In 2017, Tomas, a single taxpayer, had $ $3,750 in state tax withheld from his paycheck. He
Question:
In 2017, Tomas, a single taxpayer, had $ $3,750 in state tax withheld from his paycheck. He properly deducted that amount on his 2017 tax return as an itemized deduction that he qualified for, thus reducing his tax liability. After filing his 2017 tax return, Tomas discovered that he had overpaid his state tax by $417. He received his refund in July 2018. What must Tomas do with the $417 refund? Explain your answer.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (14 reviews)
When Tomas files his 2018 federal return the 417 would be incl...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Fundamentals Of Taxation 2019
ISBN: 9781260158670
12th Edition
Authors: Ana M. Cruz Dr., Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone
Question Posted:
Students also viewed these Business questions
-
Faith, a single taxpayer, had the following income and deductions for the tax year 2006: a. What is Faiths taxable income and tax liability for the year? b. What are Faiths marginal, average, and...
-
Linda, age 37, who files as a single taxpayer, had AGI of $280,000 for 2014. She incurred the following expenses and losses during the year: Medical expenses before the 10%-of-AGI limitation ..........
-
Latesha, a single taxpayer, had the following income and deductions for the tax year 2015: a. Compute Lateshas taxable income and federal tax liability for 2015 (round to dollars). b. Compute...
-
What does the following code fragment print? int[] a = { 1, 2, 3 }; int[] b = { 1, 2, 3 }; System.out.println(a == b);
-
Consider the permutations of 1, 2, 3, 4. The permutation 1432, for instance, is said to have one ascent - namely, 14 (since 1 < 4). This same permutation also has two descents - namely, 43 (since 4 >...
-
Use the model for projectile motion, assuming there is no air resistance. [g = -9.8 meters per second per second] Determine the maximum height and range of a projectile fired at a height of 1.5...
-
Why learn collaboration skills? LO.1
-
Piedmont Novelties, Inc., sells merchandise through three retail outletsin Raleigh, Charlotte, and Savannahand operates a general corporate headquarters in Charlotte. A review of the companys income...
-
asap Southern Company owns a building that it leases to others. The building's fair value is $1,650,000 and its book value is $1,000,000 (original cost of $2,250,000 less accumulated depreciation of...
-
Create a new user account. The account name should be a combination of your first initial and your last name.
-
Leslie and Jason, who are married, paid the following expenses during 2018: Interest on a car loan ........................................................ $ 100 Interest on lending institution loan...
-
Tyrone and Akira, who are married, incurred and paid the following amounts of interest during 2018: Home acquisition debt interest ............... $15,000 Credit card interest...
-
The following exercises are of mixed variety. Factor each polynomial. x 2 - 2xy + y 2 - 4
-
You have two dashboards in the same workspace named Production and Manufacturing. Your company's Power BI administrator creates the following two dashboard data classifications: Medium Impact (MEDI)...
-
Question 2: Red Rocks Corporation was organized on September 1. Red Rocks encountered the following events during the first month of operations. a. Received $65,000 cash from the investors who...
-
he previous three weeks of data is below for the sales of sheds at SHEDS INC. Calculate the forecast for the next perioud (week 4) using a two period weighted moving average using weights of 3 and 2....
-
/3 3) ST tan(x) - In(cosx) dx What is the value of u? us dulcis) What is the corresponding value of du? du= 1-5mx dx cosx You must show all of your work in the space below to earn full credit. 9/3 So...
-
Please use the file which provides the data to answer the problems 1-3. Problem 1) The time Students entered the classroom of OM 390, Introductory Operations Management, was recorded by the professor...
-
For the following exercises, match each function in Figure 18 with the letter corresponding to its graph. f(x) = log 1/3 (x) -5-4-3-2-1 Figure 18 -X
-
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cashflows: ACCOUNT Land ACCOUNT NO. Balance Date Item Debit Credit Debit Credit...
-
Explain which transportation mode would probably be most suitable for shipping the following goods to a large Los Angeles department store: a. 300 pounds of Maine lobster. b. 15 pounds of...
-
Indicate the nearest location where you would expect to find large storage facilities. What kinds of products would be stored there? Why are they stored there instead of some other place?
-
When would a producer or intermediary find it desirable to use a public warehouse rather than a private warehouse? Illustrate, using a specific product or situation.
-
Estimate the intrinsic value of the stock company ABC. Dividends were just paid at $8 per share and are expected to grow by 5%. You require 20% on this stock given its volatile characteristics. If...
-
Crane, Inc., a resort management company, is refurbishing one of its hotels at a cost of $6,794,207. Management expects that this will lead to additional cash flows of $1,560,000 for the next six...
-
Match each of the following transactions with the applicable internal control principle that is being violated
Study smarter with the SolutionInn App