You are trying to decide whether to use the $12,200 standard deduction or your itemized deductions...
You are trying to decide whether to use the $12,200 standard deduction or your itemized deductions (Schedule A) on your Form 1040, Line 9. Here is your information:
Adjusted Gross Income $40,000
Medical Expenses
$15,000
Interest on Student Loan $2,000
Interest on Home Mortgage $3,000
State and Local Income Taxes Paid $1,500
Charitable Gifts (in total) $1,000
Which deduction should you choose?
A
Itemized Deduction of $17,500
B.
Itemized Deduction of $10,500
C.
Itemized Deduction of $22,500
D.
Standard Deduction of $12,200
Homework Answers
Add Answer to:
You are trying to decide whether to use the $12,200 standard
deduction or your itemized deductions...
Possible Options: Adjusted gross income Adjustments Capital gains tax categories Deductions Exemption Itemized deduction Standard Deduction...
Possible Options:
Adjusted gross income
Adjustments
Capital gains tax categories
Deductions
Exemption
Itemized deduction
Standard Deduction
Steps to AGI
Steps to taxable income
4. Vocabulary - Terminology for components of taxable income Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.) Description...
Which of the following is not an allowable itemized deduction from adjusted gross income? Medical expenses....
Which of the following is not an allowable itemized deduction from adjusted gross income? Medical expenses. Home mortgage interest. Alimony paid. Charitable contribut
Decide what her a person should itemize his deductions or take the standard deduction in the following case. A perso...
Decide what her a person should itemize his deductions
or take the standard deduction in the following case. A person
deductible expenditures are 8400 for intrest on a home mortgage
2100$ for contributions to charity and 647$ for state income
taxes.His filing status entitles him to a standard deduction of
11,700.
duction of $11 comma 700. ches related to Decide whether a person should itemize F ctions or take the standard deduction in the following ca on's deductible expenditures are...
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard...
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,000. Tax Deductions Donations to church and other charities Medical and dental expenses exceeding 10 percent of adjusted gross income State income tax $6,140 2.580 4,780 Lola Harper should use the
total itemized deductions are given - $12,300 using the information, fill out SCHEDULE A 2018 FORM...
total itemized deductions are given - $12,300
using the information, fill out SCHEDULE A 2018 FORM
1:9-72 George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus...
Problem 3-14 (LO3.4) Assume your other itemized deductions exceed the standard deduction amount. On December 30,...
Problem 3-14 (LO3.4) Assume your other itemized deductions exceed the standard deduction amount. On December 30, you decide to make a $2,200 charitable donation. a. If you are in the 27 percent tax bracket, how much will you save in taxes for the current year? Tax savings $594 b. If you deposit that tax savings in a savings account for the next six years at 7 percent, what will be the future value of that account? Use Exhibit 1-A. (Round...
duash depona expire aer 2025 QUESTIONS and PROBLEMS MULTIPLE CHOICE QUESTIONS L othe r chances scheduled...
duash depona expire aer 2025 QUESTIONS and PROBLEMS MULTIPLE CHOICE QUESTIONS L othe r chances scheduled to explore Sun of Restrictions on the destruction of casualty and theft losses Congo tax forms are used by individuals in 2019 the w LO 1.1 SR ported on income is The Room 1000 c. For 100 Ons which of these would wage income be reported Schedule 1 Schedule 2 Schedule Form 1000 5. Which of the following is a deduction for adjusted gross...
If you choose to take the standard deduction, you cannot use which of the following on...
If you choose to take the standard deduction, you cannot use which of the following on your tax return; Child tax credit Mortgage interest deduction Employer share of self-employment tax deduction Taxable income is: Gross income reduced by tax deductions and credits Gross income reduced by adjustments Adjusted gross income reduced by tax deductions and credits Adjusted gross income reduced by adjustments Taxable income is: Gross income reduced by tax deductions and credits Gross income reduced by adjustments Adjusted gross...
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks:...
