Mike and Sally Card file a joint return for the 2020 tax year. Their adjusted gross income is $65,000 and they incur the following interest expenses: Qualified education loans $3,500 Personal loan 1,000 Home mortgage loan 4,000 Loan used to purchase a variety of stocks, bonds, and securities. 15,000 Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally’s interest deduction for the 2020 tax year?

Q: Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a…

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Q: Drake and Davina are married and file a joint return for 2021 with taxable income of $100,000 and…

A: Introduction: Your tax liability is the sum of income you owe to taxing authorities such as your…

Q: ואום 32

A: Individual Retirement Account is a way for an individual for savings for future with tax…

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A: SOLUTION- DEDUCTION- IT IS THE INVESTMENT/EXPENDITURE THAT HELPS IN REDUCING THE TAX PAYABLE.

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A:

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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.