10. The Hastlehoff family took 5%2 hours to gather information for their Schedule A. The itemized deductions saved them $4,095 in taxes. What was the mean savings per hour to fill out Schedule A? Round to the nearest dollar.
10. The Hastlehoff family took 5%2 hours to gather information for their Schedule A. The itemized deductions saved them $4,095 in taxes. What was the mean savings per hour to fill out Schedule A? Round to the nearest dollar.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:SCHEDULES A&B
(Form 1040)
Department of the Treasury
Internal Revenue Service
Namets) shown on Form
Medical
and
Dental
Expenses
Taxes You
Paid
(See
page A-2.)
Interest
You Paid
(See
page A-5.)
Note.
Personal
interest is
not
deductible.
Gifts to
Charity
If you made a
gift and got a
benefit for it.
see page A-7.
(See
page A-9)
Other
Miscellaneous
Deductions
Total
Itemized
Deductions
Q1 S
9
10
11
Job Expenses 21
and Certain
Miscellaneous
Deductions 22
Casualty and
Theft Losses 20
1
2
Enter amount from Form 1040, line 38
3
Multiply line 2 by 7.5% (075)
4 Subtract line 3 from line 1. If line 3 is more than line 1, enter -0-
5
State and local (check only one box):
15
16
(99)
1040
a
b
6 Real estate taxes (see page A-5)
7
Personal property taxes
8
Other taxes. List type and amount
17
Attach to Form 1040,
Schedule A-Itemized Deductions
(Schedule B is on back)
► See Instructions for Schedules A&B (Form 1040).
Caution. Do not include expenses reimbursed or paid by others.
Medical and dental expenses (see page A-1)
L2117017-1
Income taxes, or
General sales taxes
Financial Math 2 Binder
....
Add lines 5 through 8
12 Points not reported to you on Form 1098. See page A-6)
for special rules
.
13 Qualified mortgage insurance premiums (see page A-6)
14 Investment interest. Attach Form 4952 if required. (See
page A-6.)
Add lines 10 through 14
Gifts by cash or check. If you made any gift of $250 or
more, see page A-7
.
Other than by cash or check. If any gift of $250 or more,
see page A-8. You must attach Form 8283 if over $500
18 Carryover from prior year
19
Add lines 16 through 18
.......
Casualty or theft loss(es). Attach Form 4684. (See page A-8.)
Unreimbursed employee expenses-job travel, union dues, job
education, etc. Attach Form 2106 or 2106-EZ if required. (See page
A-9.)
Tax preparation fees
23 Other expenses-investment, safe deposit box, etc. List type and
amount
*******
Home mortgage interest and points reported to you on Form 109810 2016
Home mortgage interest not reported to you on Form 1098. If paid
to the person from whom you bought the home, see page A-6
and show that person's name, identifying no. and address
Add lines 21 through 23
Enter amount from Form 1040, line 38
25
For Paperwork Reduction Act Notice, see Farm 1040 instructions.
1 3160 00
+
.
5
6
7
8
11
12
13
14
16
24
25
26 Multiply line 25 by 2% (02)
26
27
Subtract line 26 from line 24. If line 26 is more than line 24, enter -0-
Other-from list on page A-10. List type and amount
28
17
18
21 11290
22
23
24
4245
164
29 Is Form 1040, line 38, over $159,950 (over $79,975 if married filing separately)?
No.
Your deduction is not limited. Add the amounts in the far right column for
lines 4 through 28. Also, enter this amount on Form 1040, line 40.
Yes. Your deduction may be limited. See page A-10 for the amount to enter.
30 If you elect to itemize deductions even though they are less than your standard
deduction, check here
Cat. No. 11330X
Attachment
Sequence No. 07
Your social security number
4
OMB No. 1545-0074
9
15 2096
19
20 1429
27
28
29
00
5562 60
Schedule A (Farm 1040) 2008
43
Transcribed Image Text:10. The Hastlehoff family took 5%2 hours to gather information for their Schedule A. The itemized
deductions saved them $4,095 in taxes. What was the mean savings per hour to fill out
Schedule A? Round to the nearest dollar.
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