Spencer paid the following taxes this year. Compute Spencer's itemized deduction for taxes.

Question

Spencer paid the following taxes this year.   Compute Spencer's itemized deduction for taxes.

Quizplus · Accepted Answer

To compute Spencer's itemized deduction for taxes, we add up the amounts he paid for state and local income tax, real estate tax, and personal property tax. Using the information provided in the image, we get:

State and local income tax: $5,000
Real estate tax: $3,500
Personal property tax: $525

Adding these up, we get $9,025, which is the itemized deduction for taxes. Therefore, the answer is C) $9,025.

Spencer Paid the Following Taxes This Year