Zion is trying to calculate the lowest taxes he can pay for 2021. Here is a...

 

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Zion is trying to calculate the lowest taxes he can pay for 2021. Here is a list of all information Zion believes is important for calculating his taxes (Hint: Zion hasn't taken FIN 205 and may include some items that aren't related to taxes). • Zion falls under the "Single" filing status. • Zion is eligible for a $12,000 standard deduction. • Zion had a gross income of $84,740 in 2021. • Zion currently has mortgage worth $350k (that he got in 2020), he paid $12,209 in interest over the course of 2021. • In 2021, Zion contributed $5,953 to a Roth 401K account and he also opened a traditional IRA account and contributed $3,316. • Zion is a student who is eligible for $2,500 in education credits. • In 2021, Zion made a donation to a charity of old, but still good condition, clothing that he didn't want anymore at an estimated value of $544 • Zion spent $38,725 on renovating and redecorating his living room over the course of 2021. What is the lowest amount of taxes Zion needs to pay given the information above? (Note: Please enter your answer without the "$" sign for canvas to grade you correctly) Zion is trying to calculate the lowest taxes he can pay for 2021. Here is a list of all information Zion believes is important for calculating his taxes (Hint: Zion hasn't taken FIN 205 and may include some items that aren't related to taxes). • Zion falls under the "Single" filing status. • Zion is eligible for a $12,000 standard deduction. • Zion had a gross income of $84,740 in 2021. • Zion currently has mortgage worth $350k (that he got in 2020), he paid $12,209 in interest over the course of 2021. • In 2021, Zion contributed $5,953 to a Roth 401K account and he also opened a traditional IRA account and contributed $3,316. • Zion is a student who is eligible for $2,500 in education credits. • In 2021, Zion made a donation to a charity of old, but still good condition, clothing that he didn't want anymore at an estimated value of $544 • Zion spent $38,725 on renovating and redecorating his living room over the course of 2021. What is the lowest amount of taxes Zion needs to pay given the information above? (Note: Please enter your answer without the "$" sign for canvas to grade you correctly)

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To calculate Zions lowest amount of taxes we need to first determine his adjusted gross income A... View the full answer