Given the followinginformation, would it be better for Illinois resident Salem Marcos to itemize her sales tax
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Question:
Given the followinginformation, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state income tax on her federal taxreturn?
Federal taxable income
$52 comma 300.00
52,300.00
Federal marginal income tax rate
25
25%
State taxable income
$40 comma 110.00
40,110.00
State income tax rate
3
3%
Total sales tax paid
$1 comma 337.80
1,337.80
Assume that Salem has sufficient itemized deductions to choose itemization method over the standard deduction.
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