Tasneem, a Single Taxpayer Has Paid the Following Amounts in 2016

question 51

Multiple Choice

Tasneem, a single taxpayer has paid the following amounts in 2016: $$\begin{array} { l l } \text { State income taxes } & \$ 10,000 \\\text { Property taxes on home } & 4,000 \\\text { Mortgage interest on home } & 12,000 \\\text { Charitable contributions } & 14,000\end{array}$$ Tasneem's AGI is $361,400. What is her net itemized deduction allowed?

• A) $40,000
• B) $38,800
• C) $36,940
• D) None of the above.

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Definitions:

Withholding Allowances

Amounts used to calculate how much income tax an employer should withhold from an employee's paycheck, based on the employee's personal situation.

Federal Unemployment Tax

A tax paid by employers to fund the federal government's oversight of the state unemployment insurance programs.

Copy A

This term is often associated with tax forms, where Copy A is the official part of a form sent to a tax authority, like the IRS, detailing financial information.

Form W-2

A tax form used in the United States to report wages paid to employees and the taxes withheld from them.