Question
During the year, McKenzie paid the following taxes. Federal income tax (withheld by employer) $1,200 State income tax (withheld by employer) $1,000 FICA tax (withheld
During the year, McKenzie paid the following taxes. Federal income tax (withheld by employer) $1,200 State income tax (withheld by employer) $1,000 FICA tax (withheld by employer) $ 500 Real property taxes $ 900 Federal auto gasoline taxes $ 200 Federal excise tax on telephone bills $ 70.
Compute Mckenzie's itemized deduction for taxes assuming none of the taxes paid are related to a trade or business.
What amount can Mckenzie claim for the current year as an itemized deduction for the taxes paid, assuming he elects to deduct state and local income taxes?
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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
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