The Federal gift tax does not include a: a. Deduction for state gift taxes paid. b....
The Federal gift tax does not include a: a. Deduction for state gift taxes paid. b. Charitable deduction. c. Gift-splitting election. d. Marital deduction.
Homework Answers
The Federal gift tax does not include : a. Deduction for state gift tax paid .
Charitable deduction, gift- splitting election, and marital deduction can be made from Federal gift tax . But we did not get deduction for state gift tax paid.
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The Federal gift tax does not include a: a. Deduction for state
gift taxes paid. b....
Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid....
Homeowners enjoy many benefits, including a federal tax deduction for state and local property taxes paid. Madison, Wisconsin, earned the #1 spot in Livability.com’s 2015 Top 100 Best Places to Live ranking. With a median home price of $217,500, if the property tax rate is $23.7963 per $1,000, how much does the average homeowner pay in property tax? (Round your final answer to the nearest cent.) Average homeowner pay in property tax $
During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000...
During the current year, Seth, a self-employed individual, paid the following taxes: Federal income tax $15,000 State income tax $8,500 Real estate taxes on land in South America (held as an investment) $1,000 State sales taxes 300 Personal property taxes based upon value $1,600 Federal self-employment tax $ 800 What amount can Seth claim as an itemized deduction for taxes paid during the current year? a.$11,400 b.$10,000 c.$10,100 d.$9,500 e.None of these choices are correct.
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment...
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
which is not a source of federal revenue? employment taxes estate and gift taxes sales tax...
which is not a source of federal revenue? employment taxes estate and gift taxes sales tax incoem taxes and individuals
The federal estate and gift tax O must be paid on even small gifts. O is...
The federal estate and gift tax O must be paid on even small gifts. O is paid on property left as an inheritance when the owner dies. O was originally created in 2011. O is paid on certain commodities, such as gasoline or tobacco. Estate and gift taxes as a percentage of GDP are less than 1%. between 2% and 3%. O about 20%. O 0%, since the tax was repealed.
Dan has AGI of $50,000 and paid the following taxes during this tax year. State income...
Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding $ 1,400 State income tax estimated payments 750 Federal income tax withholding 3,000 Social Security tax withheld from wages 2,100 State excise tax on liquor 400 Automobile license (based on the car’s weight) 300 State sales tax paid 475 Calculate how much Dan can deduct for taxes as an itemized deduction this year.
Deduction of Taxes. Joyce is a single, cash-method taxpayer. On April 11, 2014, Joyce paid $120...
Deduction of Taxes. Joyce is a single, cash-method taxpayer. On April 11, 2014, Joyce paid $120 in state income taxes with her 2013 state income tax return. During 2014, Joyce had $1,600 in state income taxes withheld. On April 13, 2015, Joyce paid $200 with her 2014 state tax return. During 2015, she had $2,100 in state income taxes withheld from her pay- check. Upon filing her 2015 tax return on April 15, 2016, she received a refund of $450...
If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes),...
If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes), what is the effective income tax rate? Choose the correct answer below. O A. The effective income tax rate is 21% O B. The effective income tax rate is 26.5%. OC. The effective income tax rate is 24.5%. OD. The effective income tax rate is 28%
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?
Thanks For your HELP!!! 13. When computing the accumulated earnings tax, the dividends-paid deduction is not...
Thanks For your HELP!!! 13. When computing the accumulated earnings tax, the dividends-paid deduction is not available for A) dividends paid during the tax year. B) throwback dividends. C) stock dividends. D) All of the above are deductible. 15. When computing the accumulated earnings tax, which of the following is not a reduction to arrive at accumulated taxable income? A) accumulated earnings credit B) NOL deduction claimed C) accrued federal income taxes D) dividends-paid deduction
Payroll taxes paid by employees include which of the following? O Federal income tax, federal unemployment tax, and Medicare O Social security, federal unemployment tax, and state unemployment tax O Social security, federal income tax, and federal unemployment tax O Federal income tax withheld, state income tax withheld, and Medicare Which of the following statements about bonds and notes is not correct? O A company can borrow the funds necessary to finance its activities using bonds or promissory notes O...
The federal estate and gift tax O must be paid on even small gifts. O is paid on property left as an inheritance when the owner dies. O was originally created in 2011. O is paid on certain commodities, such as gasoline or tobacco. Estate and gift taxes as a percentage of GDP are less than 1%. between 2% and 3%. O about 20%. O 0%, since the tax was repealed.
If the federal income tax rate is 21% and the state tax rate is 7% (and state taxes are deductible from federal taxes), what is the effective income tax rate? Choose the correct answer below. O A. The effective income tax rate is 21% O B. The effective income tax rate is 26.5%. OC. The effective income tax rate is 24.5%. OD. The effective income tax rate is 28%
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