MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
20th Edition
ISBN: 9781259969614
Author: SPILKER
Publisher: MCG
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Chapter 6, Problem 39P
To determine
Calculate the amount of taxes that person T can deduct as an itemized deduction.
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Tim is a single, cash-method taxpayer with an AGI of $50,000. In April of this year, Tim paid $1,020 with his state income tax return for
the previous year. During the year, Tim had $5,400 of state income tax and $18,250 of federal income tax withheld from his salary. In
addition, Tim made estimated payments of $1,360 and $1,900 for state and federal income taxes, respectively. Finally, Tim expects to
receive a refund of $500 for state income taxes when he files his state tax return for this year in April next year. What is the amount of
taxes that Tim can deduct as an itemized deduction?
Deductible taxes
18,250
Louis files as a single taxpayer. In April of this year he received a $970 refund of state income taxes that he paid last year.
How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,550.
Note: Leave no answer blank. Enter zero if applicable.
Required:
Last year Louis claimed itemized deductions of $14,060. Louis's itemized deductions included state income taxes paid of $2,820 and no other state or local taxes.
Jeremy earned $102,400 in salary and $8,400 in interest income during the year. Jeremy's employer withheld $11,000 of
federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with
him. Jeremy qualifies to file as head of household and has $34,200 in itemized deductions. (Use the tax rate schedules.)
a. Determine Jeremy's tax refund or taxes due.
(1)
Gross income
(2) For AGI deductions
(3) Adjusted gross income
(4) Standard deduction
(5) Itemized deductions
(6)
(7)
Taxable income
(8) Income tax liability
(9) Child tax credit
(10) Tax withholding
Description
Amount
Chapter 6 Solutions
MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
Ch. 6 - It has been suggested that tax policy favors...Ch. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Explain why Congress allows self-employed...Ch. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Describe the mechanical limitation on the...Ch. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 11DQCh. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 14DQCh. 6 - Jake is a retired jockey who takes monthly trips...Ch. 6 - Frank paid 3,700 in fees for an accountant to...Ch. 6 - Contrast ceiling and floor limitations, and...Ch. 6 - Prob. 18DQCh. 6 - Prob. 19DQCh. 6 - Explain how the standard deduction is rationalized...Ch. 6 - Prob. 21DQCh. 6 - Prob. 22DQCh. 6 - Prob. 23DQCh. 6 - Prob. 24PCh. 6 - Don Juan, a single taxpayer, is the sole owner of...Ch. 6 - Prob. 26PCh. 6 - Prob. 27PCh. 6 - Prob. 28PCh. 6 - Lionel is an unmarried law student at State...Ch. 6 - Prob. 30PCh. 6 - Prob. 31PCh. 6 - In each of the following independent cases,...Ch. 6 - Prob. 33PCh. 6 - Prob. 34PCh. 6 - This year Tim is age 45 and is considering...Ch. 6 - Doctor Bones prescribed physical therapy in a pool...Ch. 6 - Charles has AGI of 50,000 and has made the...Ch. 6 - Prob. 38PCh. 6 - Prob. 39PCh. 6 - This year Randy paid 28,000 of interest. (Randy...Ch. 6 - This year, Major Healy paid 40,000 of interest on...Ch. 6 - Prob. 42PCh. 6 - Calvin reviewed his cancelled checks and receipts...Ch. 6 - Prob. 44PCh. 6 - Prob. 45PCh. 6 - Prob. 46PCh. 6 - Prob. 47PCh. 6 - Stephanie is 12 years old and often assists...Ch. 6 - Roquan, a single taxpayer, is an attorney and...Ch. 6 - Prob. 50PCh. 6 - This year Evan graduated from college and took a...Ch. 6 - Read the following letter and help Shady Slim with...Ch. 6 - Jeremy and Alyssa Johnson have been married for...Ch. 6 - Prob. 54CPCh. 6 - Joe and Jessie are married and have one dependent...
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