Reference no: EM131048540
For the Tax Year 2015, George has the following expenses that he wants to include as itemized deductions for the year. His adjusted gross income is $72,000.
Medical expenses $4,500
Mortgage payment including 11,400
Mortgage interest 8,000
Property Tax 2,400
Principal Repayment 1,000
Credit card interest 450
Charitable contributions 1,500
State Income taxes 3,500
Federal Income Tax Withheld 7,000
a) Using information provided Form 1040 Schedule A, what is the total itemized deduction he can take? (Show all work.)
b) Using Tax Tables or Tax Rates for 2015, how much Federal Income tax does George owe for 2015?
c) George is thinking of contributing $4,000 to his Traditional IRA, how much Federal Tax will he save this year
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: For the Tax Year 2015, George has the following expenses that he wants to include as itemized deductions for the year. His adjusted gross income is $72,000. Using information provided Form 1040 Schedule A, what is the total itemized deduction he can ..
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