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Personal Finance Help 10. Given the following information, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state
Personal Finance Help
10. Given the following information, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state income tax on her federal tax return? Federal taxable income Federal marginal income tax rate State taxable income State income tax rate Total sales tax paid $50,300.00 25% $42,330.00 3% $1,418.40 Assume that Salem has sufficient itemized deductions to choose itemization method over the standard deduction. It would be better for Illinois resident Salem Marcos to: (Select best answer below.) O A. Itemize state income tax. B. Itemize sales tax. O C. No difference between the two. If she makes the effort to track the sales tax she paid, on her federal income taxes Salem Marcos could save $ (Round to the nearest cent.)Step by Step Solution
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