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In: Statistics and Probability
solve it with GRAPHNCALC83 3. Following data on adjusted income and reasonable itemized deduction amount of...
solve it with GRAPHNCALC83
3. Following data on adjusted income and reasonable itemized deduction amount of 1040 Form is published by IRS. (20 points)
|
Adjusted Gross Income ($1000) in 1040 |
Reasonable itemized reduction amount ($1000) |
|
22 |
9.6 |
|
27 |
9.6 |
|
32 |
10.1 |
|
48 |
11.1 |
|
65 |
13.5 |
|
85 |
17.7 |
|
120 |
25.5 |
- Which variable is the predictor (X) and which is the response (Y)?
- Find the least-square regression line y=a+bx
- Plot the data and your least-square line in one graph. Do you think that the regression line does a job to describe the relationship?
- What is the estimated reasonable itemized reduction amount for all the taxpayers who earn $52,500 a year? If John makes $52,500 and claim $20,400 itemized reduction, will IRS audit his tax return?
- Compute the standard error of estimate Sy,x for the least-square regression.
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orchestra answered 2 years agoRelated Solutions
3. Following data on adjusted income and reasonable itemized deduction amount of 1040 Form is published...
3. Following data on adjusted income and reasonable itemized
deduction amount of 1040 Form is published by IRS. (20 points)
Adjusted Gross Income ($1000) in 1040
Reasonable itemized reduction amount ($1000)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85
17.7
120
25.5
Which variable is the predictor (X) and which is the response
(Y)?
Find the least-square regression line y=a+bx
Plot the data and your least-square line in one graph. Do you
think that the regression line...
1)Please list in the order of benefit: Credit, Itemized deduction, Deduction to Adjusted Gross Income
1)Please list in the order of benefit: Credit, Itemized
deduction, Deduction to Adjusted Gross Income
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable
Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
Data are given below on the adjusted gross income x and the amount of itemized deductions...
Data are given below on the adjusted gross income x and
the amount of itemized deductions taken by taxpayers. Data were
reported in thousands of dollars. With the estimated regression
equation = 4.68 + .16x, the point estimate of a
reasonable level of total itemized deductions for a taxpayer with
an adjusted gross income of $52.5 thousand is $13.08
thousand.
Adjusted Gross Income ($1000s)
Reasonable Amount of
Itemized Deductions ($1000s)
22
9.6
27
9.6
32
10.1
48
11.1
65
13.5
85...
Is " qualified business income deduction" the same as "Itemized deduction", and do you feel C...
Is " qualified business income deduction" the same as "Itemized
deduction", and do you feel C Corporations should quality for this
deduction.
Which of the following is NOT a from AGI deduction? Multiple Choice Standard deduction. Itemized deduction....
Which of the following is NOT a from AGI deduction?
Multiple Choice
Standard deduction.
Itemized deduction.
Deduction for qualified business income.
None of these. All of these are from AGI
deductions.
What amount can Allen deduct as an itemized deduction on his tax return?
Allen paid the following taxes this year:Property taxes on rental property he owns$4,000Property taxes on his own residence3,600Estimated Federal income taxes paid in 20198,000California State income taxes withheld from
paycheck 3,400Estimated California Income Taxes paid in 2019500What amount can Allen deduct as an itemized
deduction on his tax return?Select one:a. $19,500b. $10,000c. $11,500d. $7,500
Which of the following may not be included at all as an itemized deduction on a...
Which of the following may not be included at all as an itemized
deduction on a tax return?
Group of answer choices
Charitable contributions
Investment interest expense
Home mortgage interest
Credit card interest
Which of the following is not deductible as an Itemized Deduction if paid in the current...
Which of the following is not deductible as an Itemized Deduction
if paid in the current year.
A: Personal Property Taxes
B: Real Estate Taxes
C: Special Assessment Taxes
D: State Withholding Taxes
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