During the current year, August, a self-employed individual, paid the following amounts: Federal income...
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During the current year, August, a self-employed individual, paid the following amounts: Federal income tax - $4,870 State income tax - $2,960 Real estate taxes on land (held as an investment) - $800 State sales taxes - $580 State occupational license fee - $390. What amount can August deduct as taxes by itemizing his deductions? a. $2,960. b. $3,350. c. $3,760. d. $4,340.
Harry met Sally years ago and now they are married with a combined AGI of $64,000. They have no dependents and they file a joint federal income tax return. Each pays $4,800 for medical insurance. During the year, they paid the following amounts for medical care, for which they were not reimbursed by insurance: Doctor and dentist bills and hospital expenses = $3,250 Prescription drugs = $925 Determine the deduction allowable for medical expenses paid during the year (2023). a. $0. b. $3,250. c. $4,800. d. $8,975.
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