For the tax year 2015 george has the following expenses


For the Tax Year 2015, George has the following expenses that he wants to include as itemized deductions for the year. His adjusted gross income is $72,000.

Medical expenses $4,500

Mortgage payment including 11,400

Mortgage interest 8,000

Property Tax 2,400

Principal Repayment 1,000

Credit card interest 450

Charitable contributions 1,500

State Income taxes 3,500

Federal Income Tax Withheld 7,000

a) Using information provided Form 1040 Schedule A, what is the total itemized deduction he can take? (Show all work.)

b) Using Tax Tables or Tax Rates for 2015, how much Federal Income tax does George owe for 2015?

 

c) George is thinking of contributing $4,000 to his Traditional IRA, how much Federal Tax will he save this year

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Financial Management: For the tax year 2015 george has the following expenses
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