Homework answers / question archive / Given the following? information, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state income tax on her federal tax? return? Federal taxable income ?$51,700

Given the following? information, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state income tax on her federal tax? return? Federal taxable income ?$51,700

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Given the following? information, would it be better for Illinois resident Salem Marcos to itemize her sales tax or her state income tax on her federal tax? return?

Federal taxable income

?$51,700.00

Federal marginal income tax rate

25?%

State taxable income

?$41,730.00

State income tax rate

3?%

Total sales tax paid

?$1,353.40

Assume that Salem has sufficient itemized deductions to choose itemization method over the standard deduction.

It would be better for Illinois resident Salem Marcos? to:  ?(Select best answer? below.)

 

 

A.

Itemize sales tax.

B.

Itemize state income tax.

C.

No Difference between the two

 

 

 

If she makes the effort to track the sales tax she? paid, on her federal income taxes Salem Marcos could save ?$

___________ ?(Round to the nearest? cent.)