Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Josh (age 30) has AGI of $50,000 and has made the following payments 3,900 10,100 4.800 TAXES State income tax withholding Federal income tax withholding

image text in transcribed

Josh (age 30) has AGI of $50,000 and has made the following payments 3,900 10,100 4.800 TAXES State income tax withholding Federal income tax withholding FICA tax withholding State excise tax on liquor County real property tax on personal residence County real property tax on rental property Personal property tax on his car (based on value) 1,200 1,440 300 What is the total amount of taxes, BEFORE any limitations are applied, Josh will be eligible to deduct as an ITEMIZED DEDUCTION? (I'm testing whether or not you know which types of taxes are deductible..so, add up the deductible ones.) Josh (age 30) has AGI of $50,000 and has made the following payments 3,900 10,100 4.800 TAXES State income tax withholding Federal income tax withholding FICA tax withholding State excise tax on liquor County real property tax on personal residence County real property tax on rental property Personal property tax on his car (based on value) 1,200 1,440 300 What is the total amount of taxes, BEFORE any limitations are applied, Josh will be eligible to deduct as an ITEMIZED DEDUCTION? (I'm testing whether or not you know which types of taxes are deductible..so, add up the deductible ones.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions