Perry Bell paid 6 438 of state and local property tax
Perry Bell paid $6,438 of state and local property tax this year. Compute the after-tax cost of these payments assuming:
a. Perry doesn’t itemize deductions on his Form 1040.
b. Perry itemizes deductions, has a 33 percent marginal tax rate on regular taxable income, and didn’t pay AMT.
c. Perry itemizes deductions, has a 25 percent marginal tax rate on regular taxable income, and paid $4,875 AMT.
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