Lara, $36,$ is single with no dependents and works as a high school librarian. In $2023,$ Lara incurred the following expenses:Medical expenses: $$7,000($before the AGI floor$)$ Educator expenses: $$250$ Student loan interest: $$2,800$ Property taxes on personal residence: $$3,000$ State income taxes: $$4,500$ Sales$/$use taxes: $$5,500$ Interest paid on mortgage on principal residence: $$2,800$ Cash charitable contributions: $$5,000$ Assume Lara's $2023$ AGI is $$75,000.$ Lara's mortgage principal is $$350,000.$Calculate Lara$$s total itemized deductions for $2023.$

$2.$ In $2023,$ Sofia, who is $16$ years old and dependent on her guardians, earned $$3,200$ through a part$-$time job and received $$3,800$ in interest income from investments. Sofia's guardians fall into the $24\%$ marginal tax bracket. Sofia did not have any deductible expenses during the year.

Calculate Sofia$$s federal income tax liability $($before any applicable tax credits$)$ for the year $2023.$

$3.$ Nina, $38,$ is single and has a dependent son, Lucas. Nina separated from her partner in $2020.$ She works in a management position but had to take a short leave at the end of $2023$ due to a minor injury covered by workers' compensation. In $2023,$ Nina received the following:

Salary: $$75,000$

Alimony: $$10,000$

Child support: $$10,000$

Corporate bond interest: $$3,000$

Municipal bond interest: $$2,000$

Birthday gift from Nina's mother: $$5,000$

Workers' compensation benefits: $$4,000$

Calculate Nina's gross income for $2023.$

Answer rating: 100% (QA)

1 To calculate Laras total itemized deductions for 2023 we need to consider each deductible expense ... View the full answer