Deductible amount is $10,250
A deductible is an expense that an individual taxpayer or a business can deduct from adjusted gross income when filling out a tax form. Deductible expenses lower taxable income and, as a result, the amount of income taxes owed.
Most wage earners take the standard deduction; however, those with extremely high deductible expenses can itemize to reduce their tax bill.
Individual tax deductions for individuals include student loan interest, self-employment expenses, charitable donation deductions, and mortgage interest deductions.
Payroll, utilities, rent, leases, and other operational costs are examples of business deductibles.
The amount of tax levied on the taxpayer is referred to as his or her income tax liability. It represents the total amount of tax owed to the government. Once paid, it will contribute to the total amount required by the government to fund its projects.
Threshold amount
=Adjusted gross income × Threshold rate
=$66,000 × 0.75
=$4950
Deductible amount
=Qualified medical expenses - Threshold amount
=$15,200 - $4950
=$10,250
Deductible amount is $10,250
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