Answered: Sam and Diane are completing their… | bartleby

SWFT Comprehensive Vol 2020

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 25P

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Sam and Diane are completing their federal income taxes for the year and have identified the amounts listed
here. How much can they rightfully deduct? (Assume itemized deductions)
• AGI: $82,000
• Medical and dental expenses: $9,200
. State income taxes: $3,700
. Mortgage interest: $10,300
Qualified charitable contributions: $1,350

O
O
O
$15,350
$16,350
$24,550
$20,850
$57,450

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Sam and Diane are completing their federal income taxes for the year and have identified the amounts listed here. How much can they rightfully deduct? (Assume itemized deductions) AGI: $83,500 Medical and dental expenses: $9,350 State income taxes: $3,850 Mortgage interest: $10,900 Qualified charitable contributions: $1,650
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Sally is self-employed as a consultant and she itemizes deductions every year. She has the following taxes during the year: · City of Denver Tax: $2,000 · State Income Tax: $4,000 · Federal Income Tax: $12,000 · Self-Employment tax: $5,000 How much can she deduct for taxes paid for the year? Group of answer choices $6,000 $8,500 $11,000 $23,000
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3

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