Question

1. List tax -deductible expenditures and the deductible amount

2. Below the list of deductible expenses , re-configure your taxes and net income : Subtract your deductible expenses from your gross income to determine your Gross Income (AGI ). Then recalculate your taxes based on the AGI.

3. Subtract your taxes from your Gross Income to determine your updated net income .

Please use formulas for your calculations Tax calculations should be listed for each type of tax

no more info provided

Answer 1

Tax Deductions:
1. American Opportunity Tax Credit
The AOTC is for first-time college students for their first four years of college or other higher education. If you're pursuing a degree or otherwise going to college and haven't had a felony drug conviction at the end of the tax year, you could qualify.
2. Lifetime Learning Credit
While the AOTC is for first-time college students, the Lifetime Learning Credit is for others pursuing higher education.
3. Earned Income Tax Credit
If you make low-to-moderate income, the Earned Income Tax Credit reduces the amount of tax you owe. Or it could give you a refund (or increase it).
4. Child and Dependent Care Credit
If you care for a child or another dependent in your household, you could claim this credit. The total expenses can't exceed $3,000 for one individual or $6,000 for two or more dependents.
5. Saver's Credit
If you make eligible contributions to your Individual Retirement Account or your employer-sponsored retirement plan -- like a 401(k) --
you may qualify for the Saver's Credit. You must be 18 years of age or older, not a full-time student and can't be claimed as a
dependent on another person's tax returns. The credit rate varies depending on your adjusted gross income,
but you won't earn anything if you earn more than $64,000 if you're married filing jointly or more than $32,000 as another filer.