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Jerome is single and age 28. Assume tax laws in 2021 are as described in the textbook, as supplemented by postings on Carmen and information
Jerome is single and age 28. Assume tax laws in 2021 are as described in the textbook, as supplemented by postings on Carmen and information in lectures. If no information is given about something, assume zero, e.g., zero contributions to an IRA. Line numbers for IRS forms refer to the 2021 forms posted on Carmen. Use 2021 tables for all calculations. Assume he files in a way that legally minimizes his federal income tax. 2021 Expenditures: Mortgage interest payments = $12,000. Charitable contributions to the U.S. Red Cross =$2,400. Real estate taxes = $9,000. Medical expenses not covered by insurance = $9,900. Totals from W2 forms Box 1 wages 20,000 2,000 Box 2 federal income tax withheld in 2021 Box 17, state income tax withheld in 2021 Box 19, local income tax withheld in 2021 1,000 0 What is the total of itemized deductions for 2021
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