!Required information[The following information applies to the questions displayed below.]Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year.How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assumethe standard deduction last year was $12,950.Note: Leave no answer blank. Enter zero if applicable.c. Last year Louis claimed itemized deductions of $14,390. Louis's itemized deductions included state income taxes paid of $2,750 andno other state or local taxes.Refund to be included in gross income

A taxpayer is sometimes required to pay taxes in advance which is paid on estimation basis without…

Answered: How much of the refund, if any, must…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Find the amount returned to a single taxpayer who made $17000 last year and can deduct $12000. The withholding amount was $2000. (Note: assume no earned income credit)
Metlock reported the following pretax financial income (loss) for the years 2020-2022. 2020 $117,600 2021 (139,000) 2022 176,400 Pretax financial income (loss) and taxable income (loss) were the same for all years involved. The enacted tax rate was 20% for 2020- 2022.
you Häve completed so far. It does not indicate completion. The Social Security Administration increased the taxable wage base from $127,200 to $128,400. The 6.2% tax rate is unchanged. Joe Burns earned over $130,400 each of the past two years. a. What is the percent increase in the base? (Round your answer to the nearest hundredth percent.) Answer is not complete. Percent increase % b. What is Joe's increase in Social Security tax for the new year? (Round your answer to the nearest cent.) Answer is complete and correct. Increase in social security tax $ 74.40 Prev 9 of 11 Next >
1. In 2021, Dunder Mifflin's warranty deduction for tax purposes exceeded its warranty expense for book purposes by $654. Its pretax financial income in 2021 was $42800, and its tax rate was 27%. What amount of deferred tax liability should be reported on Dunder Mifflin's 2021 balance sheet? Assume no prior deferred tax balance. Choose the closest answer (round to the nearest two decimal places). a. $654.00 b. $11556.00 c. $176.58 d. None; Dunder Mifflin reports a deferred tax asset on its 2021 balance sheet.
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1. How much is taxable income, if Mr. B opted for optional standard deduction? 2. If the real property is locatedd in the city, copmute the total local tax transfer tax (use the maximum rate) 3. How much is the total final taxes?
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A single taxpayer has the following information for 2020: $195,000 23,500 1,500 8,900 14,800 AGI State income taxes State sales tax Real estate taxes Gambling losses (gambling gains were S$5,000) The taxpayer's total allowable itemized deductions for 2020 are: A) $15,000 B) $47,200 C) $38,900 D) $24,800
Meman
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