Sam made $80,000 as a financial analyst her first year out of college. She calculated her above-the-line deductions to be $5,500
, her itemized deductions to be $7,000, and the standard deduction is $12,550. What deductions is Sam allowed to take that will minimize her taxes owed?
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She can take the $5,500 and the $12,550 for $18,050 in deductions
She can take the $7,000 and the $12,550 for $19,550 in deductions
She can take the $5,500 and the $7,000 for $12,500 in deductions
She can take all three for $25,050 in deductions
