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

question 65

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:

Analysis of Variance

Analysis of variance (ANOVA) is a statistical method used to compare the means of three or more groups to determine if there are significant differences between them.

Test Statistic

A value calculated from sample data during a hypothesis test, used to make a decision about the relationship between variables or the acceptance of a hypothesis.

Test Statistic

A standardized value derived from sample data during a hypothesis test that is used to determine whether to reject the null hypothesis.

T Value

In statistical hypothesis testing, a value used in T-tests that compares the observed difference between two means relative to the spread or variability of their scores.