Question
During 2022, Mark paid the following amounts: Federal income tax withheld- $7,500 State income tax - $7,000 Real estate taxes on his home - $800
During 2022, Mark paid the following amounts:
- Federal income tax withheld- $7,500
- State income tax - $7,000
- Real estate taxes on his home - $800
- State sales taxes - $4,600
- State license fee - $300.
What amount can he deduct as taxes by itemizing his deductions (Schedule A, line 17)? Enter as number.
2. Frank is 50 years old and works as an engineer for a private company. The following items are for 2022.
He had out of pocket medical expenses (not covered by insurance) of $9,000.
He had $5,500 withheld for state income taxes and $1,500 for local income taxes.
He paid $6,000 in real estate taxes.
He had home mortgage interest of $12,000 for a mortgage used to purchase in personal residence.
He contributed $14,000 to public charity.
His Adjusted Gross Income was $100,000.
He will file as Single.
What is the total of his itemized deductions?
Step by Step Solution
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To determine the amount that Mark can deduct as taxes by itemizing his deductions Schedule A line 17 ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
