mr. and mrs. nedage are filing a joint tax return. while listing their deductions, they find that they can…

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. please select the best answer from the choices provided
Answer
Explanation:
Step1: Calculate total itemized deductions
Add up all the itemized deductions: $2150 + 826+3133 + 1331=$7440$.
Step2: Compare with standard deduction
Find the difference between the standard deduction and the total itemized deductions. The standard deduction is $8350$. So, $8350 - 7440=$910$. Since the standard - deduction is larger, the standard deduction is $910$ better than the Nedages' deductions.
Answer:
C. The standard deduction is $910$ better than the Nedages' deductions.