Question: true or false mark, a single individual, took an itemized deduction of $5,500 for state income tax paid in 2023. His total itemized deductions in

true or false

mark, a single individual, took an itemized deduction of $5,500 for state income tax paid in 2023. His total itemized deductions in 2023 were $20.000 and did not include any other state or local taxes (the standard deduction for 2023 was $13,850). In 2024, he received a $900 refund of his 2023 state income tax. mark must include the $900 refund in his 2024 Federal gross income in accordance with the tax benefit rule

true or false

Maks employer carries insurance on its employees that will pay an employee their regular salary while the employee is away from work due to illness. The premiums for maks coverage were $1,800. mak was absent from work for two months as a result of a kidney infection. Her employer's insurance company paid Maks regular salary of $8,000 while she was away from work. Mak also collected $2,000 on a wage

continuation policy she had purchased. Mak must include $11,800 in her gross income.

true or false

Atley received a scholarship to be used as follows: tuition, $6,000; room and board, $9,000; and books and laboratory supplies, $2,000. Atley is required to include only $9,000 in her gross income.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!