Homework Answers
Ans: The correct option for the answer is option C i.e. state income tax paid
Its because according to the law if an individual take state income tax paid deduction then he can't take standard deduction while filing return therefore other than state income tax paid all three can be claimed with standard deduction
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Which of the following may not be claimed as a deduction by a taxpayer who claims...
QUESTION 1 Calculate the amount of the Standard Deduction for the following taxpayer: Theo is 20...
QUESTION 1 Calculate the amount of the Standard Deduction for the following taxpayer: Theo is 20 years old, in good health, and single. He is claimed as a dependent on his parents' tax return. He has wages of $4,000 and interest income of $850.
explain please! _7. Which of the following items is not deductible on Schedule A as an itemized deduction, without r...
explain please!
_7. Which of the following items is not deductible on Schedule A as an itemized deduction, without regard to floors, ceilings or AGI limitations? a. Dental implants b. Motor vehicle tax on personal automobile, tax is based on the value of the automobile c. State income taxes withheld from paycheck in the current year d. Qualifying interest paid on a home mortgage loan on taxpayer's second home e. Qualifying interest paid on a student loan 8. In the...
Sylvester files as a single taxpayer during 2017 and claims one personal exemption. He itemizes deductions...
Sylvester files as a single taxpayer during 2017 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $15,700, real estate taxes of $900, state income taxes of $8,700, and interest on a home-equity loan of $2,700. Sylvester’s regular taxable income is $142,000. a. What is Sylvester's AMTI if he used the home-equity proceeds to purchase a car? b. What is Sylvester's AMTI if he used the home-equity loan proceeds to build a...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct?...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim itemized...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct?...
1. Regarding the tax formula applicable to individual taxpayers, which of the following statements is correct? a. In arriving at AGI, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. b. In arriving at taxable income, a taxpayer may claim deductions for AGI or deductions from AGI, but not both. c. If a taxpayer claims deductions for AGI, the standard deduction is not available. d. In arriving at taxable income, a taxpayer may claim itemized...
If the taxpayer claims a mortgage interest credit on his or her return, the mortgage interest...
If the taxpayer claims a mortgage interest credit on his or her return, the mortgage interest deduction on Schedule A must be: Choose one answer. a. Disallowed because of the credit b. Reduced by the amount of the credit claimed c. Increased by the amount of the credit claimed d. Ignored because it doesn’t count to the deduction
Hortense who files as single had the following income and deductions for 2020 $82,000 4,000 Salary...
Hortense who files as single had the following income and deductions for 2020 $82,000 4,000 Salary Interest on local government bonds qualifies as a tax exclusion) Allowable itemized deductions QBI deduction 11,000 1,500 500 Deduction for IRA contribution What is Hortense's taxable income? Select one: O a. $67,600 O b. None of the other choices O c. $67,000 O d. $69,000
Jan is a single, cash-method taxpayer. On April 11 2018, Joyce paid $140 in state income...
Jan is a single, cash-method taxpayer. On April 11 2018,
Joyce paid $140 in state income taxes with her 2017 state income
tax return. During 2018 Jan had $2,000 in state income taxes
withheld. On April 13, 2019, Jan paid $250 with her 2018 state
tax return. During 2019 she had $2,600 in state income taxes
withheld from her paycheck. Upon filing her 2019 tax return on
April 15, 2020 she received a refund of $350 for excess state
income...
46. Which one of the following is a miscellaneous itemized deduction? A. Qualified mortgage insurance premium....
46. Which one of the following is a miscellaneous itemized deduction? A. Qualified mortgage insurance premium. B. Casual gambling losses to the extent of gambling winnings. C. State income taxes. 47. Some or all of the interest incurred on a qualified education loan may be: A. Deductible in computing AGI. B. Deductible as a miscellaneous itemized deduction. C. Never deductible. 48. The Browns borrowed $30,000, secured by their home, to pay their son’s college tuition. At the time of the...
QUESTION 1 Calculate the amount of the Standard Deduction for the following taxpayer: Theo is 20 years old, in good health, and single. He is claimed as a dependent on his parents' tax return. He has wages of $4,000 and interest income of $850.
explain please!
_7. Which of the following items is not deductible on Schedule A as an itemized deduction, without regard to floors, ceilings or AGI limitations? a. Dental implants b. Motor vehicle tax on personal automobile, tax is based on the value of the automobile c. State income taxes withheld from paycheck in the current year d. Qualifying interest paid on a home mortgage loan on taxpayer's second home e. Qualifying interest paid on a student loan 8. In the...
Hortense who files as single had the following income and deductions for 2020 $82,000 4,000 Salary Interest on local government bonds qualifies as a tax exclusion) Allowable itemized deductions QBI deduction 11,000 1,500 500 Deduction for IRA contribution What is Hortense's taxable income? Select one: O a. $67,600 O b. None of the other choices O c. $67,000 O d. $69,000
Jan is a single, cash-method taxpayer. On April 11 2018,
Joyce paid $140 in state income taxes with her 2017 state income
tax return. During 2018 Jan had $2,000 in state income taxes
withheld. On April 13, 2019, Jan paid $250 with her 2018 state
tax return. During 2019 she had $2,600 in state income taxes
withheld from her paycheck. Upon filing her 2019 tax return on
April 15, 2020 she received a refund of $350 for excess state
income...
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