This fall millie finally repaid her student loan. she originally borrowed the money to pay tuition several years ago when she attended at state university (a qualified educational institution). this year millie paid a total of $2,400 of interest on the loan. if millie files single and reports $70,000 of income and no other items of income or expense how much of the interest can she deduct?

a. millie can deduct $2,400 for agi.

b. millie can deduct $1,600 for agi.

c. millie can deduct $2,400 as an itemized deduction.

d. millie can deduct $800 for agi.

e. none - the tuition is not deductible.

On january 8, the end of the first weekly pay period of the year, regis company's payroll register showed that its employees earned $22,760 of office salaries and $70,840 of sales salaries. withholdings from the employees' salaries include fica social security taxes at the rate of 6.20%, fica medicare taxes at the rate of 1.45%, $13,260 of federal income taxes, $1,450 of medical insurance deductions, and $860 of union dues. no employee earned more than $7,000 in this first pay period. required: 1.1 calculate below the amounts for each of these four taxes of regis company. regis’s merit rating reduces its state unemployment tax rate to 3% of the first $7,000 paid to each employee. the federal unemployment tax rate is 0.60