Dan has AGI of 50,000 and paid the following taxes during this tax year: State income withholding 2,270 State income tax estimated payments 925 Federal Income tax withholding 3,620 Social Security tax withheld from wages 2,110 State excise tax on liquor 830 Automobile license (based on the car's weight
Dan has AGI of 50,000 and paid the following taxes during this tax year: State income withholding 2,270 State income tax estimated payments 925 Federal Income tax withholding 3,620 Social Security tax withheld from wages 2,110 State excise tax on liquor 830 Automobile license (based on the car's weight
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Dan has AGI of 50,000 and paid the following taxes during this tax year:
State income withholding 2,270
State income tax estimated payments 925
Federal Income tax withholding 3,620
Social Security tax withheld from wages 2,110
State excise tax on liquor 830
Automobile license (based on the car's weight) 660
State sale tax paid 925
Calculate the amount of taxes Dan may include in his itemized deductions for the year.
The answer given was 13450 but I have no idea how we got to that number.
My answer was 2270 + 925 = 3195.
Where am I going wrong?
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