Question

For a person to take more than the standard deduction on taxes, his or her itemized deductions must exceed the standard deduction. Because the Colemans' filing status is married filing jointly, their standard deduction is 11,400 dollars in 2010 . If the Colemans already have the following itemized deductions, how much are they lacking to reach the level of the standard deduction? Medical and dental expenses: 2420 dollars Taxes paid: 2447 dollars Charitable donations: 1200 dollars

Name: Problem 45, Chapter 4: Prealgebra
Uploaded: 2020-05-10T20:34:57-08:00
Duration: 1 min 4 s
Channel: Cory Kuzinski

   For a person to take more than the standard deduction on taxes, his or her itemized deductions must exceed the standard deduction. Because the Colemans' filing status is married filing jointly, their standard deduction is 11,400 dollars in 2010 . If the Colemans already have the following itemized deductions, how much are they lacking to reach the level of the standard deduction?
Medical and dental expenses: 2420 dollars
Taxes paid: 2447 dollars
Charitable donations: 1200 dollars

Prealgebra

Tom Carson 4th Edition

Chapter 4, Problem 45

Instant Answer

Solved by Expert Cory Kuzinski

05/10/2020

Step 1

This can be done by adding up their medical and dental expenses, taxes paid, and charitable donations. In mathematical terms, this can be represented as: \[2420 + 2447 + 1200 = n\] Show more…

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For a person to take more than the standard deduction on taxes, his or her itemized deductions must exceed the standard deduction. Because the Colemans' filing status is married filing jointly, their standard deduction is 11,400 dollars in 2010 . If the Colemans already have the following itemized deductions, how much are they lacking to reach the level of the standard deduction? Medical and dental expenses: 2420 dollars Taxes paid: 2447 dollars Charitable donations: 1200 dollars

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Key Concepts

Filing Status

Filing status determines the filing group for tax purposes, such as single, married filing jointly, or head of household, and impacts various tax parameters including the size of the standard deduction.

Itemized Deductions

Itemized deductions are specific expenses that taxpayers can claim to reduce their taxable income. These may include medical expenses, taxes paid, and charitable contributions, among others, and must be listed individually instead of taking the standard deduction.

Standard Deduction

The standard deduction is a fixed dollar amount that reduces the income on which you are taxed. It is available to taxpayers who do not itemize their deductions, and its amount varies depending on the taxpayer's filing status and tax year.

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