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: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

Q: Meghan, a calendar year taxpayer, is the owner of a sole proprietorship that uses the cash method.…

A: When a taxpayer uses cash method, he is supposed to record the expense in the year of payment.…

Q: Guy who uses the cash method of accounting, lives in a state that imposes an income tax.  During…

A: Guy uses the cash method of accounting, His deduction of 2020 is limited to tax paid in 2019 $ 300…

Q: Carey, a single taxpayer, purchased a rental house in 2021, which he actively manages. During 2021,…

A: Revenue recognition and reporting are critical and challenging challenges for accountants to…

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 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: Julie, a self-employed individual, is required to make estimated payments of her tax liability for…

A: Estimated Tax: Estimated tax is a prepayment of projected taxes based on the amount of revenue…

Q: During the tax year 2021, Crenshaw experienced the following: His mortgage was discharged due to…

A: In 2021, 9 individual income tax provisions which expired in 2020 were re-introduced or extended in…

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: In the following independent case determine the maximum amount of 2019 personal tax credits,…

A: The amount of tax credit is 15% of the lessee of: $2,000 The total pension income received…

Q: Rebecca and Gregory, a married couple filing a joint return, reported adjusted gross income of…

A: ANSWER Amount $ 500 of state income tax refund will be included in gross income of 2020.   Working…

Q: Brooke, a single taxpayer, works for Company A for all of 2021, earning a salary of $64,000. a.…

A: The question is related to Federal Insurance Contribution Act shared equally by employer amd…

Q: Clark, a widower, maintains a household for himself and his two dependent preschool children. For…

A: The Child and Dependent Care Credit can be worth from 20% to 35% of some or all of the dependent…

Q: Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income:…

A: Kiddie tax is applicable on a dependent child if all the following requirements are met for the…

Q: George is single and age 56, has AGI of 265,000, and incurs the following expenditures in 2019( not…

A: SOLUTION- GIVEN, GEORGE IS SINGLE AND AGE IS 56. AGI = 265000

Q: During 2019​ ,Dale  incurs the following deductible​ expenses: $1,400 in state income​ taxes, $3,400…

A: Calculation of Dale's Taxable Income Particulars   Amount AGI   $38,000 Less: Itemized…

Q: Greg is single. During 2020, he received $60,000 of salary from his employer. That was his only…

A: Salary: Its a compensation to be paid to employees for contributing their time and providing…

Q: During 2019, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee…

A: Salary for the year : $49,600 Maximum contribution : 10% Maximum tax deferred contribution : (…

Q: Christie sued her former employer for a back injury she suffered on the job in 2020. As a result of…

A: Ans : Option - B - $ 172000.00 Explanation - Christie must include in gross income the $160,000 of…

Q: Charles and Joan Thompson file a joint return. In 2019, they had taxable income of $90,160 and paid…

A: 2020 tax slab of married filing jointly is used to calculate the amount of the tax.

Q: Lyndon’s employer withheld $10,100 in state income taxes from Lyndon’s wages in 2019. Lyndon…

A: Solution Income tax is a type of tax that governments impose on income generated by business's and…

Q: Kathy is 48 years of age and self-employed. During 2019, she reported $100,000 of revenues and…

A: Solution: Maximum amount she can contribute to an individual 401(k) for 2019 = Employee contribution…

Q: In 2021, a 12 years old, receives non-eligible dividends of $13,850 from a private corporation…

A: The dividends are grossed up by "15%" for non-eligible dividends in the year 2021. To calculate the…

Q: What filing status should Reba use for her 2020 tax return?  Regardless of your answer in a., assume…

A: 1) R is a divorcee as on 31st December 2020 So, she should file recordings as a single for 2020 tax…

Q: In 2021, Sonny earns $47,900 and is unemployed for $10,000. What is Sonny's taxable income if he…

A: As per Income tax act 1961 (endian no any other detail given for other country tax that why)

Q: In 2020, Juan entered into a contract to write a book. The publisher advanced Juan $50,000, which…

