A 10 Problem 6-50 (LO 6-2) (Algo)Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two years (2021 and 2022), Trevorexpects to report salary of $88,000, contribute $8,400 to charity, and pay $3,000 in state income taxes.Required:a. Estimate Trevor's taxable income for 2021 and 2022 using the 2021 amounts for the standard deduction for both years.b. Now assume that Trevor combines his anticipated charitable contributions for the next two years and makes the combinedcontribution in December of 2021. Estimate Trevor's taxable income for each of the next two years using the 2021 amounts for thestandard deduction.c. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost$2,400 and $16,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2021 and 2022)using the 2021 amounts for the standard deduction and also assuming Trevor makes the charitable contribution of $8,400 andstate tax payments of $3,000 in each year.d. Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest will cost$2,400 and $16,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2022 and pays the realestate taxes for 2022 in December of 2021. Estimate Trevor's taxable income for 2021 and 2022 using the 2021 amounts for thestandard deduction.Complete this question by entering your answers in the tabs below.Req AReq BReq CSalaryItemized deductionsStandard deductionReg DEstimate Trevor's taxable income for 2021 and 2022 using the 2021 amounts for the standard deduction for both years.(Amounts to be deducted should be indicated with a minus sign. Leave no field blank. Enter zero if applicable.)Greater of standard deduction over itemized deductionsFrom AGI charitable contribution deductionTaxable incomeTotal taxable income for the two years$2021Rectangular Snip0 $20220 Req AReq BSalaryItemized deductionsStandard deductionNow assume that Trevor combines his anticipated charitable contributions for the next two years and makescontribution in December of 2021. Estimate Trevor's taxable income for each of the next two years using thefor the standard deduction. (Amounts to be deducted should be indicated with a minus sign.)Taxable incomeTotal taxable income for the two yearsShow Transcribed TextReq AReq BSalaryItemized deductionsStandard deductionReq CReg AShow Transcribed TextComplete this question by entering your answers in the tabs below.Taxable incomeTotal taxable income for the two yearsReq BReq CSalaryItemized deductionsStandard deductionReq DReq CĆReq DTrevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest willcost $2,400 and $16,000, respectively, each year. Estimate Trevor's taxable income for each of the next two years (2021 and2022) using the 2021 amounts for the standard deduction and also assuming Trevor makes the charitable contribution of$8,400 and state tax payments of $3,000 in each year. (Amounts to be deducted should be indicated with a minussign.)Taxable incomeTotal taxable income for the two yearsReq D$$2021Ć$20210 $Ć20210 $2022Trevor plans to purchase a residence next year, and he estimates that additional property taxes and residential interest willcost $2,400 and $16,000, respectively, each year. Assume that Trevor makes the charitable contribution for 2022 and paysthe real estate taxes for 2022 in December of 2021. Estimate Trevor's taxable income for 2021 and 2022 using the 2021amounts for the standard deduction. (Amounts to be deducted should be indicated with a minus sign.)0 $20222022000Show lessShow less

Question

Accepted Answer

Standard deduction for 2021=$12,550