Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Help me.. Margo has $2,200 withheld from her wages for state income taxes during 2022 . In March of 2022 , she paid $300 in

Help me.. image text in transcribed
Margo has \$2,200 withheld from her wages for state income taxes during 2022 . In March of 2022 , she paid $300 in additional taxes for her 2021 state tax return. Her state income tax liability for 2022 is 52 . 700 , and she pays the additional 5500 when she files her 2022 state tax retum in April of 2023 . What amount should Margo deduct as an itemized deduction for state income taxes on her 2022 federal income tax retum assuming she deducts state and local income taxes? a. 52,200 b. 52,600 c. $2.700 d. $2,500

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

Information Technology Auditing And Assurance

Authors: James A. Hall, Tommie Singleton

2nd Edition

0324191987, 978-0324191981

More Books

Students also viewed these Accounting questions

Question

Explain what is meant by the terms unitarism and pluralism.

Answered: 1 week ago