Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help all my answers are wrong except the true & false are correct. 20. (LO5) A CA resident taxpayer's federal AGI is $84,500. The

need help all my answers are wrong except the true & false are correct. image text in transcribed
image text in transcribed
20. (LO5) A CA resident taxpayer's federal AGI is $84,500. The federal AGI includes a taxable California income tax refund of $2,100. The taxpayer also has City of Denver interest income of $400 and deducted Federal bonus depreciation of $670. How much is the taxpayer's California AGI? 21. (LO6) The 2022 California standard deduction is $10,404 for a single taxpayer. correct$5,202 22. (L06) To compute California itemized deductions, the federal itemized deductions must be reduced for state and local income tax or state and local sales tax. Assume the taxpayer's total deduction for tax on schedule A is less than $10,000. 23. (LO6) What is the amount of California itemized deductions given the following? Federal itemized deductions total $26,750. The total includes real estate property tax of $3,200, state, and local income tax of $2,900, State Disability Insurance of $320, personal property tax on automobiles of $590. Assume the total tax deduction for federal purposes is less than $10,000. =42560 T) F 8899880 24. (LO6) Gene and Jeanie (MFJ) have federal AGI of $376,500, and federal itemized deductions of $43,200, which includes state and local income tax of $8,650 and State Disability Insurance of $640. What amount can they claim for California itemized deductions? 25. ( LO7 ) Most adjustments and preference items used in the computation of the California Alternative Minimum Tax decrease the income on which the tax is computed. 26. ( LO7) Del and Dawn's (MFJ) regular taxable income is $78,415 and their Alternative Minimum Taxable Income before the exemption is $127,230. How much is their Tentative Alternative Minimum Tax? Your answer should not consider regular tax. 27. ( (LO7) Refer to question \# 26. How much total tax must they pay? (Now consider regular tax.)

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

Intermediate Accounting Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

17th Edition

1119613698, 978-1119613695

More Books

Students also viewed these Accounting questions