What is the primary difference between itemized deductions and the standard deduction?
Itemizing Deductions

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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Itemized deductions are only for businesses, while the standard deduction is for individuals.
Itemized deductions are a fixed amount, while the standard deduction varies.
Itemized deductions require tracking specific expenses, while the standard deduction is a fixed amount.
Itemized deductions are mandatory, while the standard deduction is optional.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For an individual filing as head of household in 2023, what is the standard deduction amount?
$13,850
$27,700
$20,800
$15,000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following expenses can be itemized for deductions?
Vacation expenses
Mortgage interest
Grocery bills
Car payments
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percentage of gross income can charitable donations be deducted up to?
50%
60%
70%
80%
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT typically considered an itemized deduction?
Medical expenses exceeding 7.5% of gross income
Gambling losses
Personal clothing expenses
State and local taxes
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