Mary paid $2,000 of state income taxes in 2018. The total sales tax she paid during 2018
Question:
Mary paid $2,000 of state income taxes in 2018. The total sales tax she paid during 2018 was $4,500, which included $3,000 for the cost of a new car. How should Mary treat the taxes paid on her 2018 tax return?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Mary can deduct the greater of the 4500 of regular sa...View the full answer
Answered By
Ehsan Mahmood
I’ve earned Masters Degree in Business Studies and specialized in Accounts & Finance. Couple with this, I have earned BS Sociology from renowned institute of Pakistan. Moreover, I have humongous teaching experience at Graduate and Post-graduate level to Business and humanities students along with more than 7 years of teaching experience to my foreign students Online. I’m also professional writer and write for numerous academic journals pertaining to educational institutes periodically.
4.90+
248+ Reviews
287+ Question Solved
Related Book For
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
Question Posted:
Students also viewed these Business questions
-
Mary 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...
-
Mary paid $2,000 of state income taxes in 2015. The total sales tax she paid during 2015 was $5,500, which included $3,000 for the cost of a new car. How should Mary treat the taxes paid on her 2015...
-
Mary paid $2,000 of state income taxes in 2012. The total sales tax she paid during 2012 was $5,500, which included $3,000 for the cost of a new car. How should Mary treat the taxes paid on her 2012...
-
Susan has completed a concept map, assisted by her colleagues, and has recently returned from her meeting with her manager. Her manager is very concerned about the high attrition rate and poor...
-
Refer to PB10-6. Assume Methodical uses the effective-interest bond amortization method. PB10-6 On January 1, 2012, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a...
-
Suppose that for the tank in Exercise 23 the pump breaks down after 4.7 x 10 5 J of work has been done. What is the depth of the water remaining in the tank?
-
Find the trajectories of the system governed by the equations \[\dot{x}=x-y, \quad \dot{y}=x+3 y\]
-
Santa Fe Corporation produces and sells a single product. Expected sales for September are 12,000 units; for October, 15,000 units; for November, 9,000 units; for December, 10,000 units; and for...
-
Elon Musk and Jeff Bessos are brothers. Each gets a weekly allowance of $4. Elon's prefer- ences for Tweets (good x) and News Articles (good y) can be represented by the utility function u(x, y) =...
-
LeAnn Sands wants to conduct revenue breakeven analyses of Salza Technology Corporation for 2010. Income statement information is shown in Problem 8. For 2010, the firms cost of goods sold is...
-
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the...
-
Go to the IRS website (www.irs.gov) and redo Problem 10 above using the most recent interactive Form 2441, Child and Dependent Care Expenses. Print out the completed Form 2441. Data in Problem 10...
-
Property taxes in DeKalb County are roughly 2.66% of the purchase price every year. If you just bought a $100,000 home, what is the PV of all the future property tax payments? Assume that the house...
-
5. Consider the initial value problem dy dt 6y=-9e2t with y(0) = A. (a) Find the analytic solution. (b) For what values of A does the above solution tend to 0, 0, or - as t ? (c) Use Matlab to...
-
3.3. Write a MATLAB function circle_fit whose input is an n m matrix A; the columns of A are the m vectors in R" to which a circle should be fitted. The call to the function will be of the form [x,...
-
Consider the following three functions: void printi(int n) { } } for(int i=0; i
-
Perform the following operations (a) Convert 111(base 10) into binary system (b) Convert -123(base 10) into binary system using 1-s complement+1 method (c) Compute the 111-123 using addition of the...
-
A microcontroller code resulted in a value in the following value in the working register, W W= What is the binary value of W after the execution of the following instruction? XORLW b'11010101'...
-
Are property rights a prerequisite for economic growth? Explain.
-
Write the given system without the use of matrices. D) - ()- d (x sin t + 8 (2+ 1)
-
Which of the following is likely to indicate classification of a worker as an employee: a. The worker must provide their own tools and equipment. b. The worker can provide services at a location they...
-
In 2022, Jonahs employer pays $8,700 for health insurance premiums for Jonah, Jonahs spouse, and Jonahs three dependent children. Jonah has $100 per month withheld from his pay toward the cost as...
-
Taylors 2022 health insurance premiums of $7,800 are paid by her employer. During 2022, Taylor requires surgery on her vocal chords. The cost of the surgery is $10,000 and Taylors insurance covers...
-
Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 280 units from the January 30 purchase, 5 units...
-
Solve: 4 = log 625
-
Simplify. (-8x2+2x-3)-[(4x2 - 1x + - [(4x - 1x+8) 2(-x + x + 3)] - G
Study smarter with the SolutionInn App