In the 2019 tax year, Michelle paid the following amounts relating to her 2017 tax return: Tax deficiency $5,000 Negligence penalty 1,000 Interest 500 Underpayment of estimated tax penalty 350 Which of the above items may be deducted on Michelle’s 2019 individual income tax return?

Harvey itemized deductions on his 2019 income tax return and was able to deduct all state and local income taxes paid. Harvey plans to itemize deductions again in 2020 and the following information is available regarding state and local income taxes: Taxes withheld in 2020 $12,500 Refund received in 2020 for 2019 tax $500 Assessment paid in 2020 for 2018 tax $300 Assuming he deducts state and local income taxes, the above information should be reported by Harvey in his 2020 tax return as: a.Itemized deduction for state and local income taxes of $12,800 b.Itemized deduction for state and local income taxes of $12,300 c.Itemized deduction for state and local income taxes of $12,500, and income from state and local tax refund of $200 d.Itemized deduction for state and local income taxes of $10,000 and income from state and local tax refund of $500 e.None of these choices are correct.

Joey is carrying on a retail business as a sole proprietor. His taxable income for the 2020-21 income year is $115,000. Which of the following calculations will be performed to determine his income tax liability? Disregard the medicare levy and any tax offsets that may apply. O $5,092 + ($115,000 - $45,000) x 0.325 O $29,467 + ($115,000 - $45,000) x 0.325 O $115,000 x 0.325 O $29,467 + ($115,000 - $45,000) x 0.37

A taxpayer lives in California, a state that imposes a tax on income. The following information relates to the taxpayer's state income taxes for 2022: Taxes withheld in 2022 $ 3,000 State refund received in 2022 from the 2021 tax return 300 Additional assessment paid in 2022 on the 2020 tax return 800 Assuming this taxpayer elects to deduct state and local income taxes, what amount should she use as an itemized deduction for state and local income taxes for her 2022 federal income tax return?

Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses 180,000 Net capital gain 22,000 Interest income 3,000 Itemized deductions (state taxes, residence interest, and contributions) 24,000 a.  Determine Mario's taxable income or loss for 2020. Adjusted gross income   Less: itemized deductions   Less: Deduction for qualified business income   Loss    b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts   Business Expenses   Net capital gain   Interest income   Itemized deductions   c.  Determine Mario's NOL for 2020. Mario's NOL is ?

Subject - account  Please help me.  Thankyou.

In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total tax liability is $35,290. Compute the minimum amount of 2022 tax that Erica had to prepay (withholding and estimated payments) to avoid an underpayment penalty.

A9

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Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020 taxable income was $155,000 and tax liability was $31,375. Calculate Kana's 2021 income tax liability and the minimum required 2021 annual payment necessary to avoid any penalty. Round your answers to two decimal places.