You discovered you can deduct medical expenses over 6% of your income. Your income is $42,000, and you had medical expenses of $567. What portion of your medical expenses can you deduct?

a) $0

b) $34

c) $567

d) $2,520

Answer

c) $567

Explanation

The income is $42,000

6% 0f $42,000 = 6/100 * 42,000

= 0.06*42,000

= $2,520

This is more than your medical expense. This means that the portion that your medical expense that you can deduct is the whole amount, $567.

Your total income is 42,000 dollars and you can deduct 6% of medical expenses from your income.

Now you have 567 dollars medical expenses. Let's solve for the portion of medical expenses we can deduct

=> 6% of your income is Letter 2 520 dollars, since your medical expenses is only 567 dollars, thus you can deduct this all.