ZuoTi.Pro
Question

ltemized Deductions (LO. 4) Jesse is a resident of New Jersey who works in New York City. He also owns rental property in South Carolina. During 2017, he pays the following taxes: New Jersey state New York City income tax withheld New York State income tax withheld Federal income tax withheld Property tax-New Jersey home South Carolina income taxes paid when filing 2016 tax return South Carolina estimated tax payments Gasoline taxes tax 440 1,375 6,310 2,110 220 190 160 During 2017, Jesses 2015 New York State and New York efund of City tax returns are audited. Based on the audit, he pays an additional $250 in New York City taxes but receives a $185 in New York State taxes. He also has to pay a $40 penalty and interest of $12 to New York City. However, he receives interest of $16 from New York State esses allowable deduction for taxes-C-Ox in 2017.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

0 0
Add a comment
Know the answer?
Add Answer to:
ltemized Deductions (LO. 4) Jesse is a resident of New Jersey who works in New York...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • Jesse Brimhall is single. In 2019, his itemized deductions were $9,000 before considering any real property...

    Jesse Brimhall is single. In 2019, his itemized deductions were $9,000 before considering any real property taxes he paid during the year. Jesse's adjusted gross income was $70,000 (also before considering any property tax deductions). In 2019, he paid real property taxes of $3,000 on property 1 and $1,200 of real property taxes on property 2. He did not pay any other deductible taxes during the year. b.If property 1 is Jesse's business building (he owns the property) and property...

  • Problem 5-19 Taxes (LO 5.7) Laura is a single taxpayer living in New Jersey with an...

    Problem 5-19 Taxes (LO 5.7) Laura is a single taxpayer living in New Jersey with an adjusted gross income for the 2019 tax year of $35,550. Laura's employer withheld $3,410 in state income tax from her salary. In April of 2019, she pays $550 in additional state taxes for her prior year's tax return. The real estate taxes on her home are $1,800 for 2019, and her personal property taxes, based on the value of the property, amount to $400....

  • Tax Expense Limitations. R lives in beautiful condominium in the heart of New York city. During 2...

    Tax Expense Limitations. R lives in beautiful condominium in the heart of New York city. During 2018, he paid $15,000 in property taxes and another $8,000 in income taxes. Assuming R itemizes his deductions, what is his deduction for state and local taxes for 2018? Tax Expense Limitations. R lives in beautiful condominium in the heart of New York city. During 2018, he paid $15,000 in property taxes and another $8,000 in income taxes. Assuming R itemizes his deductions, what...

  • 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...

  • Please prepare a 2017 1040 and schedule A Alfred E. Old and Beulah A. Crane, each...

    Please prepare a 2017 1040 and schedule A Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 1-11-1112. Beulah's Social Security number is 123-45-6789, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah...

  • 1. Definition of economic costs Edison lives in New York City and runs a business that...

    1. Definition of economic costs Edison lives in New York City and runs a business that sells boats. In an average year he receives 5722.000 in revenue from selling boats of this sales revenue, he must pay the manufacturer a wholesale cost of $422,000; he also part wages and utility bills totaling $268.000. He owns his showroor We chooses to rent it out, he will receive $1,000 in rent per vew. Assume that the value of this showroom does not...

  • Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred...

    Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred’s Social Security number is 111-11-1112. Beulah’s Social Security number is 123-45-6789, and she adopted “Old” as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years...

  • Note: This problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane,...

    Note: This problem is for the 2018 tax year. Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay...

  • Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred...

    Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred’s Social Security number is 111-11-1112. Beulah’s Social Security number is 123-45-6789, and she adopted “Old” as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years...

  • Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred...

    Alfred E. Old and Beulah A. Crane, each age 42, married on September 7, 2016. Alfred and Beulah will file a joint return for 2018. Alfred’s Social Security number is 111- 11-1112. Beulah’s Social Security number is 123-45-6789, and she adopted “Old” as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorced from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10...

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