Question: What are itemized deductions How do itemized deductions relate to
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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