Question: 1. Explain when it is more appropriate to use itemized deductions rather than standard deduction? (LO3) 2. Explain how a tax credit differ from an

1. Explain when it is more appropriate to use itemized deductions rather than standard deduction? (LO3) 2. Explain how a tax credit differ from an itemized deduction? (LO 3,4) 3. Using the tax brackets, calculate how much tax a single person with $45,000 in taxable income would pay on $800 in interest earned from a bank. (LO2)

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