How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,950. Note: Leave no answer blank. Enter zero if applicable. c. Last year Louis claimed itemized deductions of $14,390. Louis's itemized deductions included state income taxes paid of $2,750 and no other state or local taxes. Refund to be included in gross income
Q: Coronado reported the following pretax financial income (loss) for the years 2020–2022. 2020…
A: Journal entries refers to the systematic recording of the financial transactions of a company in its…
Q: Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes?…
A: Lets understand the basics.As per IRS, taxable income is calculated by deducting standard deduction…
Q: This year Bill received a $900 refund of state income taxes that he paid last year. Last year Bill…
A: How much of the refund, if any, must Bill include in gross income:- OPTION B:- $ 900 is the right…
Q: Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in…
A: A tax refund seems to be a reimbursement given to the taxpayers for any surplus income tax paid to…
Q: Carlson's general business credit allowed for the year is $_________ and his unused general…
A: Tax: Internal revenue service department of the federal government collect payment as tax from…
Q: Required information [The following Information applies to the questions displayed below.] This year…
A: When a taxpayer does not pay enough of their anticipated taxes or pays their taxes late, the IRS may…
Q: Louis files as a single taxpayer. In April of this year he received a $900 refund of state income…
A: Definition: Gross Income: According to U.S. Internal Revenue Code, gross income is defined as “all…
Q: Click here to access the 2023 tax rate schedule. If required, round the tax liability to the nearest…
A: a. Chandler, who files as a single taxpayer, has taxable income of $96,000.Tax liability: To…
Q: Required information [The following information applies to the questions displayed below.] Louis…
A: Tax is the amount charged by the government from the individual and organizations on the income…
Q: The Nissen Company has a taxation year end of December 31. On January 1, taxation year the UCC of…
A: “Since you have posted multiple questions with multiple sub parts, we will provide the solution only…
Q: XYZ’s financial income is P1,800,000 before provision of income tax. The following differences have…
A: Taxable income = financial income before tax + Excess of warranty expense + Premiums paid on life…
Q: A person who owes total federal income taxes of $4,420 but had total withholdings of $3,980 would:…
A: Total Federal Taxes = $4420 Total withholdings = $3980
Q: Required information [The following information applies to the questions displayed below.] Louis…
A: Gross Income:According to U.S. Internal Revenue Code, gross income is defined as “all income derived…
Q: - 10 Required information [The following information applies to the questions displayed below.]…
A: Gross Income: According to U.S. Internal Revenue Code, gross income is defined as “all income…
Q: Shear Co.'s Year 1 financial statements included profit from an installment sale of $2,600 that was…
A: Answer - “Deferred Tax Expense” is created due to the difference in the timing of book profit and…
Q: Firm E must choose between two alternative transactions. Transaction 1 requires a $9,150 cash outlay…
A: After tax cost refers to the amount that will be deductable from revenue after appliying tax rate to…
Q: Garrison Shops had a SUTA tax rate of 3.7%. The state's taxable limit was $8,000 of each employee's…
A: When a company records the compensation of its employees, such type of accounting is known as…
Q: Required information [The following information applies to the questions displayed below.] Louis…
A: Refund of tax is the sum of money which is given back to the taxpayers who paid tax in excess of…
Q: Use the following information to calculate the federal average tax rate (ignore tax credits) for a…
A: It is the rate at which the tax is payable on the total income on the average basis. The average tax…
Q: Louis files as a single taxpayer. In April of this year he received a $980 refund of state income…
A: Gross income refers to the income of individual or person which comprises of income from wages and…
Q: Refund to be included in gross income
A: Any advantage or decrease in tax liability that taxpayers obtain from particular credits,…
Q: You just completed your taxes and had $3,79 withheld for income taxes and a final tax liability of…
A: A tax refund seems to be the difference between the total amount of tax paid and the total amount of…
Q: Required information [The following information applies to the questions displayed below.] Clyde is…
A: Gross income is the total amount of payments received to an employee in the form of salaries and…
Q: eason. You find that you paid $3,296.44 in Federal Taxes. Using your taxable income and the tax…
A: Answer You receive a tax refund of $280.44 because you paid more taxes last year than you should…
Q: A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state…
A: Itemized deductions: It the amount of deduction that can be deducted from the adjusted gross income…
Q: 1. A person had $3545 withheld for federal income taxes and had a tax liability of $3400. Would this…
A: Formula to calculate refund amount: Refund amount = Tax already paid or deposited or witheld…
Q: Accounts payable Accounts receivable Accruals Additional paid in capital Cash Common Stock Category…
A: Operating Activities - Under this activity all the company operation-related activities like sales,…
Q: Burnham Company collected rent of $3,800 during Year 1. For income tax reporting, the rent is taxed…
A: This accounting question involves the recognition of rental income for both financial reporting and…
Q: Required information [The following information applies to the questions displayed below.] Louis…
A: A taxpayer is sometimes required to pay taxes in advance which is paid on estimation basis without…
Q: Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in…
A: To determine whether Ann Wilton will receive a federal tax refund or owe additional taxes, we need…
Q: (b) Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes…
A: Answer : Journal…
