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17. Frank is a resident of a state that imposes a tax on income. The following...
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...
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.
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?
Itemized Deductions (LO. 4) Paula lives in Arkansas, which imposes a state income tax. During 2019,...
Itemized Deductions (LO. 4) Paula lives in Arkansas, which imposes a state income tax. During 2019, she pays the following taxes: Federal tax withheld $5,125 State income tax withheld 1,900 State sales tax – actual receipts 370 Real estate tax 1,740 Property tax on car (ad valoreum) 215 Social Security tax 4,324 Gasoline taxes 124 Excise taxes 112 Refer to only Exhibit 8-3 to answer the following questions. Note: Exhibit 8-3 refers to the 2018 IRS table since the 2019...
Apply the tax benefit rule to determine the amount of the state income tax refund included...
Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020. If an amount is zero, enter "0". a. Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions were $25,100, which included $7,000 in state income tax and no other state or local taxes. In 2020, they received a $1,800 refund of the state income taxes that they paid in 2019. The standard...
Apply the tax benefit rule to determine the amount of the state income tax refund included...
Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2020. Veronica filed as a single taxpayer in 2019. Her AGI was $236,500, and itemized deductions were $42,600. Her local property taxes were $14,800 and her state income taxes were $21,300. In 2020, Veronica received a $2,100 refund of the state income taxes she paid in 2019. The standard deduction for single filers in 2019 was $12,200. What is Veronica's...
In 2020 you had the following tax items: $5,000 state income taxes paid, $4,500 state sales...
In 2020 you had the following tax items: $5,000 state income taxes paid, $4,500 state sales taxes paid, $4,700 in property taxes, $500 in ad valorem taxes on your car. How much should you claim on your itemized deductions for state and local taxes? $10,000 $14,700 $10,200 $9,200 $9,700
FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross...
FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salary, $41.780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Thomas report as taxable income? (Obj.1) 2. Determining Tax Deductions. If Lola Harper had the fol lowing itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,050. (Obj. 2) Donations to church...
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?
Problem 10-30 (Algorithmic) (LO. 4) Norma, who is single and uses the cash method of accounting,...
Problem 10-30 (Algorithmic) (LO. 4) Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2019, she files her state income tax return for 2018 and pays an additional $940 in state income taxes. During 2019, her withholdings for state income tax purposes amount to $3,290, and she pays estimated state income tax of $658. In April 2020, she files her state income tax return for 2019, claiming...
FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salary, $41.780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Thomas report as taxable income? (Obj.1) 2. Determining Tax Deductions. If Lola Harper had the fol lowing itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,050. (Obj. 2) Donations to church...
Problem 10-30 (Algorithmic) (LO. 4) Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income tax. In April 2019, she files her state income tax return for 2018 and pays an additional $940 in state income taxes. During 2019, her withholdings for state income tax purposes amount to $3,290, and she pays estimated state income tax of $658. In April 2020, she files her state income tax return for 2019, claiming...
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