Question
Antonio is a small business owner and files jointly with his spouse. In 2020, he generates $100,000 of net profits from his business. His spouse,
Antonio is a small business owner and files jointly with his spouse. In 2020, he generates $100,000 of net profits from his business. His spouse, Maria, has $4,000 of state income tax withheld from her wages in 2020. They also pay $4,500 in property taxes on their home. Antonio determines that their state income taxes associated with his business are about $5,600 and makes estimated state income tax payments of that amount in 2020. How much should Antonio and Maria deduct for state taxes? a.Itemized deductions of $10,000 and deduct $5,100 for taxes on Antonio's Schedule C for his business b.Itemized deductions of $10,000 c.Itemized deductions of $4,000 and deduct $5,600 for taxes on Antonio's Schedule C for his business d.Itemized deductions of $9,500 and deduct $5,600 for taxes on Antonio's Schedule C for his business
Itemized deductions of $10,000 and deduct $5,100 for taxes on Antonio's Schedule C for his business
b.Itemized deductions of $10,000
c.Itemized deductions of $4,000 and deduct $5,600 for taxes on Antonio's Schedule C for his business
d.Itemized deductions of $9,500 and deduct $5,600 for taxes on Antonio's Schedule C for his business
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