Brian, a self-employed individual, pays state income tax payments of: $ 900 on January 15, 2020 (4th estimated tax payment for 2019) $ 1,000 on April 16, 2020 (1st estimated tax payment in 2020) $ 1,000 on June 17, 2020 (2nd estimated tax payment in 2020) $ 1,000 on September 16, 2020 (3rd estimated tax payment in 2020) $ 800 on January 15, 2021 (4th estimated tax payment of 2020) Brian had a tax overpayment of $ 500 on his 2019 state income tax return and applied this to his 2020 state income taxes. What is the amount of Brian’s state income tax? itemized deduction for his

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: INTRODUCTION: Taxable income is part of your total income that the IRS considers taxable. It…

Q: Drake and Davina are married and file a joint return for 2021 with taxable income of $100,000 and…

A: Introduction: Your tax liability is the sum of income you owe to taxing authorities such as your…

Q: Kai is a single filer. For each of the next two tax years (2023 and 2024), Kai expects to report AGI…

A: The taxable income is the amount of income which is used to calculate an individual's or entity's…

Q: 27. Hossain, age 14, is a dependent of his parents. In 2021 he earned $5,000 from a part-time job…

A: Net Unearned Income: Income unearned For the purposes of this paragraph— In the case of a child, the…

Q: Sheniqua, a single taxpayer, had taxable income of $79,928. Her employer withheld $12,957 in federal…

A: Income tax liability -Income tax liability is the amount of tax that an individual or entity owes to…

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: Madalyn, an individual and cash basis taxpayer, owns 70% of the stock of Kihei Corporation, a…

A: This section mention about the disallowance of certain deductions and credits when there is a…

Q: Martin, a single taxpayer, earns $96,000 per year in taxable income and an additional $12,000 per…

A: Marginal tax rate is the tax paid on additional income as the income increases, the tax liability…

Q: Brandon, an unmarried individual, has $195,500 taxable income. Assume the taxable year is 2023. Use…

A: The amount of extra tax paid for every extra dollar of income received is known as the marginal tax…

Q: Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a​ part-time…

A: Lucy is 17 years below 19 years of age and hence qualified for children tax rate  Wages =9000…

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: 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: Nancy is a California resident who is filing her taxes as a head of household. Her minimum taxable…

A: AMT termed as Alternative minimum tax which refers to the tax that is imposed through the federal…

Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: This year Luke has calculated his gross tax liability at $1,900. Luke is entitled to a $2,550…

A: Tax Refund:A tax refund is an amount that a person can claim while filing ITR when he/she has paid…

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: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

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: Zack is single and has collected the following information for preparing his 2020 taxes: Gross…

A: Taxable Income -The basic income that taxes are imposed upon is known as taxable income. It…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $81,000 for the 2018 tax year.…

A: The tax liability indicates the income tax payable by the taxpayers on the taxable income. The…

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: Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income:…

A: Kiddie tax is applicable on a dependent child if all the following requirements are met for the…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…

A: Given: Gross income = $80,000 Standard deduction = $24,000

Q: Greg is single. During 2020, he received $60,000 of salary from his employer. That was his only…

A: Salary: Its a compensation to be paid to employees for contributing their time and providing…

Q: In 2022, Nadia is single and has $100,000 of regular taxable income. She itemizes her deductions as…

A: AMTI:Alternate minimum tax (AMT) is levied on the adjusted total income when the tax on normal…

Q: In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation…

A: The dividends are grossed up by "15%" for non-eligible dividends in the year 2021. To calculate the…

Q: Sheniqua, a single taxpayer, had taxable income of $80, 628. Her employer withheld S 12,957 in…

A: Income tax liability -Income tax liability is the amount of tax that an individual or entity owes to…

Q: Jorge Gomez is a single taxpayer. His SSN is 412-34-5670, and he lives at 5037 Circle Court,…

A: 1040 for a Single taxpayer with no dependents 1040 PG 1 1040 PG 2 Schedule 1 Schedule B Schedule…

Q: Assume Edgar (age 45), a single taxpayer, has total itemized deductions of $19,252 for 2019, which…

A: Income tax:    It is the amount a person is liable to pay on the earned amount in an accounting…

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: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Taxable Income:Taxable income refers to the base upon which an income tax system imposes tax.…

Q: Zack is single and  has collected the following information for preparing his 2021 taxes: Gross…

A: According to the given question,  we are required to compute the adjusted gross income and taxable…

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: Sheniqua, a single taxpayer, had taxable income of $80,528. Her employer withheld $12,884 in federal…

A: Income tax liability is the amount of tax that an individual or entity owes to the government based…

Q: Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted…

A: Taxable income: Taxable income refers to the gross income less any allowable deductions of a…

Q: Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500,…

A: According to the given question, we are required to compute the tax due or tax refund of Sharon…

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

A:

Q: Compute taxable income if Taylor's AGI consists entirely of interest income. Taylor is 19 years old…

A: Taxable income refers to the amount on which tax is to be paid after deducting all expenses,…

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: This year Luke has calculated his gross tax liability at $2,140. Luke is entitled to a $2,910…

A: Tax or Taxes: Tax isTax or Taxes:Tax is an amount paid by the persons (individuals and business…

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: Heidi is 23 years old, a full-time student and a dependent of her parents. She earns $4,100 working…

A: For 2018, the standard deduction amount for an individual who may be claimed as a dependent by…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

A: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $81,000 and they…

Q: nnie, age 70 and single, is claimed as a dependent on her daughter's tax return. During 2021, she…

A: Taxable Income = Gross Income - Deductions

Q: Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2018. Also in…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: Mr. John DeMello has 2021 net income for tax purposes of $26,100. His spouse is dependent on him…

A: The answer is stated below: