Question
1/ during the current year, George, a salaried taxpayer, paid the following taxes which were not incurred in connection with a trade or business: Federal
1/ during the current year, George, a salaried taxpayer, paid the following taxes which were not incurred in connection with a trade or business: Federal income tax ( withheld by employer) $1500; state income tax ( withheld by employer) $ 1100; FICA tax (withheld by employer) $700; real property taxes $300; federal auto gasoline taxes $200; federal excise tax on telephone bills $50. what amount can George claim for the current year as an itemized deduction for the taxes paid, assuming he elects to deduct state and local income taxes? a. $1100 b. $1150 c. $1400 d. $2000 e. none of the above.
2/ roberto,age 50, has agi of $110000 for 2015. he has medical expenses of $13200. how much of the medical expenses can roberto deduct on his schedule A for 2015? a.0 b.4950 c.11000 d.13200 e.none of above
3/ steve goes to tri-state university and pays $40000 in tuition. steve works a part time job to pay for his schooling and has an agi of 17000. how much is his american opportunity tax credit? a. 2000 b. 2500 c. 4000 d. 1000 e. he does not qualify for the american opportunity tax credit.
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