Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

California income tax laws are generally in conformity with the Internal Revenue Code except... Where the IRC is contradication to California income tax laws For

image text in transcribed
image text in transcribed
image text in transcribed
California income tax laws are generally in conformity with the Internal Revenue Code except... Where the IRC is contradication to California income tax laws For taxpayers earning $1,000,000 or more in a taxable year In regards to separately-filed tax returns Nothing, because California adopted perfect congruity with the IRC through Assembly Bill 154. A taxpayer has $6,500 in mortage interest, $4,000 in real estate taxes, $500 in tax preparation fees, and $2,000 in Section 1341 Claim of Deductions available for itemization. Ignoring the 2% of AGI limitation, what amount of these base values - in total - is deductible for California but NOT for the Federal return? 500 2500 4000 7000 A taxpayer is itemizing their return and they're trying to calculate the deductible amount of state income taxes paid. They have $4,000 from their Form(s) W-2 and they paid an outstanding balance in the current year for the prior year's balance of $2,500. What is the total amount of Line 5 income taxes that they can itemize? (Do not consider SALT limitations for this question) 0 2500 4000 6500

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_2

Step: 3

blur-text-image_3

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

International Financial Reporting

Authors: Alan Melville

7th Edition

1292293128, 9781292293127

More Books

Students also viewed these Accounting questions

Question

Do you talk about them as if they are giving you gifts?

Answered: 1 week ago

Question

What is your organizations mind-set about complaints?

Answered: 1 week ago