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During 2013,Seth,a Self-Employed Individual,paid the Following Taxes What Amount Can Seth Claim as an Itemized Deduction for income

Question 54

Multiple Choice

During 2013,Seth,a self-employed individual,paid the following taxes:  Federal income tax $5,000 State income tax $2,000 Real estate taxes on land in South America (held asan investment)  $900 Personal property taxes based upon value $500 Federal self-employment tax $800\begin{array}{ll}\text { Federal income tax } & \$ 5,000 \\\text { State income tax } & \$ 2,000\\\text { Real estate taxes on land in South America (held asan investment) }&\$900\\\text { Personal property taxes based upon value }&\$500\\\text { Federal self-employment tax }&\$800\end{array} What amount can Seth claim as an itemized deduction for taxes paid during 2013,assuming he elects to deduct state and local income taxes?


A) $8,400
B) $4,200
C) $3,400
D) $2,500
E) None of the above

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