Matt Paid the Following Taxes in 2014: What Amount

question 101

Multiple Choice

Matt paid the following taxes in 2014: What amount can Matt deduct as an itemized deduction on his tax return?

• A)$7,500
• B)$11,500
• C)$15,500
• D)$19,500

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Definitions:

Labor Income

Earnings derived from employment, including wages, salaries, bonuses, and other compensation for work performed.

Lump Sum Payment

A single payment made at a particular time, as opposed to a series of payments made over time.

Leisure

Free time available to an individual excluding time spent on work, essential activities, or commitments.

Bushel

A volume measure used in agriculture, particularly in the United States, equivalent to 8 dry gallons or about 35.24 liters.