to your instructor for grading. Martha, age 42, is single with no children or qualifying dependents....

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to your instructor for grading. Martha, age 42, is single with no children or qualifying dependents. In 2021, Martha received a salary of $93,000 and $5,000 of ordinary business income from ABC Partnership, these are her only sources of income. She does not participate in an employer-sponsored retirement plan. During the year she made the following payments: 7 00 Contribution to Traditional IRA Medical expenses (all qualified) Home mortgage interest ($500,000 acquisition debt) Real estate taxes paid (primary residence) State income taxes paid State sales taxes paid Unreimbursed employee business expense Charitable contributions (cash to her church) a) What is Martha's filing status for 2021? (4 points) $6,000 7,500 7,500 6,525 5,340 1,150 750 4,200 b) How much is Martha's Adjusted Gross Income for 2021? (5 points) c) How much of her medical expenses can she deduct as an itemized deduction? (4 points) d) How much her payments for taxes (state income tax, sales tax, real estate taxes) can she deduct as an itemized deduction? (4 points) e) What is her TOTAL itemized deductions for 2021? (6 points) a) How much is Martha's total 'From AGI' deductions for 2021? (5 points) f) Will Martha choose the standard deduction or itemized deduction for 2021? (2 points) < Prev with www ALATA 27 of 28 Next > **** to your instructor for grading. Martha, age 42, is single with no children or qualifying dependents. In 2021, Martha received a salary of $93,000 and $5,000 of ordinary business income from ABC Partnership, these are her only sources of income. She does not participate in an employer-sponsored retirement plan. During the year she made the following payments: 7 00 Contribution to Traditional IRA Medical expenses (all qualified) Home mortgage interest ($500,000 acquisition debt) Real estate taxes paid (primary residence) State income taxes paid State sales taxes paid Unreimbursed employee business expense Charitable contributions (cash to her church) a) What is Martha's filing status for 2021? (4 points) $6,000 7,500 7,500 6,525 5,340 1,150 750 4,200 b) How much is Martha's Adjusted Gross Income for 2021? (5 points) c) How much of her medical expenses can she deduct as an itemized deduction? (4 points) d) How much her payments for taxes (state income tax, sales tax, real estate taxes) can she deduct as an itemized deduction? (4 points) e) What is her TOTAL itemized deductions for 2021? (6 points) a) How much is Martha's total 'From AGI' deductions for 2021? (5 points) f) Will Martha choose the standard deduction or itemized deduction for 2021? (2 points) < Prev with www ALATA 27 of 28 Next > ****

Answer rating: 100% (QA)

Marthas Tax Information for 2021 a Filing Status Marthas filing status for 2021 is Single b Adjusted ... View the full answer