Sally is self-employed as a consultant and she itemizes deductions every year. She has the following taxes during the year: · City of Denver Tax: $2,000 · State Income Tax: $4,000 · Federal Income Tax: $12,000 · Self-Employment tax: $5,000 How much can she deduct for taxes paid for the year? Group of answer choices $6,000 $8,500 $11,000
Sally is self-employed as a consultant and she itemizes deductions every year. She has the following taxes during the year: · City of Denver Tax: $2,000 · State Income Tax: $4,000 · Federal Income Tax: $12,000 · Self-Employment tax: $5,000 How much can she deduct for taxes paid for the year? Group of answer choices $6,000 $8,500 $11,000
Chapter12: Tax Credits And Payments
Section: Chapter Questions
Problem 10DQ
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Question
Sally is self-employed as a consultant and she itemizes deductions every year. She has the following taxes during the year:
· City of Denver Tax: $2,000
· State Income Tax: $4,000
· Federal Income Tax: $12,000
· Self-Employment tax: $5,000
How much can she deduct for taxes paid for the year?
Group of answer choices
$6,000
$8,500
$11,000
$23,000
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