During the current year, seth, a self-employed individual, paid the following taxes: federal income tax $15,000 state income tax $8,500 real estate taxes on land in south america (held as an investment) $1,000 state sales taxes 300 personal property taxes based upon value $1,600 federal self-employment tax $ 800 what amount can seth claim as an itemized deduction for taxes paid during the current year?

The amount can Seth claim as an itemized deduction for taxes paid during the current year is  $10,000

Explanation:

For the above mentioned items only the state/ federal paid taxes and property tax can be considered for the itemized deduction. But you can either claim income or sales tax, not both. And also the cap for the tax deduction is capped for $10,000.

Considering only the income tax, since is higher than the sales tax and property tax:

The deductible amount = $15000 + $8500 + $1600

                                       = $25,100

Since, the total cap for itemized tax deduction is limited to only $10,000.

Therefore, The amount can Seth claim as an itemized deduction for taxes paid during the current year is  $10,000.

x=3

step-by-step explanation:

this is really simple i saw that there was only one term (5x) and thought if that was 15 what would i have to multiply everything else to get it there? well if 5x became 15 then x would have to be 3 so plug the 3 in the x for the other equations and you get 15 for the other ones. so there you go. : )

one of the appeals of a sole proprietorship is that business expenses are kept separate from your personal income tax return