A single taxpayer has the following information for 2020:$195,00023,5001,5008,90014,800AGIState income taxesState sales taxReal estate taxesGambling losses (gambling gains were S$5,000)The taxpayer's total allowable itemized deductions for 2020 are:A) $15,000B) $47,200C) $38,900D) $24,800

Introduction: A taxpayer is any individual or corporate organization that pays taxes to the federal,…

A single taxpayer has the following information for 2020: AGI State income taxes State sales tax $195,000 23,500 1,500 8,900 14,800 Real estate taxes Gambling losses (gambling gains were $5,000) The taxpayer's total allowable itemized deductions for 2020 are: A) $15,000 3) $47,200 $38,900 D) $24,800

A single taxpayer has the following information for 2020: AGI State income taxes State sales tax $195,000 23,500 1,500 8,900 14,800 Real estate taxes Gambling losses (gambling gains were $5,000) The taxpayer's total allowable itemized deductions for 2020 are: A) $15,000 3) $47,200 $38,900 D) $24,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

A single taxpayer has the following information for 2020:
$195,000
23,500
1,500
8,900
14,800
AGI
State income taxes
State sales tax
Real estate taxes
Gambling losses (gambling gains were S$5,000)
The taxpayer's total allowable itemized deductions for 2020 are:
A) $15,000
B) $47,200
C) $38,900
D) $24,800

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