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Given the followinginformation, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state income tax on her federal
Given the followinginformation, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state income tax on her federal taxreturn?
Federal taxable income
$52 comma 300.00
52,300.00
Federal marginal income tax rate
25
25%
State taxable income
$40 comma 110.00
40,110.00
State income tax rate
3
3%
Total sales tax paid
$1 comma 337.80
1,337.80
Assume that Salem has sufficient itemized deductions to choose itemization method over the standard deduction.
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