A: Marginal tax Rate: It is the  additional tax payable  for every additional dollar earned as income.…

Q: Assuming Fred itemizes, how much state income tax deduction should he report on his 2019 federal…

A: Payroll:   The total payment that a company is required to pay to its employee for the services…

Q: Martha sells her house to Sachin on November 1, 2010, for $480,000. On December 5, the property tax…

A: Property transactions represents tax treatment on dispositions of property which includes…

Q: Drake Appliance Company, an accrual basis taxpayer, sells home appliances and service contracts.…

A: Accrual basis means to report the transactions irrespective of the actual cash receipt or paid.

Q: Harvey itemized deductions on his 2019 income tax return and was able to deduct all state and local…

A: Itemized deduction: It implies to an expense that is allowed to be subtracted from the taxpayer's…

Q: Bugzap, a calendar year accrual basis taxpayer, is engaged in the pest control business, providing…

A: The revenue recognition principle defines the timing and amount of revenue that an organization…

Q: Tim, a self-employed taxpayer, did not have all the information he needed to timely file his 2020…

A: Every citizen is liable to pay taxes on the income earned by him during a particular accounting or…

Q: In 2020, Fred (55, head of household) has taxable income of $79,120. Fred had federal income taxes…

A: Tax is regarded as the mandatory amount which is paid by the taxpayer to the state or local…

Q: Tyler, a single taxpayer, generates business income of $3,000 in 2016. In 2017, he generates an NOL…

A: As per IRS, the net operating losses are the excess of tax-deductible expenses over taxable revenues…

Q: How much of the interest is deductible as an itemized deduction?

A: Given information is: At the end of 2019, Mark owes $250,000 on the mortgage related to the 2016…

Q: In December 2020, Ryan paid $31,230 for an insurance policy that covers his business property for…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Derek, a cash basis, unmarried taxpayer, had $610 of state income tax withheld during 2018. Also in…

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: During 2018, Jill, age 39, participated in a Section 401(k) plan which provides for maximum employee…

A: 401(K) plan is a retirement fund.  Both employer and employee contribute towards this fund  and it…

Q: Cameron works as a construction worker. During the 2020 financial year, he received the amounts…

A: Assessable income:    As the name suggests, it is the income that can be assessed by the taxpayer…

Q: 00 Capital loss from sale of stock held 6 months…………………..(4,000) Compute Sarah’s regular taxable…

A: Income tax Payable: It refers to the amount which is required to be paid by an entity on the taxable…

Q: In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on…

A: A. LONG TERM CAPITAL GAIN ABOVE $78,750 = $125,000 - $78,750 =$46,250   B. TAX ON LONG TERM…

Q: Sylvester files as a single taxpayer during 2021. He itemizes deductions for regular tax purposes.…

A: Formula: AMTI = Taxable income + Real estate tax + State income tax

Q: Chester is single and paid the following items / taxes in 2020: • Paid $ 6,100 to his township for…

A: A taxpayer in the United States of America can either claim standard deduction on the amount of his…

Q: Jaclyn Biggs, who files as a head of household, never paid AMT before 2021. In 2021, her regular tax…

A: Compute the Jacklyn's total income tax for 2021:- Jacklyn's total income tax is $ 111,110…

Q: William is not married, nor does he have any dependents. He does not itemize deductions. His taxable…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Jane, a resident taxpayer, has a taxable income of $19,500 for the income tax year ended 30 June…

A: Assuming that the question pertains to Australian Income Tax (since Australia follows a July 1 to…

Q: Amy is a calendar-year taxpayer reporting on the cash basis. Please indicate how she should treat…

A: Indicate how she should treat the following items for 2018:

Q: How much of this refund should be included in his 2021 federal gross income?

A: The tax-ability of refund from state and local government is decided based on whether the tax payer…

Q: William is not married, nor does he have any dependents. He does not itemize deductions. His taxable…

A: Income Tax:   Income tax is a tax paid by the individual depending on earnings or gains of the…