers.
b. Exemption deductions (ordinarily $3,950 x 3) after the high-income phase-out.
c. Taxable income.
Alternate
To occur or happen in succession; to switch between two or more states, actions, or conditions.
Leaf Arrangement
The pattern or configuration of leaves on the stem of a plant, which can be alternate, opposite, or whorled, among others.
Node
A point along a stem or branch at which leaves, branches, or flowers originate; in networks, a node is a junction or connection point.
Compound Leaves
Compound leaves have a leaf structure where a single leaf is divided into multiple leaflets, each connected to the whole leaf via a petiole.
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