Zed can deduct the amount over 7% of his gross income as medical expenses on his income tax return. Is his annual salary is $16700 and his medical expenses one year were $1250 how much could he deduct on his tax return?
Do this problem the same way I showed you for your last problem.
To calculate the amount Zed can deduct on his tax return for medical expenses, we need to find 7% of his gross income first.
Step 1: Calculate 7% of Zed's gross income:
7% of $16,700 = $1,169
Step 2: Determine the amount over 7% that can be deducted:
Medical expenses for the year = $1,250
Since $1,250 is less than $1,169 (7% of Zed's gross income), Zed can deduct the full amount of his medical expenses on his tax return.
Therefore, Zed can deduct $1,250 on his tax return for medical expenses.
To calculate the amount that Zed can deduct on his tax return for medical expenses, we need to find out the 7% of his gross income and then subtract it from his actual medical expenses.
First, let's calculate 7% of Zed's gross income:
7% of $16,700 = $1,169
Next, we subtract this amount from Zed's actual medical expenses:
$1,250 - $1,169 = $81
Therefore, Zed can deduct $81 on his tax return for medical expenses.