Question

Johnathan and Rebecca are married and file a join return. In 2019, Johnathan earned $75,000 from his job as a medical assistant. Johnathan is a participant in his employer's medical plan and his employer pays his premiums of $5,000 per year. Rebecca earned $50,000 in her entry level accounting job. Rebecca is studying for the CPA exam. Her employer requires her to belong to the Colorado Society of CPAs in anticipation of completing her licensure. The company pays her dues of $300 per year so she can maintain her membership. In 2019, Johnathan's aunt Gertrude sent him a check for $10,000 because he was her favorite nephew. Rebecca owns City of Metropolis bonds that paid interest of $500 for the year. The couple had the following other expenses for 2019: Out of pocket medical costs $7,000 State income taxes $4,000 Mortgage principal $12,000 and interest $5,500 Federal income taxes $10,000 Charitable contribution paid to a 501c3 organization $10,000 The standard deduction for a married couple for 2019 was $24,400. Based upon the above facts, provide your answer to calculate the following:

Answer 1

Tomable Income Statement particular ++ & & & Johnathan Earned. Medical premium peid by Employer. Rebecca earnings. Membership fee of Rebecca Interest boands 00 Git Received Amount $ 75000 sono 50,000 300 500 10,000 rows Total Income. 140,800 Less 300 lo,oro Membership fee paid by Company. Gritt Received by aunt Interest on bonds. (pemium Medical plan paid by Employer STO soro Adjusted Total Income 125000 less 10,000 Charity contribution. Medical Cost State Income taxe. Mostage ponuple Interest 7000 urro 5 STO fedral Tax 10,000 Taxable Income. 88.500

A Asuwere Question. 1 Taxeble Income option - D. (Baised on statement 2$140800 Question - 3 Johnathan and Rebecca Taxable Income 88500 option. -C. Question. - 4 Johoathan and Itemized ith the option . Rebecca with take the deduction 21 3600 because ut best I higher of of the too 2440s # Standard deductions. Itemized deductions - Charity Contabution + State Local tanes, & Medical Cost & Mortagal principle. 7000 + 10,000 + 10,000+4000 + sroo $ 3500