Tim is a single, cash-method taxpayer with an agi of $50,000. in april of this year, tim paid $1,020 with his state income tax return for the previous year. during the year, tim had $5,400 of state income tax and $18,250 of federal income tax withheld from his salary. in addition, tim made estimated payments of $1,360 and $1,900 of state and federal income taxes, respectively. finally, tim expects to receive a refund of $500 for state income taxes when he files his state tax return for this year in april next year. what is the amount of taxes that tim can deduct as an itemized deduction?

The amount of taxes that Tim can deduct as an itemized deduction is $7,780.

Explanation:

Tim is a single, cash-method taxpayer with an AGI of $50,000.

Tim paid $1,020 with his state income tax return for the previous year. During the year.

Tim had $5,400 of state income tax and $18,250 of federal income tax withheld from his salary.

Tim made estimated payments of $1,360 and $1,900 of state and federal income taxes, respectively.

Finally, Tim expects to receive a refund of $500 for state income taxes when he files his state tax return for this year in April next year.

Tim can deduct the state taxes paid with last year’s return, state tax withheld during the year, and estimated payments of state tax.

The amount of taxes that Tim can deduct

= $1,020 + $5,400 + $1,360

= $7,780

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being born in poverty would limit the people's chances, opportunities and benefits.

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.