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please answer all the questions Required information The following information applies to the questions displayed below) Mickey and Jenny Porter file a joint tax return,
please answer all the questions
Required information The following information applies to the questions displayed below) Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,500 in investment expenses. They also incur $5,500 of investment interest expense during the year. The Porters' income for the year consists of $180,000 in salary and $4,600 of interest income. a. What is the amount of the Porters' investment interest expense deduction for the year? Investment interest expense deduction Required information [The following information applies to the questions displayed below.) Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur $3,500 in investment expenses. They also incur $5,500 of investment interest expense during the year. The Porters' income for the year consists of $180,000 in salary and $4,600 of interest income. b. What would their investment interest expense deduction be if they also had a ($2,700) long-term capital loss? Investment interest expense deduction Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding State income tax estimated payments Federal income tax withholding Social Security tax withheld from wages State excise tax on liquor Automobile license (based on the car's weight) State sales tax paid $ 1,600 980 3,400 2,180 540 370 660 Calculate how much Dan can deduct for taxes as an itemized deduction this year Deductible taxes Step by Step Solution
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