Solve the problem. Refer to the table if necessary.
-Your deductible expenditures are $8236 for interest on a home mortgage, $3528 for contributions to charity, and $634 for state income taxes. Your filing status entitles you to a standard deduction of
$12,200. Should you itemize your deductions rather than claiming the standard deduction? If so,
What is the difference?

Question

Solve the problem. Refer to the table if necessary. 
-Your deductible expenditures are $8236 for interest on a home mortgage, $3528 for contributions to charity, and $634 for state income taxes. Your filing status entitles you to a standard deduction of
$12,200. Should you itemize your deductions rather than claiming the standard deduction? If so,
What is the difference?

Quizplus · Accepted Answer

The total of deductible expenditures is $8236 (interest) + $3528 (charity) + $634 (state taxes) = $12,398. Since this is $198 more than the standard deduction of $12,200, itemizing deductions is beneficial by $198.

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