Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding $ 1,275 State income tax estimated payments 720 Federal income tax withholding 3,075 Social Security tax withheld from wages 1,920 State excise tax on liquor 410 Automobile license (based on the car's weight) 305 State sales tax paid 465 Calculate how much Dan can deduct for taxes as an itemized deduction this year.

Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding $ 1,275 State income tax estimated payments 720 Federal income tax withholding 3,075 Social Security tax withheld from wages 1,920 State excise tax on liquor 410 Automobile license (based on the car's weight) 305 State sales tax paid 465 Calculate how much Dan can deduct for taxes as an itemized deduction this year.

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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State income tax withholding	$ 1,275
State income tax estimated payments	720
Federal income tax withholding	3,075
Social Security tax withheld from wages	1,920
State excise tax on liquor	410
Automobile license (based on the car's weight)	305
State sales tax paid	465

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