Question: Please help stion 20 3 points (3 points) Travis is single and works for Delta airlines as an accountant. For 2020, they paid him $140,000

 Please help stion 20 3 points (3 points) Travis is single

Please help

and works for Delta airlines as an accountant. For 2020, they paidhim $140,000 in salary, In addition, Delta paid $8,000 for their portion

stion 20 3 points (3 points) Travis is single and works for Delta airlines as an accountant. For 2020, they paid him $140,000 in salary, In addition, Delta paid $8,000 for their portion of his modical and dental health insurance premiums, paid $750 for a group tern life insurance policy for him, and paid $600 in employer contributions to his 401K. In addition to the above benefits be received in 2020, Travis had number of major costs throughout the year. He paid $5,500 in mortgage interest on his personal residence and $3,090 in real estate taxes for the year. In addition, he paid $1,500 in professional does (the AICPA dues, state CPA society dues, and local CPA chapter dues) and subscriptions to work publications that were not covered by his employer. Ignoring your answer in Parts I or 2 and instead assuming the total amount of itemized deductions Travis could claim was $16,000, will Travis choose to itemize or take the standard deduction? O a Travis will itemize for the year. Q b. Neither, Travis is not able to claim any deductions below the line for the year. Ot Travis will take the standard deduction for the yearQuestion 19 3 points (3points) Travis is single and works for Delta airlines as an accountant. For 2020, they paid him $140,000 in salary, In addition, Delta paid $8,000 for their portion of his medical and dental health insurance premiums, paid $750 for a group term life Insurance policy for him, and paid $600 in employer contributions to his 401K. In addition to the above benefits he received in 2070, Travis had a number of major costs throughout the year. He paid $8,500 in mortgage interest on his personal residence and $3,000 in real estate taxes for the year. In addition, he paid $1,500 in professional durs (the AICPA dues, state CPA society dues, and local CPA chapter dues) and subscriptions to work publications that were not covered by his employer. Ignoring the answer in Part I and instead assuming AGI is $100,090, the amount of itemized deductions Travis could potentially claim for 2020 is: O a $10,000 O b. None of the above. Oc $13,000 Old $4,500 Question 19 of 28

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!