Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding $ 1,025 State income tax estimated payments 520 Federal income tax withholding 2,825 Social Security tax withheld from wages 1,720 State excise tax on liquor 310 Automobile license (based on the car’s weight) 255 State sales tax paid 315 Calculate how much Dan can deduct for taxes as an itemized deduction this year. Deductible taxes?
Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding $ 1,025 State income tax estimated payments 520 Federal income tax withholding 2,825 Social Security tax withheld from wages 1,720 State excise tax on liquor 310 Automobile license (based on the car’s weight) 255 State sales tax paid 315 Calculate how much Dan can deduct for taxes as an itemized deduction this year. Deductible taxes?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Dan has AGI of $50,000 and paid the following taxes during this tax year.
State income tax withholding | $ | 1,025 |
State income tax estimated payments | 520 | |
Federal income tax withholding | 2,825 | |
Social Security tax withheld from wages | 1,720 | |
State excise tax on liquor | 310 | |
Automobile license (based on the car’s weight) | 255 | |
State sales tax paid | 315 | |
|
Calculate how much Dan can deduct for taxes as an itemized deduction this year.
Deductible taxes?
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