. Some high income people are able to reduce their total tax burden by taking more...
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. Some high income people are able to reduce their total tax burden by taking more deductions than people with lower incomes. Let's investigate the tax rates actually paid by someone making $120,000 per year. Instead of the Standard Deduction, they might claim "itemized" deductions, from a long list of possible items. $7,000 for retirement saving $10,000 for mortgage interest $12,000 in charitable donations Calculate the actual tax paid by this person. . Some high income people are able to reduce their total tax burden by taking more deductions than people with lower incomes. Let's investigate the tax rates actually paid by someone making $120,000 per year. Instead of the Standard Deduction, they might claim "itemized" deductions, from a long list of possible items. $7,000 for retirement saving $10,000 for mortgage interest $12,000 in charitable donations Calculate the actual tax paid by this person.
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To calculate the actual tax paid by someone making 120000 per year with the given deductions ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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