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Marginal federal income tax bracket

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Reference no: EM131624532

Part 1: The Smith family would like to itemize its deductions for the current tax year. The Smiths' adjusted gross income (AGI) is $85,000. Their filing status is Married Filing Jointly. Looking at the items below, which ones can they itemize, and what is the total they can take on their Schedule A itemized deductions?

Show all of your work to obtain full credit.

Part 2: Assuming that the Smiths' standard deduction would be $11,400 for this tax year and that they are in the 25% marginal federal income tax bracket, how much does itemizing save their family in taxes?

Medical expenses                            5,000

State income taxes paid                   5,000

Real estate taxes                            4,000

Home mortgage interest paid            10,000

Gifts to charity                                2,000

Credit card interest                          1,000

Unreimbursed employee expenses        2,000

Reference no: EM131624532

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