50.1K

Verified Solution

Link Copied!

QUESTION 18 1) Mr. Smith paid the following taxes this year. Federal income tax $ 12,450 Federal self-employment tax $ 4,921 State and local income tax $ 3,450 State and local sales tax $ 4,060 Local property tax on principal residence $ 2,320 Local property tax on investment land $ 1,880 Local property tax on two automobiles $ 750 What is the amount of Mr Smith's itemized deduction for taxes? $8,400 $12,460 $10,000 $9,010 $8,260 QUESTION 19 Julie, who files as a single taxpayer, has AGI of $100,000 in 2020. She incurred the following expenses during the year: State and local income taxes State sales tax Real estate Home mortgage interest Roth IRA contribution Traditional IRA contribution Charitable contributions Medical expenses before 7.5% foor) Personal property for tax 5.800 3.200 4.800 8.000 2.000 2000 1.000 6.600 400 Julie's allowable itemized deductions are: 519.400 $21,000 519,000 $19.600 QUESTION 20 Julie, who files as a single taxpayer, has AGI of $100,000 in 2020. She incurred the following expenses during the year: State and local income taxes Contributions to a Health Savings account Student loan interest Home mortgage interest Roth IRA contribution Tradisional IRA contribution Health Insurance premiums Gambing losses (gambling winnings were $2,000) 5.800 3,200 4,000 8,000 2,000 2,000 6.000 400 Assuming Julie is NOT self-employed, Julie's allowable deductions FOR AGI (above the line) are: $7,700 $5.200 $9,200 $5,600 $8.200

Answer & Explanation Solved by verified expert

See Answer