Pat, who is age 66 and single with no dependents, received a salary of $90,000 in 2017.
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Medical expenses (before 10%-of-AGI floor) ...................................... $12,000
State income taxes ......................................................................... 4,100
Real estate taxes ........................................................................... 2,800
Mortgage interest on residence ......................................................... 3,100
Investment interest expense ............................................................. 1,800
Gambling losses ........................................................................... 5,100
Compute Pat's tentative minimum tax for 2017.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Related Book For
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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