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Trevor is a single individual who is a cash - method, calendar - year taxpayer. For each of the next two years ( 2 0
Trevor is a single individual who is a cashmethod, calendaryear taxpayer. For each of the next two years and Trevor expects to report salary of $ contribute $ to charity, and pay $ in state income taxes.
Required:
a Estimate Trevor's taxable income for and using the amounts for the standard deduction for both years.
b Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of Estimate Trevor's taxable income for each of the next two years using the amounts for the standard deduction.
c Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $ and $ respectively, each year. Estimate Trevor's taxable income for each of the next two years and using the amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $ and state tax payments of $ in each year.
d Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $ and $ respectively, each year. Assume that Trevor makes the charitable contribution for in December of Estimate Trevor's taxable income for and using the amounts for the standard deduction. Reconcile the total taxable income to your solution to part c
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Estimate Trevor's taxable income for and using the amounts for the standard deduction for both years.
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tableSalary$$Itemized deductions,,
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