1.What are the three general categories of deductions? 2.For 2018, Mario, a single individual with no dependents,...

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1.What are the three general categories of deductions?

2.For 2018, Mario, a single individual with no dependents, receives income of $55,000 and incurs deductible expenses of $9,000

a. What is Marios taxable income assuming that the expenses are deductions for AGI?

b. What is Marios taxable income assuming that the expenses are itemized deductions from AGI?

Make sure to use the Tax Rate Schedule.

Posted Date: Jun 01, 2024 01:19 AM

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1.What are the three general categories of deductions? 2.For 2018, Mario, a single individual with no dependents,...

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