Question
During 2015, Seth, a self - employed individual paid the following taxes Federal income tax sent in on form 1040-ES : $5000 CA State income
During 2015, Seth, a self - employed individual paid the following taxes
Federal income tax sent in on form 1040-ES : $5000
CA State income tax sent in on form 540-ES : $ 2000
Real eastate taxes on land in South America (held as an investment): $900
Personal property taxes based upon value (ad valorem tax): $ 500
Federal Self-employment (S/E) tax on net Self - Employmed earnings: $ 800
What amount can Seth claim as an itemized deduction on Schedule A for taxes paid during 2015, assuming he elects to deduct state and local income taxes?
a. $8,400
b. $4,200
c. $ 3,400
d. $ 2,500
e. None of the above
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