college. he calculated his above - the - line deductions to be $5,500, his itemized deductions to be $7,000…

college. he calculated his above - the - line deductions to be $5,500, his itemized deductions to be $7,000, and the standard deduction is $12,950. what deductions is lamar allowed to take that will minimize his taxes owed? he can take all three for $25,450 in deductions he can take the $7,000 and the $12,950 for $19,950 in deductions he can take the $5,500 and the $12,950 for $18,450 in deductions he can take the $5,500 and the $7,000 for $12,500 in deductions 5. maricela calculated that she owes $2,493 in federal taxes after all deductions and credits. her w - 2 states that $2,670 was withheld in federal tax. this means that maricela... has to pay $177 in taxes owed will receive a refund of $177 will pay $177 less in taxes next year since she overpaid this year should speak to her employer to get the $177 in extra taxes that they withheld

college. he calculated his above - the - line deductions to be $5,500, his itemized deductions to be $7,000, and the standard deduction is $12,950. what deductions is lamar allowed to take that will minimize his taxes owed? he can take all three for $25,450 in deductions he can take the $7,000 and the $12,950 for $19,950 in deductions he can take the $5,500 and the $12,950 for $18,450 in deductions he can take the $5,500 and the $7,000 for $12,500 in deductions 5. maricela calculated that she owes $2,493 in federal taxes after all deductions and credits. her w - 2 states that $2,670 was withheld in federal tax. this means that maricela... has to pay $177 in taxes owed will receive a refund of $177 will pay $177 less in taxes next year since she overpaid this year should speak to her employer to get the $177 in extra taxes that they withheld

Answer

Explanation:

Step1: Determine Lamar's best - deduction choice

The goal is to maximize deductions to minimize taxes. Above - the - line deductions can be taken in addition to either itemized or standard deductions. We compare itemized ($7,000) and standard ($12,950) deductions. Since the standard deduction of $12,950 is greater than the itemized deduction of $7,000, Lamar should take the above - the - line deduction of $5,500 and the standard deduction. The total deductions are $5,500 + $12,950=$18,450.

Step2: Determine Maricela's tax situation

The amount withheld ($2,670) is greater than the amount she owes ($2,493). The difference is $2,670−$2,493 = $177. This means she over - paid and will receive a refund of $177.

Answer:

He can take the $5,500 and the $12,950 for $18,450 in deductions Will receive a refund of $177