In February 2021 Jin (a single taxpayer) filed her 2020 federal income tax return, claiming a refund of $1,200.  Jin received the refund in March 2021.  Which of the following is true in regards to how that refund will be reflected in Jin's 2021 federal income tax return?       Answers:   The refund will excluded from gross income.   The refund will only be included in gross income if Jin used itemized deductions (including the deduction for relevant taxes) in the prior year.   The refund will only be included in gross income if Jin used the standard deduction in the prior year.     The refund will definitely be included in gross income, regardless of the details of Jin's prior year return.

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: n 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Kiddie tax is applicable when the taxpayer's age is less than 18 years old.  Another condition is…

Q: Tax Rate Schedules uals e X-Single -le income is over:But not over: The ta $ 9,950 $ 40,525 $ 86,375…

A: A tax liability is the total amount of tax debt owed by an individual, corporation, or other entity…

Q: Lacy is a single taxpayer. In 2023, her taxable income is $51, 200. What is her tax liability in…

A: Qualified dividends are distributions paid to shareholders by eligible corporations, meeting…

Q: Eva received $60,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred $5,000…

A: WN: Lesser of: (a) 20% of qualified business income [(20% x (3) = $55,000 x 20% = $11,000)] or (b)…

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: 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: Henrich is a single taxpayer. In 2022, his taxable income is $482,500. What are his income tax and…

A: Taxable income refers to the sum value of money earned by a taxpayer that is subject to a compulsory…

Q: Required information [The following information applies to the questions displayed below.] Whitney…

A: In this question, we will find out income tax liability of  a couple.

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: Lacy is a single taxpayer. In 2021, her taxable income is $46,400. What is her tax liability in each…

A: Taxable Income $46,400 Less: Qualified Dividend ($9,400) Income Taxed at ordinary rates $37,000…

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: Eva received $71,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred…

A: Self-employment tax is a tax including Social Security taxes and Medicare taxes mainly for the…

Q: Eva received $71,000 in compensation payments from JAZZ Corporation during 2021. Eva incurred…

A: Working note :-                                  For self employment tax we have to deduct…

Q: A taxpayer has unutilized or excess Creditable Withholding Taxes (CWT) for the taxable year The…

A: Withholding Taxes - The payer of the income withholds tax, which is a type of tax. Retention tax is…

Q: Fach of the following taxpayers received a state income tax refund in 2023. In all cases, the…

A: The taxable refund should be the amount that is less when compared to:The amount receivedThe amount…

Q: c. Her $48,600 of taxable income includes $5,600 of qualified dividends. Tax liability

A: Tax rate for long term capital-gain are different from ordinary income tax rates. The tax rate for…

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: For 2022, Christina, a single taxpayer, reports modified adjusted gross income of $375,000 which…

A: The Net Investment Income Tax is imposed by section 1411 of the Internal Revenue Code. The NIIT…

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: 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: d. Assume that Ev Regular tax liability

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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: Lacy is a single taxpayer. In 2022, her taxable income is $44,200. What is her tax liability in each…

A: a. All of her income is salary from her employer Taxable Income $44,200   Tax on Income…

Q: Henrich is a single taxpayer. In 2022

A: Taxable income refers to the sum value of money earned by a taxpayer that is subject to a compulsory…

Q: Henrich is a single taxpayer. In 2019, his taxable income is $456,500. What is his income tax and…

A: Income Taxes are compulsory amount payable by the taxable person on the account of ordinary income…

Q: A-17. A taxpayer (civilian) was transferred by his employer from Miami to Los Angeles in 2022 and…

A: When a taxpayer undergoes a job-related relocation, the reimbursement for moving expenses is a…

Q: Lacy is a single taxpayer. In 2020, her taxable income is $43,800. What is her tax liability in each…

A: A qualified dividend is the earnings on which the capital gain tax is applied. These taxes are 0%,…

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: 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: Determine the amount of the standard deduction allowed for 2021 in the following independent…

A: Taxpayer is the person who is responsible for payment of taxes to the government. Government allows…

Q: Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return and…

A: It is the tax payable by the taxpayer, who is self-employed. As per the provisions of IRS, the…

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

A:

Q: (a) Erica is 25 years old and her filing status is head of household. She has two children who are…

A: The Earned Income Credit (EIC) offers tax relief specifically targeted at individuals and families…

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: Determine the amount of the standard deduction allowed for 2023 in the following independent…

A: It is the amount of income, that is not subject to tax and reduces the taxpayer’s tax liability. The…

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: Eva received $60,000 in compensation payments from JAZZ Corp. during 2020. Eva incurred $5,000 in…

A: Eva is subjected to self employment tax on her self employment income. The 92.35% of the…

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.