Abraham Ahmad, age 55, is married with 2 dependents. He had the following items of inflows and outflows during the year.
Inflows
Wages from his employer . . . . . . . . .$125,000
Interest on bank CDs . . . . . . . . . . .$10,000
Outflows
Withheld from his paychecks: . . . .
Federal Withholding . . . . . . . $12,000 . . . .
Oklahoma Withholding . . . . . . . $4,000 . . . .
Social Security . . . . . . . . . $7,750 . . . .
Medicare . . . . . . . . . . . . . $1,813 . . . .
401(k) Contribution. . . . . . . . $9,000 . . . .
Contribution to United Way . . . . $240
Out-of Pocket Expenditures:
Contribution to IRA . . .. . . . . . . . . . . . .. $13,000
Contribution to local Mosque (about $150/month). . . $1,800
Contribution to CAIR Foundation (a 501(c)(3)). . . .. .$100
Contribution to Keith Ellison for Congress . . .. .. . $100
Membership in NRA . . . . . . . . . . . . . . . . . . . $35
State Tax balance due paid in 2017 . . . . . . . . . . $20
Mortgage interest on his house . . . . . . . . . . . $8,000
Property insurance on his house . . . . . . . . . . .$1,200
Real Estate Taxes on his house . . . . . . . . . . . $1,840
Abraham tells you that he does have a retirement plan with his employer, and that his wife (age 52) stays home with his sons, and does not work.
What is Abraham's Taxable Wages?
What is the deductible amount of Abraham's IRA Contribution?
What is the deductible amount of Abraham's Spouse's IRA Contribution?
What is Abraham's AGI?
What is Abraham's total itemized deductions?
What is Abraham's taxable income?