This paper circulates around the core theme of ACCT 324-Wolfgang, who is age 33, records AGI of $125,000. together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
Wolfgang, who is age 33, records AGI of $125,000. He incurs the following itemized deductions for 2015.Medical expenses [$15,000 ? (10% Ã $125,000)] $ 2,500State income taxes 4,200Charitable contributions 5,000Home mortgage interest on his personal residence 6,000Casualty loss (after $100 and 10% reductions) 1,800Miscellaneous itemized deductions [$3,500 ? 2%($125,000)] 1,000 $20,500 a. Calculate Wolfgang’s itemized deductions for AMT purposes. b. What is the total amount of his AMT adjustments from these items?