The itemized deductions of taxpayers in high-income brackets will be limited to the lesser of 6%...
The itemized deductions of taxpayers in high-income brackets will be limited to the lesser of 6% of the excess of adjusted gross income over the threshold amount or 80% of the amount of itemized deductions otherwise allowable for the tax year. For 2018, the California threshold is what amount for a single taxpayer?
A. $159,702B. $177,730C. $182,615D. $194,504
Homework Answers
For 2018 the threshold is $194504. This is also the threshold for married taxpayer filing separately and single taxpayer. So answer is option D.
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The itemized deductions of taxpayers in high-income brackets
will be limited to the lesser of 6%...
The itemize deductions of a taxpayers in high income brackets will be limited to the lesser...
The itemize deductions of a taxpayers in high income brackets will be limited to the lesser of 6% of the excess of adjusted gross income over the trash whole amount or 80% of the Amount of itemize deductions otherwise allowable for the tax year. For 2019, The California trash hold is what amount for a single taxpayer? A.$159,702 B.$177,730 C.181,615 D.200,534
Data are given below on the adjusted gross income x and the amount of itemized deductions taken by taxpayers. Data were reported in thousands of dollars. With the estimated regression equation = 4.68...
Data are given below on the adjusted gross income x and the amount of itemized deductions taken by taxpayers. Data were reported in thousands of dollars. With the estimated regression equation = 4.68 + .16x, the point estimate of a reasonable level of total itemized deductions for a taxpayer with an adjusted gross income of $52.5 thousand is $13.08 thousand. Adjusted Gross Income($1000s) Reasonable Amount of Itemized Deductions ($1000s) 22 9.6 27 9.6 32 10.1 48 11.1 65 13.5 85...
Problem 6 Simple Linear Regression To the Internal Revenue Service, the reasonableness of total itemized deductions...
Problem 6 Simple Linear Regression To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. If a taxpayer claims larger than average itemized deductions for a given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of...
Assume each of the following taxpayers itemizes deductions in 2017. Then, choose the response that best...
Assume each of the following taxpayers itemizes deductions in 2017. Then, choose the response that best describes a taxpayer whose deductions will be limited for certain expenses. Michelle, a single taxpayer, had adjusted gross income of $250,000. Jose files head of household. His adjusted gross income was $285,000. Samuel's adjusted gross income was $95,000. He is married but files a separate return. Tim files a joint return with his wife, Shannon. Their adjusted gross income was $315,000.
To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted...
To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Larga deductions, which incluce charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. It a taxpayer dalms larger than average Itemized deductions for a given level of income, the chances of an IRS audit are increased. Data in thousands of dollars) an adjusted gross income and the average or reasonable amount of loomized deductions follow. R Adjusted...
In 2018, an unmarried taxpayer deduct $16,850 on itemized deductions since that amount exceeded the $12,000...
In 2018, an unmarried taxpayer deduct $16,850 on itemized deductions since that amount exceeded the $12,000 standard deduction. Included in the itemized deductions was $3,700 of state income tax withheld. In 2019, the taxpayer receives a $800 refund check from the state government. What amount must the taxpayer include in his 2019 gross income?
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sa...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as follows: Gross income $120,000 Deductions for adjusted gross income (3,000) Adjusted gross income $117,000 Deductions from adjusted gross income: Standard deduction (12,000) (Total itemized deductions are $2,300) Taxable income $105,000 Before filing her return, Reba finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she is unsure whether she should deduct it for or from adjusted gross...
For the year 2010, 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized...
For the year 2010, 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,642. Assume that the standard deviation is σ = $2,300. If required, round your answer to two decimal places. (a) What are the sampling distributions of x for itemized deductions for this population of taxpayers for each of the following sample sizes: 30, 50, 100, and...
For the year 2010, 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized...
For the year 2010, 33% of taxpayers with adjusted gross incomes between $30,000 and $60,000 itemized deductions on their federal income tax return. The mean amount of deductions for this population of taxpayers was $16,642. Assume that the standard deviation is σ = $2,500. If required, round your answer to two decimal places. (a) What are the sampling distributions of x for itemized deductions for this population of taxpayers for each of the following sample sizes: 30, 50, 100, and...
Problem 6 Simple Linear Regression To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Large deductions, which include charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. If a taxpayer claims larger than average itemized deductions for a given level of income, the chances of an IRS audit are increased. Data (in thousands of dollars) on adjusted gross income and the average or reasonable amount of...
To the Internal Revenue Service, the reasonableness of total itemized deductions depends on the taxpayer's adjusted gross income. Larga deductions, which incluce charity and medical deductions, are more reasonable for taxpayers with large adjusted gross incomes. It a taxpayer dalms larger than average Itemized deductions for a given level of income, the chances of an IRS audit are increased. Data in thousands of dollars) an adjusted gross income and the average or reasonable amount of loomized deductions follow. R Adjusted...
Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $43,000, a short-term capital gain income of $4,400 from the sale of stock, and S6,400 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is (Round to the nearest cent) Assuming Gordon's filing status is single, his standard deduction for the 2017 tax year is (Enter the amount to...
For AGI Deductions Vs. From AGI Deductions (LO. 6) Reba's 2018 income tax calculation is as follows: Gross income $120,000 Deductions for adjusted gross income (3,000) Adjusted gross income $117,000 Deductions from adjusted gross income: Standard deduction (12,000) (Total itemized deductions are $2,300) Taxable income $105,000 Before filing her return, Reba finds an $8,000 deduction that she omitted from these calculations. Although the item is clearly deductible, she is unsure whether she should deduct it for or from adjusted gross...
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