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14. You are married and filing jointly. Combined wages were $75,300, and deductible expenses were $18,300 in mortgage interest payments, $2,800 in charitable contributions, and

14. You are married and filing jointly. Combined wages were $75,300, and deductible expenses were $18,300 in mortgage interest payments, $2,800 in charitable contributions, and $3,950 in state and local taxes. Decide whether you should itemize your deductions or take the standard deduction? Explain why? (Assume the standard deduction values in Table 4E.1 in the attached formulas document.)

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