Asked by Edward Chang on Apr 28, 2024
Verified
Which of the following types of taxes are deductible on Schedule A in 2017?
A) Personal property taxes.
B) Local real estate property taxes.
C) FICA taxes.
D) Both personal property taxes and local real estate taxes.
Schedule A
A form used in the U.S. to itemize deductions for taxes, including medical expenses, state and local taxes, and charitable contributions.
Personal Property Taxes
Taxes levied by local governments on the value of personal property such as vehicles, boats, and equipment.
FICA Taxes
Federal taxes required to be deducted from employees' wages for Social Security and Medicare, also paid in part by employers.
- Acquire knowledge regarding the classifying and filing necessities for assorted tax deductions, such as itemized deductions and amendments to gross income.
Verified Answer
Learning Objectives
- Acquire knowledge regarding the classifying and filing necessities for assorted tax deductions, such as itemized deductions and amendments to gross income.
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