Colin (Age 40) Is Single, Itemizes His Deductions, and Has

question 107

Multiple Choice

Colin (age 40) is single, itemizes his deductions, and has AGI of $100,000. Colin provided the following information about his cash expenditures for 2018: Interest on American Express card 1,200
Points to refinance his home for 10 years at the end of December 2,600
Mortgage interest payments on $250,000 principal amount 11,800
Real estate taxes 2,100
State income taxes withheld on salary 5,400
Additional state income tax estimated payment 1,200
Contribution to Republican Party 2,000
Contribution to United Way 500
If Colin itemizes, what are his total itemized deductions in 2018:

• A) $18,100
• B) $21,000
• C) $24,200
• D) $27,000

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Definitions:

Gang Labor

A system of labor, especially in agriculture, where a group of workers is directed and supervised by an overseer, often associated with the antebellum South in the United States.

New World Plantations

Large agricultural estates in the Americas that relied heavily on the labor of enslaved Africans to cultivate crops like sugar, tobacco, and cotton.

West African Slavery

Refers to the historical practice of slave trade and ownership in West Africa, both within African societies and through the transatlantic slave trade to the Americas.

Muslim World

A term generally used to describe regions of the world where Islam is the predominant religion, encompassing a diverse range of cultures, languages, and nations.