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24 September, 04:33

Mr. and Mrs. Nedage are filing a joint tax return. While listing their deductions, they find that they can deduct $2,150 from medical bills, $826 from state taxes, $3,133 from charitable donations, and $1,331 from interest on their mortgage. The standard deduction for married couples filing jointly is $8,350. How does the standard deduction compare to the Nedages' deductions?

a.

The Nedages' deductions are $1,740 better than the standard deduction.

b.

The Nedages' deductions are $7,440 better than the standard deduction.

c.

The standard deduction is $910 better than the Nedages' deductions.

d.

The standard deduction is $9,260 better than the Nedages' deductions

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Answers (1)
  1. 24 September, 05:56
    0
    All you have to do is compare both types of deductions. Calculate first Nedages' total deductions:

    Total deductions = $2,150 + $826 + $3,133 + $1,331

    Total deductions = $7,440

    This is less than the standard deduction which is $8,350. So, let's determine by how much.

    $8,350 - $7440 = $910

    So, standard deduction is much better by $910. The answer is C.
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