00:01
Now from the given mcq, calculate the threshold amount in the meganas case where agi for the tax year $70 ,000.
00:16
To calculate the threshold amount we are using the formula from the given data that is threshold amount equals to 77 .5 % of agi, threshold amount equals to 0 .075 and 60 % $70 ,000.
00:52
So the threshold amount is equal to $5 ,250.
00:58
And now the allowable medical and dental expenses are total of a qualifying expenses that is seen by threshold.
01:07
Let's calculate the qualifying expenses.
01:13
Now the prescription is $1 ,480.
01:25
Doctors co -pay that is $950.
01:35
And dental bill is $2 ,800.
01:42
And protective tummy, that surgery is $6 ,500.
01:55
And health insurance premium after tax is $1 ,800.
02:03
Now we need to calculate the total qualifying expenses...