4E Guided Practice DB.docx - 1 How should you choose between taking the standard deduction and itemizing deductions Answer You add up all of your

4E Guided Practice DB.docx - 1 How should you choose...

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1. How should you choose between taking the standard deduction and itemizing deductions? 2. Explain how you can benefit from a tax-deferred savings plan. 3. In terms of federal income taxes, Susan is in the 35% tax bracket and her friend Allison is in the 10% tax bracket. They each itemize their deductions, and they each donate to charity. Compare their true costs for a charitable donation of $5,000.
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  • Fall '11
  • Dumar
  • Taxation in the United States

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