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Compare deductions for AGI and deductions from AGI

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Question - Rank the following three single taxpayers in order of magnitude of taxable income (from lowest to highest) and explain the results. (Note: Use standard deduction amounts provide under the Tax Cut Job Acts (TCJA) enacted in November 2017).

Alice: Gross Income = $80,000

Deductions for AGI = $15,000

Itemized deductions = 0

Brian: Gross Income = $80,000

Deductions for AGI = $5,000

Itemized deductions = $12,000

Craig: Gross Income = $80,000

Deductions for AGI = $0

Itemized deductions = $15,000

What are the differences between the standard deductions vs. itemized deductions given the filing status. Additionally:

-Compare and contrast deductions for AGI and deductions from AGI (itemized deductions).

-Discuss whether the tax treatment for each taxpayer is in line with Adam Smith's taxation cannons.

Reference no: EM132941018

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