Q: Explain and calculate the differences resulting from a $2,000 tax credit versus a $2,000 tax…
A: Tax deductions are the remedy for calculating the total income which can be set off against the…
Step by step
Solved in 3 steps
- During the 2019 tax year, Brian, a single taxpayer, received $ 7,400 in Social Security benefits. His adjusted gross income for the year was $14,500 (not including the Social Security benefits) and he received $ 30,000 in tax-exempt interest income and has no for-AGI deductions, Calculate the amount of the Social Security benefits that Brian must include in his gross income for 2019. SIMPIFIED TAXABLE SOCIAL SECURITY WORKSHEET (FOR MOST PEOPLE) 1. Enter the total amount of Social Security income. 2. Enter one-half of line 1 3. Enter the total of taxable income items on Form 1040 except Social Security income. 4. Enter the amount of tax-exempt interest income. 5. Add lines 2,3, and 4 6. Enter all adjustments for AGl except for student loan interest, the domestic production activities deduction, and the tuition and fees deduction. 7. Subtract line 6 from line 5 . If zero or less, stop here, none of the Social Security benefits are taxable. 8. Enter $ 25,0001 $ 32,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 9. Subtract line 8 from line 7 . If zero or less, enter -0 - Note: If line 9 is zero or less, stop here; none of your benefits are faxable. Otherwise, go on to line 10 10. Enter $ 9,0001 $12,000 if married filing jointly; 0 if married filing separately and living with spouse at any time during the year) 11. Subtract line 10 from line 9. If zero or less, enter -0 -. 12. Enter the smaller of line 9 or line 10 . 13. Enter one-half of line 12 14. Enter the smaller of line 2 or line 13 . 15. Multiply line 11 by 85 (. 85 ). If line 11 is zero, enter -0 -. 16. Add lines 14 and 15 17. Multiply line 1 by 85(.85) 18. Taxable benefits. Enter the smaller of line 16 or line 17 . 1.____________ 2.____________ 3.____________ 4.____________ 5.____________ 6.____________ 7.____________ 8.____________ 9.____________ 10.____________ 11.____________ 12.____________ 13.____________ 14.____________ 15.____________ 16.____________ 17.____________ 18.____________Lisa records nonrefundable Federal income tax credits of 65,000 for the year. Her regular income tax liability before credits is 190,000, and her TMT is 150,000. a. What is Lisas AMT? b. What is Lisas regular income tax liability after credits?In each of the following problems, identify the tax issue(s) posed by the facts presented. Determine the possible tax consequences of each issue that you identify. Thans grandmother dies and leaves him jewelry worth 40,000. In addition, he is the beneficiary of a 100,000 life insurance policy that his grandmother had bought before she retired.
- Kurstie received a 800 state income tax refund this year. Kurstie deducted 3,000 of state income taxes paid in the prior year as part of her itemized deductions. Which of the following statements regarding the taxability of Kursties refund is true? a. If Kursties itemized deductions exceeded the standard deduction by 200, then the 800 refund is included in gross income. b. If Kursties itemized deductions exceeded the standard deduction by 200, then 200 of the refund is included in gross income. c. If Kurstie claimed the standard deduction instead, then the 800 refund is taxable. d. Kurstie must include 3,000 in gross income in the current year.Determine whether the taxpayer has income that is subject to taxation in each of the following situations: a. Capital Motor Company is going out of business. As a result, June is able to purchase a car for 12,000; its original sticker price was 25,000. b. Chuck is the sole owner of Ransom, Inc., a corporation. He purchases a machine from Ransom for 10,000. Ransom had paid 50,000 for the machine, which was worth 30,000 at the time of the sale to Chuck. c. Gerry is an elementary school teacher. She receives the Teacher of the Month Award for February. As part of the award, she gets to drive a new car supplied by a local dealer for a month. The rental value of the car is 400 per month. d. Payne has worked for Stewart Company for the last 25 years. On the 25th anniversary of his employment with Stewart, he receives a set of golf clubs worth 1,200 as a reward for his years of loyal service to the company. e. Anna enters a sweepstakes contest that was advertised on the back of a cereal box, and wins 30,000. The prize will be paid out in 30 annual installments of 1,000. She receives her first check this year. f. Terry buys an antique vase at an estate auction for 780. Upon returning home, she accidentally drops the vase and finds that a 100 bill had been taped inside it.! Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,950. Note: Leave no answer blank. Enter zero if applicable. b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross income
- ! Required information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) b. Last year Louis had itemized deductions of $10,800 and he chose to claim the standard deduction. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross incomeRequired information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $900 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,650. Louis's itemized deductions included state income taxes paid of $1,750 and no other state or local taxes. Refund to be included in gross incomeRequired information [The following information applies to the questions displayed below.] Louis files as a single taxpayer. In April of this year he received a $1,400 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,000. (Leave no answer blank. Enter zero if applicable.) a. Last year Louis claimed itemized deductions of $12,059. Louis’s itemized deductions included state income taxes paid of $2,530 and no other state or local taxes.
- AlpeshMemanLouis files as a single taxpayer. In April of this year he received a $980 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) Problem 5-51 Part-c (Algo) c. Last year Louis claimed itemized deductions of $13,450. Louis’s itemized deductions included state income taxes paid of $3,870 and no other state or local taxes. Refund to be included in gross income - ________