Dan has AGI of $50,000 and paid the following taxes during this tax year.        State income tax withholding $ 1,025 State income tax estimated payments   520 Federal income tax withholding   2,825 Social Security tax withheld from wages   1,720 State excise tax on liquor   310 Automobile license (based on the car’s weight)   255 State sales tax paid   315   Calculate how much Dan can deduct for taxes as an itemized deduction this year. Deductible taxes?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Dan has AGI of $50,000 and paid the following taxes during this tax year.
 

     
State income tax withholding $ 1,025
State income tax estimated payments   520
Federal income tax withholding   2,825
Social Security tax withheld from wages   1,720
State excise tax on liquor   310
Automobile license (based on the car’s weight)   255
State sales tax paid   315

 

Calculate how much Dan can deduct for taxes as an itemized deduction this year.

Deductible taxes?

 

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