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23 July, 09:34

Kaye Blanchard is 50 years old. She has $30,000 of adjusted gross income and $8,000 of qualified medical expenses. She will be itemizing her tax deductions this year. How much of a tax deduction will Kaye be able to deduct (assume 10% floor for deduction) ?

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  1. 23 July, 09:54
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    deductible expenses = $5000

    Explanation:

    given data

    gross income = $30,000

    medical expenses = $8,000

    floor for deduction = 10 %

    to find out

    How much of a tax deduction will Kaye be able to deduct

    solution

    we find here deductible expenses that is express as

    deductible expenses = medical expenses - (10% * gross income) ... 1

    put here value we get

    deductible expenses = 8000 - (10% * $30,000)

    deductible expenses = 8000 - (3000)

    deductible expenses = $5000
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