Question

Bob made the following payments to state and local governments in 2018: State income taxes withheld...

Bob made the following payments to state and local governments in 2018:

  • State income taxes withheld from wages totaled $3,500
  • The remaining balance on 2017 state income taxes of $200 was paid on 4/10/2018
  • State sales taxes paid totaled $2,000
  • Real estate taxes totaled $6,000, which included $1,000 for solid waste collection and disposal

What is his maximum deduction for state and local taxes for 2018?

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Hi

Let me know in case you face any issue:

Answer is highlighted in yellow: Solution: $ 8,500 Answer: Explanation: $ $ 3,500 - State income taxes withheld from wages to

Add a comment
Know the answer?
Add Answer to:
Bob made the following payments to state and local governments in 2018: State income taxes withheld...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Tendai has AGI of $70,000 and has made the following payments. state income tax withholding 4,200....

    Tendai has AGI of $70,000 and has made the following payments. state income tax withholding 4,200. state sales tax paid 6,100. federal income tax withholding 8,000. social security tax withheld from wages 5,600. state gift tax 6,000. town real estate tax 9,000. excise tax on personal realty 1,000. calculate the deductible amount of taxes with Tendai's itemized deduction.

  • Tendai has AGI of $70,000 and has made the following payments: state income tax withholding $4,200,...

    Tendai has AGI of $70,000 and has made the following payments: state income tax withholding $4,200, state sales tax paid $6,100, Federal income tax withholding $8,000 , social security tax withheld from wages $5,600, State gift tax $6,000, Town real estate tax $9,000, Excise tax on personal realty $1,000. Calculate the deductible amount of taxes with Tendai's itemized deductions.

  • Tendai has AGI of $70,000 and has made the following payments: State income tax withholding 4,200,...

    Tendai has AGI of $70,000 and has made the following payments: State income tax withholding 4,200, State sales tax paid 6,100, Federal income tax withholding 8,000, Social security tax withheld from wages 5,600, State gift tax 6,000, Town real estate tax 9,000, Excise tax on personal realty 1,000. Calculate the deductible amount of taxes with Tendai's itemized deductions.

  • Jon Philips made the following 2019 payments: NYS/NYC tax withheld from paychecks ( per Form W-2) $3,000 NYSNYC Estimated tax payments 4/15/19 $1,000 6/30/19 $1,000 1/15/20 $2,000 NYC Real estate...

    Jon Philips made the following 2019 payments: NYS/NYC tax withheld from paychecks ( per Form W-2) $3,000 NYSNYC Estimated tax payments 4/15/19 $1,000 6/30/19 $1,000 1/15/20 $2,000 NYC Real estate taxes 6/30/19 $2,000 12/31/19 $2,000 What is Jon's Schedule A itemized deduction for taxes? Would your answer be different if the total real estate taxes paid in 2019 was $6,000 instead of $4,000. Please discuss and show all work. Jon Philips made the following 2019 payments: NYS/NYC tax withheld from...

  • Bob and Mary Smith, a married couple, engaged you to prepare their 2018 individual income tax...

    Bob and Mary Smith, a married couple, engaged you to prepare their 2018 individual income tax return. Their address is 123 Main Street, Wilmore, KY. Their social security numbers and dates of birth are as follows: S. S. No. Date of Birth Bob 123-45-6789 December 1, 1955 Mary 098-76-5432 May 5, 1957 They provide you with the following income and expense information for 2018: • Bob is a CPA and his salary was $150,000. He had $17,500 in federal income...

  • Taxpayer Y paid local real property taxes of $4,500 and state income tax of $5,500 in...

    Taxpayer Y paid local real property taxes of $4,500 and state income tax of $5,500 in 2018. Y claimed a total of $14,000 in itemized deductions on Y's 2018 federal income tax return. In 2019, Y received a $1,500 state income tax refund due to Y's overpayment of state income taxes in 2018. The standard deduction in 2018 was $12,000 How much of the state income tax refund will need to be included in Y's gross income in 2019?

  • Lyndon's employer withheld $10,100 in state income taxes from Lyndon's wages in 2019. Lyndon obtained a...

    Lyndon's employer withheld $10,100 in state income taxes from Lyndon's wages in 2019. Lyndon obtained a refund of $1,700 in this year for overpayment of state income taxes for 2018. State income taxes were an itemized deduction on his 2018 return. His 2019 liability for state income tax is $8,700. Indicate the amount of Lyndon's deduction for state income taxes on his federal tax return assuming he elects to deduct state income taxes for 2019.

  • Harvey itemized deductions on his 2018 income tax return and was able to deduct all state...

    Harvey itemized deductions on his 2018 income tax return and was able to deduct all state and local income taxes paid. Harvey plans to itemize deductions again in 2019 and the following information is available regarding state and local income taxes: Taxes withheld in 2019 $12,500 Refund received in 2019 for 2018 tax $500 Assessment paid in 2019 for 2017 tax $300 Assuming he deducts state and local income taxes, the above information should be reported by Harvey in his...

  • During 2018, Noriko paid the following taxes related to her income: Real estate property taxes on...

    During 2018, Noriko paid the following taxes related to her income: Real estate property taxes on residence (paid from escrow account) $1,800 State personal property tax on her automobile (based on value) $600 Property taxes on land held for long-term appreciation $400 What amount can Noriko deduct as property taxes in calculating itemized deductions, assuming she was under the $10,000 limit for state and local taxes, for 2018? a. $400 b. $1,000 c. $2,400 d. $2,800

  • O b. Certain Gambling winning C.HSA contributions d Child care expenses c Which of the following...

    O b. Certain Gambling winning C.HSA contributions d Child care expenses c Which of the following is not included in state and local income tax deduction on the 2018 Schedule A? Choose one answer a. State penalties and interest on income taxes pald late in 2018 b Slate tax withheld in 2018 C2018 state estimated payments d Balances due from 2017 and older original state retums or state amends, paid in 2018 Choose one answer a Cancellation of Debt Fob...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT