Question
Alice is a fifth grade elementary school teacher. In 2021, she spent $275 from her own funds to buy prizes for her students. She can
Alice is a fifth grade elementary school teacher. In 2021, she spent $275 from her own funds to buy prizes for her students. She can claim the following deduction for purchasing the prizes:
| $275 for AGI | ||
| $250 for AGI | ||
| $275 as an itemized deduction | ||
| $250 as an itemized deduction |
Eva is single and had $50,000 in wages for 2021. She contributed $750 to a charitable organization. She claimed the standard deduction. What amount, if any, can she deduct for AGI for charitable contributions in 2021?
| $0 | ||
| $750 | ||
| $300 | ||
| $250 |
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Financial Accounting Tools For Business Decision Making
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
8th Edition
1119316022, 978-1119316022
