L. A. and Paula file as married taxpayers. In August of this year, they received a $6,500 refund of state income taxes that they paid lastyear.How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume thestandard deduction last year was $25,100.Note: Leave no answer blank. Enter zero if applicable.Required:a. Last year L. A. and Paula had itemized deductions of $21,600, and they chose to claim the standard deduction.b. Last year L. A. and Paula claimed itemized deductions of $33,800. Their itemized deductions included state income taxes paid of$9,460 and no other state or local taxes.c. Last year L. A. and Paula claimed itemized deductions of $30,000. Their itemized deductions included state income taxes paid of$10,740, which were limited to $10,000 due to the cap on state and local tax deductions.Complete this question by entering your answers in the tabs below.Required A Required BRequired c

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

L. A. and Paula file as married taxpayers. In August of this year, they received a $6,500 refund of state income taxes that they paid last year. How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,100. Note: Leave no answer blank. Enter zero if applicable.

L. A. and Paula file as married taxpayers. In August of this year, they received a $6,500 refund of state income taxes that they paid last year. How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,100. Note: Leave no answer blank. Enter zero if applicable.

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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