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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. $_______________

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Cengagenowv2 For Whittenburg/altus-buller/gill's Income Tax Fundamentals 2020, 1 Term Printed Access Card
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- Please provide the answer to this general accounting question using the right approach.arrow_forwardWhat would be the effect on income from operations if absorption costing is used rather than variable costing ?arrow_forwardAlexander's Auto Accessories started the year with total assets of $320,000 and total liabilities of $190,000. During the year, the business recorded $425,000 in revenues, $235,000 in expenses, and dividends of $75,000. What was the net income reported by Alexander's Auto Accessories for the year? Provide answerarrow_forward
- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
