Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Maryland income tax Question 16 of 20. In Maryland, a taxpayer who takes an early distribution from a qualified retirement plan is generally taxed on

Maryland income tax

image text in transcribed

image text in transcribed

Question 16 of 20. In Maryland, a taxpayer who takes an early distribution from a qualified retirement plan is generally taxed on the amount withdrawn. The maximum state income tax rate applied may be as much as 002 4.00% 5.75% 7.75% Mark for follow up Question 17 of 20. Jeanette (65) is a retired governmental employee. In 2018, she received pension payments from a Section 401(a) plan totaling $31,000. The amount she included in her federal adjusted gross income was $30.169. Her Maryland pension exclusion, computed using the Pension Exclusion Computation Worksheet (13A), is $21,600. Other than social security benefits, she did not receive any other retirement benefits during the year. What amount should Jeanette report as retirement income in Part 4 of Form 502R, Retirement Income? $21,600 $30,169 $30,600 $31.000 Mark for follow up Question 14 of 20. Maryland taxpayers may be required to make quarterly estimated tax payments if they do not have sufficient withholding, and they expect to owe more than on their current year return. $5 $500 $1.000 $1.500 Mark for follow up Question 15 of 20 Which of these Maryland taxpayers may be assessed an interest penalty for the underpayment of state tax? Twila. She made quarterly estimated payments equal to 90% of her current year's state tax liability. She made the payments as she earned the income. David. He made equal quarterly payments, and the sum of all payments equaled 110% of his previous year's state tax liability William. His state balance due is less than $500, but he did not have any withholding or make any estimated payments during the year Beatrice. She had taxes withheld from her pension distribution, but she still had a 2018 state balance due of $1.000. Mark for follow up

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

Effective Auditing The Simple Systems Series Book 5

Authors: Jennie Clark CQP

1st Edition

B09YHJR18Y, 979-8802614082

More Books

Students also viewed these Accounting questions