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1 . You were single and had an adjusted gross income of $ 3 7 , 0 0 0 in 2 0 1 9 .

1. You were single and had an adjusted gross income of $37,000 in 2019. You calculated that your taxable income was $24,000 and that you owed $2,686 in federal income taxes. What is the average tax rate that you paid on your adjusted gross income and what was your marginal tax rate? 2. Rashid adjusted gross income of $40,000. He incurred the following expenses during the year: medical expenses, $1,200; property taxes, $1,900; mortgage interest, $8,400; and state income taxes, $1,600. If the standard deduction for a single filer is $12,200, should he itemize deductions? Why or why not? (6 points)3. You are in the 24 percent marginal tax bracket and itemize deductions. What impact will an additional $1,000 of itemized deductions have on your federal income taxes owed?

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