Assuming Fred itemizes, how much state income tax deduction should he report on his 2019 federal income tax return?

Q: In 2020, Paul, who is single, has a comfortable salary from his job as well as income from his…

A: The amount which a taxpayer has to pay in excess of regular tax amount due towards IRS because of…

Q: Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his…

A: Given information, withheld from his paycheck=$2,250 for state taxes and $400 for city taxes. Simon…

Q: Abram failed to file his individual tax return by the required due date of April 15, 2024. He filed…

A: Individuals have to pay taxes on the income earned by them. The IRS has put in place specific rules…

Q: In April 2022, Ellis, a calendar year cash basis taxpayer, paid the state of Kansas additional…

A: False. The payment of additional state income tax in April 2022 for the tax year 2021 does not…

Q: B Corporation, a calendar year-end, accrual basis taxpayer, is owned 75 percent by Bonnie, a cash…

A: Solution:- Basic information as follows:- B Corporation, a calendar year-end, accrual basis…

Q: Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is…

A: The taxpayer's net business profit from Schedule C is multiplied with 92.35% to calculate the income…

Q: Sylvester files as a single taxpayer during 2022. He itemizes deductions for regular tax purposes.…

A: The objective of the question is to calculate Sylvester's Alternative Minimum Taxable Income (AMTI).…

Q: Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross…

A: To calculate the total 2020 tax liability for a surviving spouse with one dependent child, we need…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $84,000 for the 2018 tax year.…

A: Federal Income Tax The Internal Revenue Service (IRS) imposes the federal income tax in the United…

Q: 49. Brian, a self-employed individual, pays state income tax payments of: $ 900 on January 15, 2021…

A: Computation of Brians State Income Tax for 2021:   Eligible Deductions: $900 on Jan 15th, 2021…

Q: Sylvester files as a single taxpayer during 2023. He itemizes deductions for regular tax purposes.…

A: The Alternative Minimum Tax (AMT) is a parallel tax system that ensures high-income taxpayers pay a…

Q: John filed his 2021 income tax return on December 20, 2022, paying the $10,000 amount due at that…

A: A tax return is the form which is to be submitted to a taxing body that includes all the details…

Q: Norma, who is single and uses the cash method of accounting, lives in a state that imposes an income…

A: Particulars                                                    $ Withheld in 2019…

Q: In the following independent case determine the maximum amount of 2019 personal tax credits,…

A: The amount of tax credit is 15% of the lessee of: $2,000 The total pension income received…

Q: During the 2021 financial year, Kate (a resident taxpayer) received wages from her employment…

A: Since the income exceeds $18,200 , the income will be taxable. Employer withholds Pay as you go…

Q: Corporation, a cash basis taxpayer, received $10,000 from a customer in 2019. In that year, the…

A: Whenever the taxes you had already paid exceed your entire tax burden, the government reimburses you…

Q: Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income of…

A: ANSWER Amount $ 500 of state income tax refund will be included in gross income of 2020.   Working…

Q: Roberto's salary is $149,865.00 in 2022. Roberto is paid on a semimonthly basis, is unmarried and…

A: Social security tax: Employee's pension and benefit for disability are secured through the social…

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: Tax benefit rule has been provided by Internal Revenue Service. This tax benefit rule provides that…

Q: Each of the following taxpayers received a state income tax refund in 2020. In all cases, the…

A: While making the taxation there is standard / itemized deduction which are allowed for the total…

Q: In 2018, Brenda has calculated her regular tax liability to be $32,500 and her tentative minimum tax…

A: Federal income tax liability is the amount of money individuals and businesses owe to the federal…

Q: Despite obtaining an extension to file his tax return, Albert Einstein filed his 2023 tax return…

A: A federal income tax liability is the liability upon the person which is the tax liability based on…

Q: source deductions were excessive and that the individual is entitled to a refund for all three…

A: Tax refund is lost on not filling tax return. Law provides 3 year provision from original due date…

Q: Apply the tax benefit rule to determine the amount of the state income tax refund included in gross…

A: A).Itemized deductions =25,500 Standard deductions = 24,800 State income tax that need to be…

Q: Sylvester files as a single taxpayer during 2022. He itemizes deductions for regular tax purposes.…

A: The Alternative Minimum Tax (AMT) is a parallel tax system that runs in the background of the…

Q: Henry files as a single taxpayer.  In 2020 his taxable income was $95,525.  Using the tax rate…

A: Income tax is a financial charge imposed by a country’s revenue department for funding the security,…

Q: Scott filed his 2022 California tax return and paid his balance due of $125 on November 30, 2023.…

A: A late filing penalty is a financial penalty imposed by tax authorities on individuals or businesses…

Q: In 2019, Simon, age 12, has interest income of $4,900 and no earned income. He has no investment…

A: Unearned Income & Tax liability for Children Here total unearned income = $ 4900 and has no…

Q: Lyndon's employer withheld $8, 800 in state income taxes from Lyndon's wages in 2023. Lyndon…

A: Net State Income Taxes Paid = State income taxes withheld in 2023 - Refund received for overpayment…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: Penalties are levied on late tax return filings unless an extension is filed by the tax payer. These…

Q: Harvey itemized deductions on his 2019 income tax return and was able to deduct all state and local…

A: Itemized deduction: It implies to an expense that is allowed to be subtracted from the taxpayer's…

Q: Mark has two jobs during 2018. One employer withheld and paid FICA taxes on $80,200 of Mark's salary…

A: Social security tax rate for employees for the year 2018 =6.2%Wage limit = 128400Mark wage…

Q: later, on April 28, 2022, reporting a $1,150 balance due. Which, statement is correct regarding the…

A: Failure to pay penalty refers to the situation when an entity fails to pay the desired sum of a…

Q: Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020.…

A: A tax is referred to as a charge on the income earned by the corporation and individuals. The tax is…

Q: Tim, a self-employed taxpayer, did not have all the information he needed to timely file his 2020…

A: Every citizen is liable to pay taxes on the income earned by him during a particular accounting or…

Q: What is the amount of state income taxes Joyce may include as an itemized deduction for 2021? b.…

A:

Q: In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes…

A: Tax is regarded as the mandatory amount which is paid by the taxpayer to the state or local…

Q: ing spouse with one dependent child with a gross income r federal income taxes, what is the amount…

A: Tax Liability -Tax responsibility includes all income taxes as well as other direct and indirect…

Q: In February 2021 Jin (a single taxpayer) filed her 2020 federal income tax return, claiming a refund…

A: Tax refund: It implies to a return of tax payment by the HMRC to the taxpayer who has paid in excess…

Q: Enzo's 2020 federal income tax liability is $10,000. Enzo is entitled to a nonrefundable tax credit…

A: Non-Refundable Tax Credit: A tax credit that cannot be refunded is a sort of revenue tax break that…

Q: n 2023, Ryan files as head of household and has taxable income of $75,673. None of his taxable…

A: Taxable income is the amount of income used by tax authorities to calculate an individual's or…

Q: This year Luke has calculated his gross tax liability at $1,860. Luke is entitled to a $2,490…

A: A tax refund occurs when an individual pays more taxes than what was required to be paid during the…

Q: Julie filed a valid extension for her 2020 tax return, giving her until October 15, 2021, to file…

A: Income tax is the tax paid by an individual or an entity on the income earned in a particular year…

Q: Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary.…

A: It is given that, Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from…

Q: Christina and Javier, a married couple filing a joint return, received a state income tax refund in…

A: It is the amount of state taxes paid more than taxes to be paid in actual as per the taxable income.…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.