Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Yogi's employer, Jellystone National Park, withheld $25,000 (federal) and $7,200 (RI state) income tax from his salary for the year. Yogi employer also withheld

image text in transcribed
2. Yogi's employer, Jellystone National Park, withheld $25,000 (federal) and $7,200 (RI state) income tax from his salary for the year. Yogi employer also withheld $12,014 Social Security (147,000(2022 limit) 6.2%) and Medicare tax($200,0001.45%) on Yogi's behalf. In addition, The Bear Family remitted $1,020 RI state income tax (on behalf of tax year 2021) when filing their state income tax return on April 15, 2022. Finally, the Bear family paid $600 estimated state income tax payments to the state of RI during 2022. The Bear Family paid real property tax on the Bear Cave (primary residence) of $6,140. Yogi also paid state sales taxes of $475 personal property tax - based on vehicle value - of \$760 (vehicle 1) and $1,140 (vehicle 2) and $400 for state excise tax on craft beer (liquor). HINT: Think CASH basis! a. Calculate the Bear's tax expense deduction (related to HW 26, 27 \& 28): b. EXTENSION: What if the $1,020 state income tax was refund TP applied to next year state income tax liability

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Auditing: An International Perspective

Authors: Rick Stephan Hayes, Philip Wallage, Arnold Schilder, Roger Dassen

1st Edition

0077095324, 978-0077095321

More Books

Students also viewed these Accounting questions

Question

Write each number as a product of prime numbers 1. 48 2. 36 3. 300

Answered: 1 week ago

Question

3. Explain the forces that influence how people handle conflict

Answered: 1 week ago