What are itemized deductions? How do itemized deductions relate to standard deductions? Provide some examples of itemized deductions.
Answer to relevant QuestionsWhat is an exemption? How many exemptions may a taxpayer claim? What are FICA taxes? Describe the two portions of FICA and explain what they pay for. Who pays FICA? How is adjusted gross income determined? Matt is self- employed as a carpenter. He made $ 42,000 after expenses in 2012. How much did he contribute to FICA taxes? Develop three or four suggestions that could help Brad reduce his income tax exposure.
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