question 21 (4 points)\nyour adjusted gross income is $110,136.40. you paid $10,247.85 of interest on a…

question 21 (4 points)\nyour adjusted gross income is $110,136.40. you paid $10,247.85 of interest on a mortgage loan, $11,490.96 for medical expenses, and made a charitable contribution of $1,138.29. the standard deduction for single filers is $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:

question 21 (4 points)\nyour adjusted gross income is $110,136.40. you paid $10,247.85 of interest on a mortgage loan, $11,490.96 for medical expenses, and made a charitable contribution of $1,138.29. the standard deduction for single filers is $14,600. what is your taxable income?\nenter the dollar amount rounded to the nearest cent.\nyour answer:

Answer

Explanation:

Step1: Determine deductible amount

We compare itemized deductions and standard deduction. Itemized deductions are sum of mortgage interest, medical expenses and charitable contribution. $10247.85 + 11490.96+1138.29 = 22877.1$ Since $22877.1>14600$, we use itemized deductions.

Step2: Calculate taxable income

Taxable income = Adjusted gross income - Itemized deductions $110136.40 - 22877.1=87259.3$

Answer:

$87259.30$