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Chapter $6$ Homework Assignment

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Problem $6-52($LO $6-2)($Algo$)$

Trevor is a single individual who is a cash$-$method, calendar$-$year taxpayer. For each of the next two years $(2024$ and $2025),$ Trevor expects to report salary of $$82,000,$ contribute $$8,100$ to charity, and pay $$2,850$ in state income taxes.

Required:

Estimate Trevor's taxable income for $2024$ and $2025$ using the $2024$ amounts for the standard deduction for both years.

Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combined contribution in December of $2024.$ Estimate Trevor's taxable income for each of the next two years using the $2024$ amounts for the standard deduction.

Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $$2,100$ and $$13,500,$ respectively, each year. Estimate Trevor's taxable income for each of the next two years $(2024$ and $2025)$ using the $2024$ amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $$8,100$ and state tax payments of $$2,850$ in each year.

Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost $$2,100$ and $$13,500,$ respectively, each year. Assume that Trevor makes the charitable contribution for $2025$ in December of $2024.$ Estimate Trevor's taxable income for $2024$ and $2025$ using the $2024$ amounts for the standard deduction.

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