Colin (Single and Age 40) Has AGI of $100,000

question 42

Multiple Choice

Colin (single and age 40) has AGI of $100,000. Colin provided the following information about his cash expenditures for 2018: Interest on loan to purchase corporate securities $ 900
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 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 does not itemize, what is his total deduction from AGI in 2018:

• A) $4,050
• B) $6,350
• C) $10,400
• D) $12,000

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Definitions:

Geographical Settings

The physical locations and environments where events occur, influencing the behavior, culture, and development of societies.

Social Circumstances

The conditions and factors influencing how individuals live and interact in society, including economic status, education, and community.

Aboriginal Residential School

Institutions established in Canada with the aim of assimilating Indigenous children into Euro-Canadian culture, often resulting in significant cultural and personal losses.

Conflict Approach

A sociological perspective emphasizing social, political, or material inequalities of a social group, which critiques the broad socio-political system.