Compute the amount of pedros itemized deductions

Assignment Help Accounting Basics
Reference no: EM132477240

Pedro, who is a single taxpayer, had AGI of $352,800 for 2017. He incurred the following expenses during the year:

Medical expenses before 10%-of-AGI limitation       $20,180
State and local income taxes                               $10,584
Real estate taxes                                               $2,117
Home mortgage interest                                      $17,640
Charitable contributions                                      $4,234
Deductible investment interest expense                 $1,588

Question 1: Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar and use rounded amounts in subsequent calculations.

Reference no: EM132477240

Questions Cloud

Identify an analysis technique that could have identified : For three fraudulent tactics employed by CUC, identify an analysis technique that could have identified the accounting improprieties.
Develop your skills : This chapter's "Develop Your Skills" (page 225 of your textbook) feature gave you some tips on assessing job candidates.
Final case study hint110-south community hospital : South Community Hospital is a new hospital that is opening January 2. The facility will have an active clinic and Emergency Room in addition to inpatient servic
Compute the annual worth of a project with the cash flows : Compute the annual worth of a project with the cash flows described in the table below. Assume 8% minimum attractive rate of return ?
Compute the amount of pedros itemized deductions : Compute the amount of Pedro's itemized deductions after any applicable reductions and/or limitations. Round your computations to the nearest dollar
Organizational conditions and personal characteristics : Identify ways to minimize organizational politics. Explain how one might relate to a real-world scenario professionally or personally.
Calculate the net present worth of the investment : Calculate the net present worth of the investment? Clean machine Inc. has been presented with a proposal to open a new maintenance
Describe three strategies to minimize relationship : Distinguish constructive from relationship conflict, and describe three strategies to minimize relationship conflict during constructive conflict episodes.
Marketing plan for a company of brar restaurant : Prepare a Marketing Plan for a company of Brar Restaurant - Create a company of Brar Restaurant. It will be an Indian Cuisine

Reviews

Write a Review

Accounting Basics Questions & Answers

  Complete a separate depreciation schedule

Purity Ice Cream Company bought a new ice cream maker at the beginning of the year at a cost of $10,000. Complete a separate depreciation schedule

  Discuss interest on debt securities purchased in transaction

Prepare journal entries to record the following transactions involving the short-term securities investments of Prairie Co., all of which occurred during year.

  What is the present value today of these future cash flows

You have decided to discount these cash flows at a constant interest rate of 5.9%. What is the present value today of these future cash flows

  Analyze the key accounting requirements

Select two (2) out of the three (3) choices provided in the above scenario, and analyze the key accounting requirements for each of the two (2) choices.

  How much the preferred and common shareholders will receive

No dividends have been paid since December 31, 2010. Instructions - Calculate how much the preferred and common shareholders will receive

  How much return do we earn on concessions

What types of movies generate the greatest net income? Required Assume that you are the new accounting manager for a 16-screen movie theater.

  How did you receive the information

How did you receive the information? What is good or bad news? Do you believe you were the right person to receive the information? Why or Why Not?

  Pierce company issued 11 bonds dated january 1 with a face

pierce company issued 11 bonds dated january 1 with a face amount of 800000 on january 1 2009. the bonds sold for

  Make related journal entry for the current year

In 2015 Tetra Corp generated $583,000 in revenues and incurs $276,000 In expenses. There arc no permanent or temporary book-tax differences.

  North pole cruise lines issued preferred stock many years

north pole cruise lines issued preferred stock many years ago.it carries a fixed dividend of 6 per share. with the

  In addition to the brand value what other unrecorded ie

in addition to the brand value what other unrecorded i.e. internally developed intangibles would you expect an

  What is the daily earnings at risk for this bond

Follow Bank has a $1 million position in a five-year, zero-coupon bond with a face value of $1,402,552. What is the daily earnings at risk for this bond

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd