Reference no: EM13953615
Given the following data, calculate the adjusted gross income (AGI) for David Brown's family. What are their total itemized deductions? How many personal exemptions do they receive, and how much does that save them in taxes if each exemption is worth $3,650 and they are in the 15 % marginal tax bracket? David is married and has two dependent children. Show all work for full credit. Make sure you account for each piece of data given.
W-2 Wages $50,000
Mortgage Interest Paid 6,500
Dividends Received 500
Long-Term Capital Gains 2,000
Long-Term Capital (Loss) 500
Interest Income 50
State Tax Refund 300
Deductible IRA Contribution 5,000
Property Taxes Paid 1,200
Rental Prop. Passive Income 2,500
Charitable Contributions 5,000
Medical Expenses 4,500
Alimony Paid to Ex Wife 4,000
Unreimbursed Employee
Misc. Expenses 900
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: Given the following data, calculate the adjusted gross income (AGI) for David Brown's family. What are their total itemized deductions? How many personal exemptions do they receive, and how much does that save them in taxes if each exemption is worth..
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