Laura is a single taxpayer living in New Jersey with adjusted gross income for the 2014 tax year of $35,550. Laura’s employer withheld $3,300 in state income tax from her salary. In April of 2014, she pays $850 in additional state taxes for her prior year’s tax return. The real estate taxes on her home are $1,600 for 2014, and her personal property taxes, based on the value of the property, amount to $380. Also, she paid $75 for state gasoline taxes for the year. Complete the taxes section of Schedule A below to report Laura’s deduction assuming she elects to deduct state and local income taxes.
Answer to relevant QuestionsMary paid $2,000 of state income taxes in 2014. The total sales tax she paid during 2014 was $5,500, which included $3,000 for the cost of a new car. How should Mary treat the taxes paid on her 2014 tax return? John Williams (age 42) is a single taxpayer, and he lives at 1324 Forest Dr., Reno, NV 89501. His Social Security number is 555949358. John’s earnings and withholdings as the manager of a local casino for 2014 ...What is the maximum investment income a taxpayer is allowed to have and still be allowed to claim the earned income credit? Please speculate as to why there is an investment income limit in the tax ...Kent Pham, CPA, is a 45-year-old single taxpayer living at 169 Trendie Street, La Jolla, CA 92037. His Social Security number is 865-68-9635. In 2014, Kent’s W-2 as the controller of a local corporation showed the ...Janie graduates from high school in 2014 and enrolls in college in the fall. Her parents pay $4,000 for her tuition and fees. a. Assuming Janie’s parents have AGI of $170,000, what is the American Opportunity tax credit ...
Post your question