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks: 1 Choose one answer Which of the following statements is not true about limits on 2018 itemized deductions? Marks: 1 Choose one answer a Qualified medical expenses must be reduced by 75% of the AGI b. The deduction of state and local taxes paid is limited to $10,000 c. Depending on the type of contribution and recipient of the contribution, the deduction for charitable...
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is...
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and...
Possible Options:
Adjusted gross income
Adjustments
Capital gains tax categories
Deductions
Exemption
Itemized deduction
Standard Deduction
Steps to AGI
Steps to taxable income
4. Vocabulary - Terminology for components of taxable income Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the right with the descriptions of the terms on the left. (Note: These are not necessarily complete definitions, but there is only one possible answer for each term.) Description...
Which of the following is not an allowable itemized deduction from adjusted gross income? Medical expenses. Home mortgage interest. Alimony paid. Charitable contribut
Decide what her a person should itemize his deductions
or take the standard deduction in the following case. A person
deductible expenditures are 8400 for intrest on a home mortgage
2100$ for contributions to charity and 647$ for state income
taxes.His filing status entitles him to a standard deduction of
11,700.
duction of $11 comma 700. ches related to Decide whether a person should itemize F ctions or take the standard deduction in the following ca on's deductible expenditures are...
If Lola Harper had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,000. Tax Deductions Donations to church and other charities Medical and dental expenses exceeding 10 percent of adjusted gross income State income tax $6,140 2.580 4,780 Lola Harper should use the
total itemized deductions are given - $12,300
using the information, fill out SCHEDULE A 2018 FORM
1:9-72 George Large (SSN 000-11-1111) and his wife Marge Large (SSN 000-22-2222) live at 2000 Lakeview Drive, Cleveland, OH 49001 and want you to prepare their 2017 income tax return based on the information below: George Large worked as a salesman for Toyboat, Inc. He received a salary of $80,000 ($8,500 of federal income taxes withheld and $1,800 of state income taxes withheld) plus...
Problem 3-14 (LO3.4) Assume your other itemized deductions exceed the standard deduction amount. On December 30, you decide to make a $2,200 charitable donation. a. If you are in the 27 percent tax bracket, how much will you save in taxes for the current year? Tax savings $594 b. If you deposit that tax savings in a savings account for the next six years at 7 percent, what will be the future value of that account? Use Exhibit 1-A. (Round...
duash depona expire aer 2025 QUESTIONS and PROBLEMS MULTIPLE CHOICE QUESTIONS L othe r chances scheduled to explore Sun of Restrictions on the destruction of casualty and theft losses Congo tax forms are used by individuals in 2019 the w LO 1.1 SR ported on income is The Room 1000 c. For 100 Ons which of these would wage income be reported Schedule 1 Schedule 2 Schedule Form 1000 5. Which of the following is a deduction for adjusted gross...
If you choose to take the standard deduction, you cannot use which of the following on your tax return; Child tax credit Mortgage interest deduction Employer share of self-employment tax deduction Taxable income is: Gross income reduced by tax deductions and credits Gross income reduced by adjustments Adjusted gross income reduced by tax deductions and credits Adjusted gross income reduced by adjustments Taxable income is: Gross income reduced by tax deductions and credits Gross income reduced by adjustments Adjusted gross...
65 What is the standard deduction for Brad who is 70, filing MFS and blind? Marks: 1 Choose one answer Which of the following statements is not true about limits on 2018 itemized deductions? Marks: 1 Choose one answer a Qualified medical expenses must be reduced by 75% of the AGI b. The deduction of state and local taxes paid is limited to $10,000 c. Depending on the type of contribution and recipient of the contribution, the deduction for charitable...
Term Answer Description Adjustments A. This is mortgage interest expense. Adjusted gross income B. This is taxed as ordinary income if held less than 12 months. C. Examples of this term include charitable deductions,, state and local taxes, and moving Deductions expenses. D. This is a claim made by the taxpayer for each person supported by the taxpayer's Standard deduction income. Itemized deduction E. This term equals gross income less adjustments. Exemption F. Reduce AGI by the standard deduction and...
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