Question

Makeown, Thomas Andrew - AaBBC AaBbcc Aab Alb Heading! Heading Title Subtitle Alb Subtle im Albce dobe Aalb Emphanin Intense E Strong Alb Quote Alb Intense a ABECEDE A subtle Red Intersete A Book Title 26) Charles has AGI of $70,000 and has made the following payments $1.900 es in weekend an almost a 7.100 4800 State income tax withholding State income tax estimated payments Federal income tax withholding Social Security tax withheld from was State excise tax on liquor Suate inhentance to County real estate tax School district tax on realty Calculate the amount of taxes that Charles can include with his mized deductions that Dennis Seductions, what ed the following 27 Karend Chad (apes 30 and 31, respectively) are married and together we $110,000 of AGE This year they have recorded the following expenses os debt of $300.000) Home more interess Real estate 2900 1.330 Medical expenses Foployee businesses ( m ed Charable costutions as to the church) Karen and Chadwill file married out Calculate the table 1,200 other itemized DELL li

Answer 1

26) Itemised deductions will include state income tax withholding  and state income tax estimated payments.

So ($ 1900 and $ 850) are eligible to claim as the itemised deductions.

27) Taxable income is derived from the Calculation.

AGI minus House mortgage interest minus Real estate taxes minus State income tax minus Charitable contribution minus deduction of 4050 ( if married then 4050*2).

So the Taxable income is $72800

$110000-($16640- $5400- $6300- $760)-(4050*2)

$72,800.