deral tax -) Nance deducted $2,400 of medical expenses on her 2022 she received a $170 refund of one of her 2022 medical expenses. What amount of the refun if any should she include in her 2023 gross income if last year her total itemized deduction- exceeded the standard deduction by $500? A) None of these as refunds from medical expenses are not included in B) 10% of $170 C) $170 gross income.

deral tax -) Nance deducted $2,400 of medical expenses on her 2022 she received a $170 refund of one of her 2022 medical expenses. What amount of the refun if any should she include in her 2023 gross income if last year her total itemized deduction- exceeded the standard deduction by $500? A) None of these as refunds from medical expenses are not included in B) 10% of $170 C) $170 gross income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Find the amount returned to a single taxpayer who made $17000 last year and can deduct $12000. The withholding amount was $2000. (Note: assume no earned income credit)
A-4
Subject :- Account
Victoria's 2019 tax return was due on April 15, 2020, but she did not file it until June 12, 2020. Victoria did not file an extension. The tax due on the tax return when filed was $9,600. In 2019, Victoria paid in $15,300 through withholding. Her 2018 tax liability was $13,700. Victoria’s AGI for 2019 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?
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Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses 180,000 Net capital gain 22,000 Interest income 3,000 Itemized deductions (state taxes, residence interest, and contributions) 24,000 a. Determine Mario's taxable income or loss for 2020. Adjusted gross income Less: itemized deductions Less: Deduction for qualified business income Loss b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts Business Expenses Net capital gain Interest income Itemized deductions c. Determine Mario's NOL for 2020. Mario's NOL is ?
Subject - account Please help me. Thankyou.
Eva received $85,000 in compensation payments from JAZZ Corporation during 2022. Eva incurred $17,000 in business expenses relating to her work for JAZZ Corporation JAZZ did not reimburse Eva for any of these expenses. Eva is single and deducts a standard deduction of $12,950. Based on these facts, answer the following questions: Use Tax Rate Schedule for reference. Note: Leave no answer blank. Enter zero if applicable. Round your intermediate and final answers to the nearest whole dollar amount. Required: Assume that Eva is considered to be a self-employed contractor. What is her regular tax liability for the year?
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