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Based on the following information calculate Mary's income taxes. Her income tax rate is 10%: Earned wages of $10,000 Paid property taxes to Los Angeles of $100 Paid $200 of interest on her home equity loan (she took out the equity loan in order to repair her home's roof) Had a theft loss of $300 (theft did not occur in a federally declared disaster area) Made a $400 donation to a charity Paid $500 in union dues Paid $600 of interest on her student loans Paid $700 in dental appointments Paid $800 in child support Qualified for a $100 adoption tax credit

Based on the following information calculate Mary's income taxes. Her income tax rate is 10%: Earned wages of $10,000 Paid property taxes to Los Angeles of $100 Paid $200 of interest on her home equity loan (she took out the equity loan in order to repair her home's roof) Had a theft loss of $300 (theft did not occur in a federally declared disaster area) Made a $400 donation to a charity Paid $500 in union dues Paid $600 of interest on her student loans Paid $700 in dental appointments Paid $800 in child support Qualified for a $100 adoption tax credit

FINANCIAL ACCOUNTING
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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Based on the following information calculate Mary's income taxes. Her income tax rate is 10%: Earned wages of $10,000 Paid property taxes to Los Angeles of $100 Paid $200 of interest on her home equity loan (she took out the equity loan in order to repair her home's roof) Had a theft loss of $300 (theft did not occur in a federally declared disaster area) Made a $400 donation to a charity Paid $500 in union dues Paid $600 of interest on her student loans Paid $700 in dental appointments Paid $800 in child support Qualified for a $100 adoption tax credit I
Transcribed Image Text:Based on the following information calculate Mary's income taxes. Her income tax rate is 10%: Earned wages of $10,000 Paid property taxes to Los Angeles of $100 Paid $200 of interest on her home equity loan (she took out the equity loan in order to repair her home's roof) Had a theft loss of $300 (theft did not occur in a federally declared disaster area) Made a $400 donation to a charity Paid $500 in union dues Paid $600 of interest on her student loans Paid $700 in dental appointments Paid $800 in child support Qualified for a $100 adoption tax credit I
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