During the year, McKenzie paid the following taxes. Federal income tax (withheld by employer) $1,200 State income
Fantastic news! We've Found the answer you've been seeking!
Question:
During the year, McKenzie paid the following taxes. Federal income tax (withheld by employer) $1,200 State income tax (withheld by employer) $1,000 FICA tax (withheld by employer) $ 500 Real property taxes $ 900 Federal auto gasoline taxes $ 200 Federal excise tax on telephone bills $ 70.
Compute Mckenzie's itemized deduction for taxes assuming none of the taxes paid are related to a trade or business.
What amount can Mckenzie claim for the current year as an itemized deduction for the taxes paid, assuming he elects to deduct state and local income taxes?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: