Lyndon’s employer withheld $10,100 in state income taxes from Lyndon’s wages in 2019. Lyndon obtained a refund of $1,700 this year for overpayment of state income taxes for 2018. State income taxes were an itemized deduction on his 2018 return. His 2019 liability for state income tax is $8,700. Indicate the amount of Lyndon’s deduction for state income taxes on his federal tax return assuming he elects to deduct state income taxes for 2019

Q: In 2021, Sheri's only source of income for the year is a salary of $40,025. She is not married and…

A: In the given question, Sheri earned $40,025 as her only income in 2021. She is single and has three…

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: ne, a married couple filing a joint tax return, had taxable income of $145,000 for 2021. They have…

A: Marginal Tax - The tax rate applied to the subsequent dollar of income is known as the marginal tax…

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: Rita, a calendar-year individual taxpayer, files her 2018 income tax return on October 5, 2020. An…

A: Tax filling means to fill a form in which the income and expenses of the tax payers are filled along…

Q: In 2021, Sven is single and has $138,000 of regular taxable income. He itemizes his deductions as…

A: The alternative minimum tax (AMT) applies to taxpayers who falls under high income by fixing a limit…

Q: In 2020, Nadia has $100,000 of regular taxable income. She itemizes her deductions as follows: real…

A: By taking ordinary income and incorporating disallowed items and credits including state and local…

Q: What penalties will Chip owe if his current year tax is $41,000? $35,800? nonalty)

A: Unpaid taxes are subject to their own charges. Even if a customer files his / her returns or…

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: Clayton participates in his employer's nonqualified deferred compensation plan. For 2022, he is…

A: Income after taxes refers to the amount that is to be left after making all the deductions from…

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: state income taxes, personal property taxes of $500, and local real estate taxes of $5,000 on her…

A: Itemized deductions are defined as the expenses which are eligible, that the individual taxpayers…

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: participates in her employer's nonqualified deferred compensation plan. For 2021, she is deferring…

A: Non-Qualified Deferred Compensation Plans: Non-qualified deferred compensation plans allow employees…

Q: Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000…

A: Self employed individuals are required to pay both the employee and employer portion of social…

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: 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 2022, Sven is single and has $160,000 of regular taxable income. He itemizes his deductions as…

A: Alternative Minimum Taxable Income (AMTI): It implies the total of taxpayer's regular or ordinary…

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: For 2018, Randy, an unmarried taxpayer, has wages of $45,000. He has a significant amount of income…

A: Taxable income is the income which would be considered for the purposes of income tax. This taxable…

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: Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real…

A: Taxable income is the income eligible for tax liability and on which tax is calculated as per the…

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: Mark has two jobs during 2018. One employer withheld and paid FICA taxes on $80,200 of Mark's salary…

A: Social security tax rate for employees for the year 2018 =6.2%Wage limit = 128400Mark wage…

Q: A taxpayer lives in California, a state that imposes a tax on income. The following information…

A: The objective of this question is to calculate the amount that the taxpayer can use as an itemized…

Q: Charles and Joan Thompson file a joint return. In 2019 they had taxable income of $92,370 and paid…

A: All amounts are in dollar ($).

Q: In 2019, Miranda records net earnings from self-employment of $146,000. She has no other income.…

A: The profitability of the company can be arrived from the income statement prepared by the management…

Q: Rita has an NOL generated in 2020 from farming activity. Which is NOT an option for using the NOL in…

A: NOL means: when the actual income of any company is less than the deduction for that assessment year…

Q: Clayton participates in his employer's nonqualified deferred compensation plan. For 2022, he is…

A: Income tax is the tax levied by the government on the income of the person. The deferred salary is…

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

A:

Q: In 2021, Erica's AGI was $141,000, and the total tax liability was $33,650. This year, Elon’s total…

A: Underpayment penalty refers to the penalty imposed by the Internal Revenue Service (IRS) on…

Q: Marlin and Teri are married and will file a joint return. They live in a state that does not impose…

A: Itemized deductions are the one which are deducted from the gross income of the tax payer so that…

Q: Nicholas died on December 27, 2020. His wife, Jessica, has not remarried. On January 31, 2021,…

A: When an employee died and his final payment was pending, the following three options will be…

Q: Jim has elected to treat transfers (on behalf of his son) made by him during tax year 2022 to a…

A: Jim has made contributions to a Qualified Tuition Program (QTP) and has chosen to treat these…

Q: Wilson and Joan, both in their 30s, file a joint income tax return for 2020. Wilson's wages are…

A: SOLUTION- PENSION IS A CONTRACT FOR A FIXED SUM TO BE PAID REGULARLY TO A PERSON , TYPICALLY…

Q: Kana is a single wage earner with no dependents and taxable income of $168,700 in 2021. Her 2020…

A: Tax liability is the amount which is to be paid as obligation to the government of the country as…

Q: Helen paid the following amounts of interest during the 2020 tax year: Mortgage interest on Dallas…

A: Itemized Deduction - It is an expense that can be reduced from the adjusted gross income to reduce…

Q: In 2022

A: Earned Income $14,000.00   2 Unearned Income $5,000.00…

Q: Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from his salary.…

A: It is given that, Greg earned $25,500 in 2021 and had $1,500 of federal income taxes withheld from…

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.…

Q: The IRS determined that John underpaid his 2016 tax liability by $6,000 due to negligence. In 2018,…

A: Answer a: There will be no further deduction since he paid the underpayment sum of $1,000. So…

Q: Sarika(35) is single. Her 2020 federal itemized deductions totaled $14,400, of which she claimed…

A: Itemized Deduction: Itemized deduction is the amount that taxpayers can deduct from their adjusted…