Dan has AGI of $50,000 and paid the following taxes during this tax year. State income...
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Dan has AGI of $50,000 and paid the following taxes during this tax year.
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Homework Answers
Answer is $2150. Only the state income tax paid or withheld are deductible. That will be $1400 + $750 = $2150.
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Dan has AGI of $50,000 and paid the following taxes during this
tax year.
State income...
Homework 4 Vyvanse Savings Card Registration 4 Saved Help Save & Exit Sul Check my we...
Homework 4 Vyvanse Savings Card Registration 4 Saved Help Save & Exit Sul Check my we Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding State income tax estimated payments Federal income tax withholding Social Security tax withheld from wages State excise tax on liquor Automobile license (based on the car's weight) State sales tax paid $1,325 760 3, 125 1,960 430 315 495 Calculate how much Dan can deduct for...
Tendai has AGI of $70,000 and has made the following payments. state income tax withholding 4,200....
Tendai has AGI of $70,000 and has made the following payments. state income tax withholding 4,200. state sales tax paid 6,100. federal income tax withholding 8,000. social security tax withheld from wages 5,600. state gift tax 6,000. town real estate tax 9,000. excise tax on personal realty 1,000. calculate the deductible amount of taxes with Tendai's itemized deduction.
Tendai has AGI of $70,000 and has made the following payments: state income tax withholding $4,200,...
Tendai has AGI of $70,000 and has made the following payments: state income tax withholding $4,200, state sales tax paid $6,100, Federal income tax withholding $8,000 , social security tax withheld from wages $5,600, State gift tax $6,000, Town real estate tax $9,000, Excise tax on personal realty $1,000. Calculate the deductible amount of taxes with Tendai's itemized deductions.
Tendai has AGI of $70,000 and has made the following payments: State income tax withholding 4,200,...
Tendai has AGI of $70,000 and has made the following payments: State income tax withholding 4,200, State sales tax paid 6,100, Federal income tax withholding 8,000, Social security tax withheld from wages 5,600, State gift tax 6,000, Town real estate tax 9,000, Excise tax on personal realty 1,000. Calculate the deductible amount of taxes with Tendai's itemized deductions.
Joyce is a single, cash-method taxpayer. On April 11,2014, Joyce paid $120 in state income 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 paycheck. Upon filing her 2015 tax return on April 15,2016, she received a refund of $450 for excess state income taxes withheld. Joyce...
Joyce is a single, cash-method taxpayer. On April 11,2014, Joyce paid $120 in state income 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 paycheck. Upon filing her 2015 tax return on April 15,2016, she received a refund of $450 for excess state income taxes withheld. Joyce...
a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI...
a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding $ 107,400 $ 107,400 $ 107,400 Required information Problem 4-28 (LO 4-1) The following information applies to the questions displayed below] Jeremy earned $100,700 in salary and $6,700 in interest income...
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...
Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on Iowa...
Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on Iowa residence $3,800 State income tax 1,700 Real estate taxes on a vacation home 2,100 Gift tax paid on gift to daughter 1,200 State sales taxes 1,750 State occupational license fee 300 Property tax on value of his automobile (used 100% for business) 475 What is the maximum amount Hugh can claim as taxes in itemizing deductions from...
Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on Iowa...
Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on Iowa residence $3,800 State income tax 1,700 Real estate taxes on a vacation home 2,100 Gift tax paid on gift to daughter 1,200 State sales taxes 1,750 State occupational license fee 300 Property tax on value of his automobile (used 100% for business) 475 What is the maximum amount Hugh can claim as taxes in itemizing deductions from AGI? Select one: O a. $8,850 O...
Homework 4 Vyvanse Savings Card Registration 4 Saved Help Save & Exit Sul Check my we Dan has AGI of $50,000 and paid the following taxes during this tax year. State income tax withholding State income tax estimated payments Federal income tax withholding Social Security tax withheld from wages State excise tax on liquor Automobile license (based on the car's weight) State sales tax paid $1,325 760 3, 125 1,960 430 315 495 Calculate how much Dan can deduct for...
a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding $ 107,400 $ 107,400 $ 107,400 Required information Problem 4-28 (LO 4-1) The following information applies to the questions displayed below] Jeremy earned $100,700 in salary and $6,700 in interest income...
Hugh, a self-employed individual, paid the following amounts during the year: Real estate tax on Iowa residence $3,800 State income tax 1,700 Real estate taxes on a vacation home 2,100 Gift tax paid on gift to daughter 1,200 State sales taxes 1,750 State occupational license fee 300 Property tax on value of his automobile (used 100% for business) 475 What is the maximum amount Hugh can claim as taxes in itemizing deductions from AGI? Select one: O a. $8,850 O...
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