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Business, 01.03.2021 20:30 bee1538

Billy, single and age 42, has the following items of income and expense for the current tax year. Wages: $60,000 Interest: $1,000 Inheritance: $50,000 Alimony paid: $10,000 Child support paid: $8,000 Federal taxes paid: $5,000 State income taxes paid: $2,000 Medical expenses: $7,500 Tickets from his employer for one basketball game: $100 How much of the medical expenses can he utilize as an itemized deduction (reminder: take larger standard or itemized deduction)

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Billy, single and age 42, has the following items of income and expense for the current tax year. Wa...
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