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

question 55

Short Answer

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

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Definitions:

Linear Programming

A mathematical method used for achieving the best outcome, such as maximum profit or lowest cost, in a model with linear relationships.

Competitive Bidding Scenario

A procurement process where sellers bid against each other to win a contract by offering the best terms, usually the lowest price.

Relevant Information

Any data or facts that can influence decision-making processes or outcomes because they are pertinent to the decision at hand.

Segregate

To separate or set apart from others or from the main body or group; isolation.