One income exclusion that some states allow that the federal government does not is for lottery winnings.
Question:
One income exclusion that some states allow that the federal government does not is for lottery winnings. Does your state have an exclusion for lottery winnings? If so, how does it work? Why do you think a state might allow winnings from its own state lottery to be excluded from state income taxes? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 76% (13 reviews)
A state may exclude lottery ...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
Question Posted:
Students also viewed these Corporate Finance questions
-
Why do you think so many pieces of important legislation related to financial markets and institutions were passed during the Great Depression?
-
Why do you think some large, well-known companies such as Cisco Systems, Intel, and Microsoft prefer to trade on the Nasdaq OMX markets rather than on an organized securities exchange such as the...
-
If nations gain from international trade, why do you think most of them impose some restrictions on the free flow of international trade?
-
For the following project please follow the below guidelines unless otherwise stated by your instructor. Worth 20% of the total grade. Read and follow all instructions in order to receive full...
-
Calculate the heat transfer for the process described in Problem 4.55. Consider a piston cylinder with 0.5 kg of R-134a as saturated vapor at -10C. It is now compressed to a pressure of 500 kPa in a...
-
Can you use the annual revenues generated by National Basketball Association (NBA) franchises to predict franchise values? Figure 2.15 on page 57 shows a scatter plot of revenue with franchise value,...
-
The following information for Great Oaks Furniture, a retail furniture and design firm, relates to Exercises 6 through 11. Calculate asset turnover, accounts receivable turnover, days sales in...
-
Chapman Construction Company is a building contractor specializing in small commercial buildings. The company has the opportunity to accept one of two jobs; it cannot accept both because they must be...
-
Shu Company located in Georgia had FUTA taxable wages of $130,000 and SUTA taxable wages (on first $9,500) were $210,000 with a 0.9 percent SUTA tax rate. The total unemployment taxes that Shu...
-
According to the World Almanac, 35.2% of men ages 18 to 44 meets the U.S. Fitness Guidelines. How large a sample is necessary to estimate the true proportion of men that are fit in this age group...
-
Using the facts of Problem 12, determine the 2016 end-of-year balance in Mini's deferred tax asset and deferred tax liability balance sheet accounts. Mini, Inc., earns pretax book net income of...
-
The Federal government incurs a cost for every item that is deductible in the computation of taxable income. These costs, which take the form of forgone tax revenue, are often referred to as "tax...
-
Alpha Company has two service departments, A and B. The costs of these service departments are allocated to two production departments, C and D. The following table describes the usage of the...
-
You just got your first job in a chemical plant. You want to maximize the profit of a polypropylene process. The variables that you can control are feed flowrate, temperature, and pressure (no need...
-
TranscribedText: 1. UBC offers a rental service for bikes to students who need transportation. The monthly demand for bikes (in thousand hours] is demate =18P. UBC determines that the cost per...
-
3.1 Brawny Drills Ltd and Power Tools Ltd both specialise in drilling devices. They wish to combine their businesses, by entering into a transaction in terms of which the entire assets and...
-
Shelhorse Corporation produces and sells a single product. Data concerning that product appear below: Selling price Variable expenses Contribution margin Percent of Per Unit $180 Sales 54 $126 100%...
-
You are conducting an analysis of a technology company called PlioTech. You have reviewed the last 5 years of financial reports for PlioTech, and using the financial data you have calculated the...
-
Why do living trees not rot? Redwood trees, for example, can live for centuries, but once they die they decay fairly quickly. What might this suggest?
-
Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which started operations on January 1, 2024. The company presently uses the LIFO method of pricing its...
-
Ryan Ricketts is confused. He does not understand why rent on his apartment is a fixed cost and rent on a Hertz rental truck is a mixed cost. Explain the difference to Ryan.
-
At the high and low levels of activity during the month, direct labor hours are 90,000 and 40,000, respectively. The related costs are $160,000 and $100,000. What are the fixed and variable costs at...
-
Cost-volume-profit (CVP) analysis is based entirely on unit costs. Do you agree? Explain.
-
next year Questions 24-25. DIRECTIONS: Answer Questions 24 and 25 on the basis of the information given below. Investment Account Date Amount Explanation Shares Date Explanation Shares Amount 1/7/15...
-
Costs accumulated in Work in Process Inventory include O Direct labor used Indirect raw materials used No Yes Direct labor used Indirect raw materials used No No Direct labor used Indirect raw...
-
Because of the loss of significant amounts of revenue as a result of unauthorized digital downloads, file-sharing has created problems for the motion picture industry. O recording artists and their...
Study smarter with the SolutionInn App