Chuck Has AGI of $70,000 and Has Made the Following

question 8

Essay

Chuck has AGI of $70,000 and has made the following payments this tax year:
$\begin{array}{l}\begin{array}{lll}\text { State income tax withholding } \\\text { State income tax estimated payrnents } \\\text { Federal income tax withholding } \\\text { Social Security tax withheld from wag } \\\text { State excise tax on liquor } \\\text { State irheritance tax } \\\text { Courty real estate tax } \\\text { School district tax on realty }\end{array}\begin{array}{lll}1,900 \\850 \\7,100 \\4,800\\400 \\1, 200 \\790 \\510\end{array}\end{array}$
Calculate the amount of taxes that Chuck can include with his itemized deductions.

---

Definitions:

Indirect Approach

A strategy or method that tackles objectives through indirect means rather than directly aiming at them.

Investing Activities

Transactions involving the purchase and sale of long-term assets and other investments not considered cash equivalents.

Financing Activities

Operations that lead to modifications in the magnitude and structure of an entity's equity capital or debt.

Accrued Expenses

Expenses that have been incurred but not yet paid for or recorded through a formal payment, reflecting in the financial statements through adjusting entries.