A. Compute Ms. Margos additional tax savings if she elects to take the credit and...
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A. Compute Ms. Margos additional tax savings if she elects to take the credit and her additional tax savings if she elects the deduction. She has $80,000 AGI. Before consideration of the $5,000 cost of her music lessons, she has no itemized deductions. What is Ms. Margo's additional tax savings if she elects the credit? What is Ms. Margo's additional tax savings if she elects the deduction?
B. Compute Ms. Nelsons additional tax savings if she elects to take the credit and her additional tax savings if she elects the deduction. She has $38,000 AGI. Before consideration of the $5,000 cost of her music lessons, she has $14,000 itemized deductions. What is Ms. Nelson's additional tax savings if she elects the credit? What is Ms. Nelson's additional tax savings if she elects the deduction?
C. Compute Ms. Omars additional tax savings if she elects to take the credit and her additional tax savings if she elects the deduction. She has $195,000 AGI. Before consideration of the $5,000 cost of her music lessons, she has $13,200 itemized deductions. What is Ms. Omar's additional tax savings if she elects the credit? What is Ms. Omar's additional tax savings if she elects the deduction?
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