Taxes (LO 5.7) Lyndon's employer withheld $8,700 in state income taxes from Lyndon's wages in 2021. Lyndon obtained a refund of $1,700 in this year for overpayment of state income taxes for 2020. State income taxes were an itemized deduction on his 2020 return. His 2021 liability for state income tax is $9.500. 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 2021. 9,300 X

Taxes (LO 5.7) Lyndon's employer withheld $8,700 in state income taxes from Lyndon's wages in 2021. Lyndon obtained a refund of $1,700 in this year for overpayment of state income taxes for 2020. State income taxes were an itemized deduction on his 2020 return. His 2021 liability for state income tax is $9.500. 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 2021. 9,300 X

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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