QUESTION 5 Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year Tim paid $1,020 with his state income tax return for the previous year. During the year, Tim had $5,400 of state income tax and $18,250 of federal income tax withheld from his salary. In addition, Tim made estimated payments of $1,460 and $1,900 of state and federal income taxes, respectively. Finally, Tim expects to receive a refund of $500 for state income taxes when he files his state tax return for this year in April next year.What is the amount of taxes that Tim can deduct as an itemized deduction? QUESTION 6 This year Randy paid S27,000 of interest (Randy borrowed $450,000 to buy his residence, and it is currently worth $500,000) Randy also paid S2,500 of interest on his car loan and $4,200 of margin interest to his stockbroker (investment interest expense). Randy received $2,200 of interest this year and no other investment income or expenses. HIS AGI IS $75,000. How much of this interest expense can Randy deduct as an itemized deduction