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

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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