24. Laura (who is single) earned a salary of $40,000 and had $3,000 of state income...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
24. Laura (who is single) earned a salary of $40,000 and had $3,000 of state income taxes withheld from her salary in 2020. Laura properly claimed total itemized deductions of $12,700 (which included the state income taxes) on her Form 1040 for 2020. Her 2020 state income tax return (filed on April 15, 2021) showed an $1,000 refund of state income tax, which she received on May 25, 2021. How much of the state tax refund should be included in income on her 2021 federal return? $3,000 $1,000 $300 O $200 24. Laura (who is single) earned a salary of $40,000 and had $3,000 of state income taxes withheld from her salary in 2020. Laura properly claimed total itemized deductions of $12,700 (which included the state income taxes) on her Form 1040 for 2020. Her 2020 state income tax return (filed on April 15, 2021) showed an $1,000 refund of state income tax, which she received on May 25, 2021. How much of the state tax refund should be included in income on her 2021 federal return? $3,000 $1,000 $300 O $200
Expert Answer:
Related Book For
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
Posted Date:
Students also viewed these accounting questions
-
Wilma had $3,100 in state income taxes withheld from her paychecks during 2018. In April of 2018, Wilma paid the $50 due for her 2017 state tax return. Wilmas total tax liability on her state tax...
-
Marla had $2,100 in state income taxes withheld from her 2011 salary. When she files her 2011 state income tax return, her actual state tax liability is $2,300. Identify the tax issue(s) posed by the...
-
Marla had $2,100 in state income taxes withheld from her 2017 salary. When she files her 2017 state income tax return, her actual state tax liability is $2,300.
-
Great ride (GR) is in the business of manufacturing and selling high-end vehicles. GR signs a deal with the CEO of a consulting firm for a luxury SUV. You are the long-time Controller for GreatRide...
-
Choose the best answer. Items 1 through 3 relate to the following information. The county collects taxes on behalf of the county, city, and a special purpose district. For 2014, the taxes to be...
-
A 140- lossless line is terminated in a load impedance ZL = (280 + j182) . If = 72 cm, find (a) the reflection coefficient , (b) the voltage standing-wave ratio S, (c) the locations of voltage...
-
Step method Use the information in Exercise E13-27 to compute total cost for each revenue-generating area if Prosperous Bank uses the step method of cost allocation. Data From Exercise E13-27:-...
-
a. Construct a spreadsheet model Noah could use to determine the least costly way to visit all ten European cities exactly once. What is the optimal itinerary for this problem and how much air fare...
-
A new business buys $35,000 worth of computer equipment. If the useful life of the equipment is 8 years with a salvage value of $2,500, what is the Excel formula to determine the depreciation during...
-
Required: Nancy, who is 59 years old, is the beneficiary of a $220,000 life insurance policy. What amount of the insurance proceeds is taxable under each of the following scenarios? (Do not round any...
-
The following are all the steps in the accounting cycle. Number each step in the order in which they should be done. Please write your answer in the space provided. - Closing entries are journalized...
-
Explain the scope of OB in service jobs and describe its role in improving customer service. Creating a high-performance organization is very difficult. Discuss how job satisfaction can impact...
-
1. VantageScore. How does a VantageScore differ from a FICO score? 2. Reviewing Your Credit Score. How often should you review your credit report from each of the three major credit bureaus? Why is...
-
Question 5 Consider zero-coupon Treasury bonds, i.e. bonds with zero default risk that do not pay any interest, but only promise to repay the principal at maturity. Despite being default risk free,...
-
Let y = tan(3x+6). Find the differential dy when x = 5 and dx = 0.1 Find the differential dy when x = 5 and da = 0.2
-
1. Are you strongest in Prework, Conversation, or Follow up? Using concepts and terminology from the Difficult Conversation module, explain why you are strongest and weakest in these categories. 2....
-
The president of a company that sells rugs has asked for a study of the relationship between market price and the tons of rugs supplied by his competitor. The following observations of price per ton...
-
A business had revenues of $280,000 and operating expenses of $315,000. Did the business (a) Incur a net loss (b) Realize net income?
-
Jerry, age 23, a full-time student and not disabled, lives with William and Sheila Carson. Jerry is Williams older brother. Jerry is single, a U.S. citizen, and does not provide more than one-half of...
-
Larry Gaines, age 42, sells his personal residence on November 12, 2014, for $144,000. He lived in the house for 7 years. The expenses of the sale are $10,500, and he has made capital improvements of...
-
Karen, 28 years old and a single taxpayer, has a salary of $29,000 and rental income of $33,000 for the 2014 calendar tax year. Karen is covered by a pension through her employer. a. What is the...
-
What level of financial acumen is adequate for a board member? Why?
-
What questions should the board ask when determining adequate operational reserves for the organization?
-
Discuss effective ways to increase the board s capacity to deal with complicated financial issues.
Study smarter with the SolutionInn App