Determine the interest paid on certified indebtedness amount

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Reference no: EM132665470

Problem 1: Tony purchased a house in 2019 and received a mortgage credit certificate (MCC) issued by the local government. The original amount of the mortgage is $150,000, the certified indebtedness amount on the MCC is $100,000, and the mortgage interest paid during the year is $6,500. Determine the interest paid on the certified indebtedness amount.

Select one:

a. $9,750

b. $6,500

c. $2,167

d. $4,333

Problem 2: Bob had two jobs in 2019, earning a total of $139,850 in taxable wages. He paid Social Security taxes of $7,492.70 from his primary job and $1,178.00 from his second job. What is the amount, if any, of Bob's excess SST?

Select one:

a. $ 0.00

b. $1,178.00

c. $ 709.90

d. $ 430.90

Reference no: EM132665470

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