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Q20. Zion is trying to calculate the lowest taxes he can pay for 2021. Here is a list of all information Zion believes is important

Q20. Zion is trying to calculate the lowest taxes he can pay for 2021. Here is a list of all information Zion believes is important for calculating his taxes (Hint: Zion hasn't taken FIN 205 and may include some items that aren't related to taxes).

  • Zion falls under the "Single" filing status.
  • Zion is eligible for a $12,000 standard deduction.
  • Zion had a gross income of $66,825 in 2021.
  • Zion currently has mortgage worth $350k (that he got in 2020), he paid $12,355 in interest over the course of 2021.
  • In 2021, Zion contributed $4,358 to a Roth 401K account and he also opened a traditional IRA account and contributed $3,173.
  • Zion is a student who is eligible for $2,500 in education credits.
  • In 2021, Zion made a donation to a charity of old, but still good condition, clothing that he didn't want anymore at an estimated value of $440
  • Zion spent $35,510 on renovating and redecorating his living room over the course of 2021.

What is the lowest amount of taxes Zion needs to pay given the information above?

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