Perry Bell paid $6,438 of state and local property and income tax this year. Assume the taxable year is 2023.\ \ Required:\ Compute the after-tax cost of these payments assuming Perry doesnt itemize deductions on his Form 1040.\ Compute the after-tax cost of these payments assuming Perry itemizes deductions, has a 24 percent marginal tax rate on regular taxable income, and didnt pay AMT.\ Compute the after-tax cost of these payments assuming Perry itemizes deductions, has a 32 percent marginal tax rate on regular taxable income, and paid $2,875 AMT.

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To compute the aftertax cost of state and local property and income tax payments for Perry Bell well ... View the full answer