Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his paycheck $2,250 for state taxes and $400 for city taxes. In June 2021, Simon receives a state tax refund of $145. Enter the amount Simon should include in his 2021 taxable income based on the scenarios stated below. If an amount is zero, enter "0". a.   How much is included in 2021 taxable income if Simon uses the standard deduction? $f

CONCEPTS IN FED.TAX.,2020-W/ACCESS
20th Edition
ISBN:9780357110362
Author:Murphy
Publisher:Murphy
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 34P
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Simon is single and a stockbroker for a large investment bank. During 2020, he has withheld from his paycheck $2,250 for state taxes and $400 for city taxes. In June 2021, Simon receives a state tax refund of $145. Enter the amount Simon should include in his 2021 taxable income based on the scenarios stated below.

If an amount is zero, enter "0".

a.   How much is included in 2021 taxable income if Simon uses the standard deduction? $fill in the blank 1
b.   How much is included in 2021 taxable income if Simon has itemized deductions other than state and city income taxes of $10,350? $fill in the blank 2
c.  

How much is included in 2021 taxable income if Simon has itemized deductions other than state and city income taxes of $9,850?

 

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