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How would his taxes be affected

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Question -

a. Itemized Deduction - Terry's adjusted gross income is $45,000. They had $7,200 in unreimbursed medical expenses. How much in medical expenses can they claim as an itemized deduction?

b. Impact on Taxes - Yumi has a marginal tax rate of 24%. He suddenly realizes that he neglected to include a $8,000 tax deduction. How will this oversight affect his taxes?

c. Impact on Taxes - If Yumi had forgotten a $8000 tax credit (instead of a $8,000 tax deduction), how would his taxes be affected?

Reference no: EM133107549

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